Primary care growth has been off the charts. In its attempt to fix a fragmented healthcare system, primary care network companies, Skylight Health Group Inc. (TSXV:SHG)(OTCQB:SHGFF), Oak Street Health Inc. (NYSE:OSH), and 1Life Healthcare Inc. (NASDAQ:ONEM) have seen solid growth.
In December 2020, Skylight Health Group Inc. (TSXV:SHG) CEO Prad Sekar noted, “2020 has been nothing short of a transformative year for the Company. Delivering adjusted EBITDA positivity, strengthening of our balance sheet with cash and extinguishing long-term debt, and adding strong revenue and profitability growth as we exit 2020 should make all of us at Skylight and amongst our shareholders and other stakeholders feel proud and excited for the year ahead. We are certainly looking forward to building on this momentum and further strengthening our position in the US market for 2021.”
The company also recently announced that it will begin in-person primary care services in 4 of its existing clinical locations in the US. These will include Bangor, ME, Yarmouth, MA, Princeton, NJ, and Denver, CO.
Between 2017-2019, the Company had acquired over 30 clinics across 13 states that were primarily and historically focused on alternative plant-based treatments by doctors and medical providers. As part of the Company’s transition and evolution to primary care services in the US driven by patient need, Skylight developed a mandate that these locations servicing over 100,000 patients would be transitioned and converted to primary care practices.
The 4 locations noted will be the first of many conversions this year. Patients are to receive a holistic and inclusive range of services including primary care, urgent care and other sub-specialties. Providers will be credentialed with both government payors (Medicare/Medicaid) and commercial payors, thus offering the most flexibility for patients, and the highest reimbursement opportunities for our clinics.
Over the past 6 months, the Company has announced 6 clinical transactions and closed on 4 so far, expanding into 2 new markets and acquiring over 50,000+ new patients. On closing of all transactions the Company expects to see an annual revenue run rate of $46 million, not including growth from organic enhancements and the conversion of its legacy clinics.
Or, look at One Medical
The company just saw its revenue jump 46% year over year to $101.7 million.
“We are pleased to have reached new heights in performance this quarter--with our membership surpassing half of a million members and quarterly total net revenue exceeding $100 million for the first time,” said Amir Dan Rubin, Chair & CEO. “We are further seeing how One Medical’s human-centered and technology-powered model is delivering impacts for multiple key stakeholders, advancing our efforts to transform healthcare at scale.”
Oak Street Health Saw Revenue Growth of 57%
Oak Street Health saw revenue jump 57% to $218 in its latest quarter.
“Our strong third quarter results were highlighted by 38% growth in at-risk patients, 57% revenue growth, and the resumption of new center openings, as we opened 13 centers during the quarter amidst continued uncertainty related to the COVID-19 pandemic,” said Mike Pykosz, Chief Executive Officer of Oak Street Health.
In addition, it just opened Oak Street Health Community Clinics at three Walmart supercenters in the Dallas-Fort Worth area. The openings at Walmart come as Oak Street Health also opened another new center at 2110 N. Galloway Avenue, Suite 116 in Mesquite, Texas, on November 16. Oak Street Health now serves patients in Texas across eight centers.
“This year, more than ever, it’s crucial for people to have access to affordable, quality healthcare. We are proud to work with Walmart to extend the reach of our innovative primary care model in Dallas-Fort Worth, and are dedicated to improving health outcomes of the patients in the communities that we now serve,” added CEO Pykosz. “We created Oak Street Health with a mission to rebuild healthcare as it should be, and our Community Clinics at Walmart supercenters help us reach more people to deliver on that mission.”
Other related developments from around the markets include:
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.
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.
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