Foundever, the company currently operating New Brunswick's virtual health-care service, is facing significant financial difficulties. S&P Global downgraded Foundever's credit rating from a B minus to a CCC, indicating a high likelihood of defaulting on its debts within a year. This downgrade suggests the company is in serious trouble, according to S&P's rating system.
The situation is further complicated by the recent departure of two founding members and former senior executives, Laurent Uberti and Olivier Camino. Although Uberti cited a "profound transformation" in the industry due to AI and new technologies as the reason for their exit, opposition politicians in New Brunswick, like Glen Savoie and Megan Mitton, view it as a troubling sign of instability, especially given the company's financial woes.
New Brunswick's contract with Foundever for Virtual Care NB is for two years, with annual renewal options for two additional years. The yearly budget of $12.9 million is based on an estimated 250,000 virtual care visits and is paid only as services are delivered. Despite the financial instability, Foundever manager Erin Gouveia stated that Virtual Care NB remains fully operational. However, opposition figures are urging the government to develop backup plans to ensure continued healthcare services for New Brunswickers.
