Skylight Health Provides General Corporate Update
07 Settembre 2022 - 2:00PM
Skylight Health Group Inc. (TSXV:SLHG) (“Skylight Health” or the
“Company”), a healthcare platform combining technology and
analytics focused on transitioning patients into value based care
to drive better health outcomes and experiences in the United
States, today provides a general corporate update on the status of
the Company’s initiatives to drive organic growth, continue on its
pathway to profitability and expansion of value based care
contracts.
- Over 15% growth in
patient visits in August 2022 vs July 2022 driven by newly
implemented contact center and other marketing initiatives;
- Over $10 million
reduction from forecasted annual costs driven by lower operating
expenses and restructuring of corporate overhead including Nasdaq
de-list; Q3 adjusted EBITDA tracking lower than Q2 2022 on an
unaudited basis;
- Company expects new
value based contracts to complement current contracts with Humana,
CarePlus and AvMed in Florida for 2023, and new Medicaid value
based contract in Colorado.
The Company announced its intent to launch a new contact center
at the end of Q1 2022. The contact center was forecasted to improve
overall patient visits by addressing the challenge of missed calls
at the practice level due to capacity restraints. Since the launch,
the initiative has led to growth in its pilot markets, leading to
the Company scaling the project nationally across all its practices
and markets in July 2022. The success of the contact center has
reflected in both improved patient satisfaction and key performance
metrics. Abandoned call rates have reduced from over 30% to less
than 12% within 60 days of the program launch. This directly
results in improved scheduling driving up the fee-for-service
business segment. Additionally, the contact center will provide a
stronger platform for outbound campaigns. This will result in
patients being recalled for preventative measures on time.
Healthier patients lead to improved health outcomes and lower cost
of care. This is a direct measure of success for the Company for
its Medicare and Medicare Advantage at risk business segment. Since
its scaling up of the program in July, the Company has seen an
improvement in patient visits by over 15% nationally.
As previously announced, most of 2021 and early 2022 was spent
laying the foundation to manage National practices and prepare for
value based care contracts. These costs were to be removed once the
foundation was laid. As such, the Company has been working
diligently in Q2 and into Q3 2022 to identify and target costs that
are not directly related to the current operations or to support
organic growth in its fee-for-service and value-based care
segments. This along with corporate restructuring efforts have
resulted in a forecasted reduction of $10 million per year from its
annual costs exiting Q1 2022. These costs will continue to come off
through Q3 2022 as the Company works on its pathway to adjusted
EBITDA break-even this year. With an improved overall cost
structure, the Company can benefit from greater EBITDA contribution
from improved revenues in both fee-for-service and membership
growth in Medicare and Medicare Advantage.
As the Company prepares for annual enrollment in Medicare
Advantage (“MA”) in Q4 this year, it is looking to expand on its
current contracts with Humana, CarePlus and AvMed. These contracts
along with new expected contracts, will allow for improved
membership growth as the Company is able to accept more MA plans.
Under full risk MA, the Company receives a significant premium to
the annual Medicare patient revenue on a capitation basis (expected
over 30X fee-for-service). For this, the Company is responsible for
the total healthcare expenses of the patient. MA plans with proper
care coordination can result in improved patient health outcomes,
and lower cost of care. Keeping patients healthier, managed and out
of costly and unnecessary tertiary services, results in savings at
the end of the year towards increased EBITDA contribution which
again is typically higher than traditional fee-for-service.
Prad Sekar, CEO of Skylight Health says “We are excited about
the progress we have been able to make year to date and as a team,
continue to work hard to get to EBITDA positivity. In this
environment, our focus is on growing business fundamentals so we
can continue to provide excellent care to our patients.”
About Skylight Health Group
Skylight Health Group (TSXV:SLHG) is a healthcare services and
technology company, working to positively impact patient health
outcomes. The Company operates a US multi-state primary care health
network comprised of physical practices providing a range of
services from primary care, sub-specialty, allied health, and
laboratory/diagnostic testing. The Company is focused on helping
small and independent practices shift from a traditional
fee-for-service (“FFS”) model to value-based care (“VBC”) through
tools including proprietary technology, data analytics and
infrastructure. In an FFS model, payors (commercial and government
insurers) reimburse on an encounter-based approach. This puts a
focus on the volume of patients per day. In a VBC model, the
providers offer care that is aimed at keeping patients healthy and
minimizing unnecessary health expenditures that are not proven to
maintain the patient’s well-being. This places emphasis on quality
over volume. VBC will lead to improved patient outcomes, reduced
cost of delivery and drive stronger financial performance from
existing practices.
Forward Looking Statements
This press release may include predictions, estimates or other
information that might be considered forward-looking within the
meaning of applicable securities laws. While these forward-looking
statements represent our current judgments, they are subject to
risks and uncertainties that could cause actual results to differ
materially. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect our opinions only as of
the date of this release. Please keep in mind that we are not
obligating ourselves to revise or publicly release the results of
any revision to these forward-looking statements in light of new
information or future events. When used herein, words such as “look
forward,” “believe,” “continue,” “building,” or variations of such
words and similar expressions are intended to identify
forward-looking statements. Factors that could cause actual results
to differ materially from those contemplated in any forward-looking
statements made by us herein are often discussed in filings we make
with the Canadian securities regulators, and Canadian Securities
Administrators, available at www.sedar.com, and on our
website, at skylighthealthgroup.com.
For more information, please visit our website or contact:
Investor Relations: Jackie Kelly
investors@skylighthealthgroup.com416-301-2949
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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