Skylight Health Announces Acquisition of Florida Primary Care Group Doctors Center Inc.
24 June 2021 - 10:00PM
Skylight Health Group Inc. (NASDAQ: SLHG; TSXV:SLHG) (“Skylight
Health” or the “Company”), a multi-state primary care management
group in the United States, is pleased to announce that the Company
has acquired the Doctors Center Inc., a primary care group with
four locations in Jacksonville, Florida.
- Adds four clinical locations to bring Skylight’s primary care
network to over 23 locations across 5 States;
- Expands patient count by 6 thousand lives with opportunities
for value-based care programs;
- Strategic acquisition builds further density of patient and
providers in Northeast Florida; and
- 2020 unaudited revenues of approximately CAD $3.2 million and
expected EBITDA margin of 10%.
“We are excited to welcome Dr. Hassan and his team of providers
and staff to the Skylight family. His practice has seen consistent
growth and has shown success in patient care and aligns with our
model of value-based care delivery,” said Prad Sekar, CEO.
“Northeast Florida is a growth market for us and helps us build on
managed care programs including Medicare Advantage. Following on
our initial acquisition of River City Medical in January, we expect
to continue building further presence in this market.”
Doctors Center has been providing primary care services to
patients in Jacksonville for 30 years. The practice which consists
of 6,000 patients and 5 providers, operates 4 locations across
Jacksonville. The practice contracts under a fee-for-service model
with payors and health plans. Under the Skylight Health platform,
both teams will work together to bring improved services to
patients and support to providers under improved and aligned
contracts with health payors including Medicare and Medicaid.
Skylight will look to grow the number of lives under managed care
through the deployment of its proprietary management platform,
technology enabled tools and operational and clinical leadership
teams.
“After serving the Jacksonville community since 1985, we’re
excited to join Skylight Health and look forward to many more years
of growth under their platform,” said Dr. Hassan, founder at The
Doctors Center. “Skylight aligns with a patient care model that we
envision and have built at The Doctors Center. I am looking forward
to expanded services and programs for our patients.”
ABOUT SKYLIGHT HEALTH GROUP INC.
Skylight Health Group (NASDAQ:SLHG;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 a FFS model, payors (commercial and government
insurers) reimburse on an encounter-based approach. This puts a
focus on volume of patients per day. In a VBC model, payors
reimburse typically on a capitation (fixed fee per member per
month) basis. This places an emphasis on quality over volume. VBC
will lead to improved patient outcomes, reduced cost of delivery
and drive stronger financial performance from existing
practices.
For more information, please
visit www.skylighthealthgroup.com or contact:
Investor Relations - Canada:Jackie
Kellyinvestors@skylighthealthgroup.com 416-301-2949
Investor Relations – USA:John
Evansjohn.evans@skylighthealthgroup.com 415-309-0230
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 and United States securities regulators,
including the Securities and Exchange Commission, available at:
www.sec.gov, and Canadian Securities Administrators, available at
www.sedar.com, and on our website, at: skylighthealthgroup.com.
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.
Skylight Health (TSXV:SLHG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Skylight Health (TSXV:SLHG)
Historical Stock Chart
From Jul 2023 to Jul 2024