The multi-trillion dollar healthcare industry has been ripe for disruption for quite some time. For one, your average primary clinic is overloaded with 19+ patients a day. Plus, only about 55% of recommended preventative services are being delivered to patients. There’s also a low amount of patient care coordination between visits, in addition to limited access to other services such as home-based care, medication management, and behavioral health. Two, doctors often struggle to coordinate patient care, as compared to other countries. For example, less than half of U.S. primary care doctors are receiving information from specialists regarding changes to medication or even care plans. Three, the latest pandemic underscored how badly the industry needs to be updated and disrupted.
It’s why companies like Amazon, Walmart, and Google have dived into the healthcare space. In fact, “Equipped with hefty technology and massive consumer data at their disposal, these new contenders hold great prospects to overhaul the healthcare sector, even if it means to upset the usual order of the healthcare realm,” as noted by Zacks. Other companies massively disrupting healthcare are primary health companies, like Skylight Health Group Inc. (CSE:SHG)(OTCQB:CBIIF), Oak Street Health Inc. (NYSE:OSH), WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), 1Life Healthcare Inc. (NASDAQ:ONEM), and Jack Nathan Medical Corp. (TSXV:JNH).
Skylight Health Group Inc. (CSE:SHG)(OTCQB:CBIIF) BREAKING NEWS: Skylight Health Group Inc., one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has completed the acquisition of APEX Family Medical (“APEX”) in Denver, Colorado previously announced on November 5, 2020. The acquisition of APEX strengthens the existing base of operations in the State. SHG currently operates 4 physical clinics and a telemedicine platform in Colorado providing care to over 17,000 patients. The addition of APEX brings existing relationships with payors and insurable services that will bolster insurable services for current patients.
APEX has been operating in Denver for over 30 years and has a growing patient base of over 5,000 from its operations. Services to patients are comprehensive and include primary care and wellness including psychotherapy, massage therapy and acupuncture. Within APEX there are opportunities for future growth including new providers to meet the growing demand from patients, extended hours, additional services, and increased use of telemedicine.
APEX offers the Company the opportunity to expand insurable services to its existing base of 17,000 Colorado patients. Further, the Company will be able to expand on the current offering of services at APEX by leveraging its existing telemedicine infrastructure to provide access to patients across the State. The Company will also evaluate the current services offered to determine growth in new and complimentary medical services, seek to add new lines of revenue from insurable services, and continue to expand overall patient care. The Company will also work to launch its subscription-based telemedicine offering at US$199/year designed to support the needs of uninsured Americans with urgent and acute care needs.
“We remain committed to establishing a national network of healthcare clinics to help millions of Americans gain access to affordable and accessible quality care,” said Prad Sekar, CEO, SHG Insights. “With the expansion of infrastructure in Colorado by way of acquisition, we significantly expedite our launch of insurable services by a minimum of 6 months adding vital services to our existing base.”
SHG has acquired 100% of the assets of APEX for a total transaction value in cash of $2.3 million to be paid in installments over a 6-month transition period. APEX reported unaudited revenues in 2019 of $2.5 million and net income of $500,000.
Other related developments from around the markets include:
Oak Street Health Inc. (NYSE:OSH), a network of value-based primary care centers for adults on Medicare, is expanding access to more older adults in Michigan with opening of its newest center at 1663 S. Westnedge Avenue in Kalamazoo. The new center brings the number of Oak Street Health centers in Michigan to 11. “We are excited to expand access to our high-quality, value-based care to members of the Kalamazoo community with the opening of this new center,” said Tamara Jurgenson, Chief Growth Officer of Oak Street Health.“We care for the most vulnerable patients, the majority having two or more chronic conditions. As our organization continues its mission to rebuild healthcare as it should be, we look forward to improving patient outcomes in Michigan and helping older adults live their healthiest lives.”
WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce: WELL has completed its previously announced acquisition of all the issued and outstanding shares of Adracare Inc., a comprehensive omni-channel practice management platform serving over 6,800 allied healthcare practitioners in five countries. The Adracare platform was built to support providers of all sizes from SMB to large enterprises, including some of the largest physiotherapy and medicinal cannabis companies in Canada who use and private label the Adracare platform to support their customers. Adracare is expected to be immediately accretive to WELL as it is expected to generate annualized revenue of close to $2 million[1]and be profitable on an EBITDA basis.
1Life Healthcare Inc. (NASDAQ:ONEM), a leading human-centered and technology-powered primary care organization, announced it has begun administering vaccinations for Phase 1a populations who work or live in San Francisco, as defined by the San Francisco Department of Public Health, and in alignment with California Department of Public Health and Center for Disease Control vaccine guidelines. Efforts to begin vaccinations in other markets are proceeding as well. One Medical is amongst the first primary care organizations in the nation to announce vaccination services. One Medical will vaccinate healthcare workers and other Phase 1a groups, as defined by the San Francisco Department of Public Health, and will also provide these individuals with complimentary 60-day One Medical memberships. An initial supply of hundreds of doses of vaccines is expected to grow significantly in the coming weeks.
Jack Nathan Medical Corp. (TSXV:JNH) announced its unaudited financial results for the third quarter ended October 31, 2020. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards. “We went public at the end of Q3. This represents an important milestone for our long-term growth plans in supporting patients and how they access high-quality health care within their communities, through our relationship with Walmart. We are at an inflection point with a profitable, strong, and sustainable foundation. As a result, we are poised and well financed to materially scale and drive top and bottom-line growth,” said George Barakat CEO of Jack Nathan Health. “Over the coming year we plan to execute on our five key objectives to allocate funds strategically and drive shareholder value.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Skylight Health Group Inc. by a third party. We own ZERO shares of Skylight Health Group Inc. Please click here for full disclaimer.
Contact Information:
2818047972
[email protected]
