Skylight Health Announces Closure of Operations in Colorado
23 February 2023 - 11:00PM
Skylight Health Group Inc. (TSXV:SLHG; OTCQX:SLHGF) (“Skylight
Health” or the “Company”) today announced the closure of Rocky
Mountain Health Care clinics in Colorado (“Rocky Mountain Group”)
as part of its continued effort to streamline its business and
aggressively cut costs to preserve cash.
“We have come to realize that we need to shed all of our
loss-making businesses immediately to preserve the strong core
business operating out of Florida,” said Prad Sekar, CEO and
Co-Founder of Skylight Health Group. “In order to survive during
the difficult capital market environment, we have put an emphasis
on generating positive cash flow and working to reduce liabilities.
This will be a difficult process, but our team is determined to do
what it takes to ensure we remain solvent with a view to focus our
energy on our strong core value-based care business.”
About Skylight Health Group
Skylight Health Group (TSXV:SLHG: OTCQX:SLHGF) 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 volume of patients per day. In a VBC model, the providers
offer care that is aimed at keeping patients healthy and minimize
unnecessary health expenditures that are not proven to maintain the
patient’s well-being. 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.
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.
For more information, please visit our website or contact:
Investor Relations:Jackie
Kellyinvestors@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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