Far more investment could soon flood into primary care. At the moment, "We also have a problem with how much we're investing in primary care -- about 5% to 7%," says Ann Greiner, president and CEO of the Primary Care Collaborative, as quoted by Med Page Today.
"Our European counterparts spend double or more -- 14% to 20%." And even the spending that does happen in the U.S. varies greatly geographically and by payer. "There is a three-fold variation across states and across health plans," she added. "Higher-spending states on primary care have fewer avoidable hospitalizations, fewer ED [emergency department] visits, and fewer overall hospitalizations, so if you spend upstream, you reduce those more expensive and problematic outcomes downstream."
With primary care only likely to grow, some of the top companies to keep an eye on include Skylight Health Group Inc. (TSXV:SHG)(OTCQB:CBIIF), Oak Street Health Inc. (NYSE:OSH), WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), 1Life Healthcare Inc. (NASDAQ:ONEM), and UnitedHealth Group Inc. (NYSE:UNH).
Skylight Health Group Inc. Acquiring Urgent Care & Family Medicine Practice
Skylight Health Group Inc. (TSXV:SHG)(OTCQB:SHGFF), Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that, further to its press release dated January 7, 2021, it has entered into an definitive agreement to acquire a Family Medical Practice Group with 6 locations in Colorado.
Acquisition highlights:
- 2019 unaudited Revenues of $20M and $3M in Adjusted EBDITA
- Services include family medicine, urgent care, drive-thru COVID-19 testing and COVID-19 Antibody testing
- Immediately accretive deal strengthens organizational team with a robust, centralized corporate infrastructure, including in-house revenue cycle management, credentialing, centralized scheduling, compliance, and medical leadership
- Works with most insurance providers including UnitedHealthcare, Aetna, Cigna, Humana, Anthem BCBS, Medicare, Medicaid, CPH+ and Tricare
- Skylight Health forecasted annual revenue run rate expected to be over $56M after closing of all announced transactions with $100M in acquisition pipeline
- “I am pleased that Skylight Health has closed on this transformative acquisition,” says Prad Sekar, Co-Founder and CEO of Skylight Health. “Not only does it add immediate incremental revenue and strengthen market share within an existing state, it also builds upon the infrastructure to support Skylight’s national network of clinics and further growth.”
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, will bring its innovative model of care to older adults in Atlanta, Georgia this summer, marking its 14th state. The Company will also expand into new cities in states where it already has a presence, including South Bend, IN in March; as well as Houston, Tyler and Longview, TX; and Queens, NY later this year. In addition, Oak Street Health is opening new centers in existing markets, including two centers in Brooklyn, NY and a center in South Philadelphia, PA, all anticipated to open this spring.
WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, announced two recent appointments to the Company’s leadership team. The Company announced the promotion of Atoussa Mahmoudpour to the position of WELL’s Chief Legal Officer. Ms. Mahmoudpour joined the Company in September 2020 as Vice President, Legal Affairs and Compliance. Prior to joining WELL, she held senior lawyer positions at top-tier international firms, including, most recently, Eversheds Sutherland LLP from 2016 to 2020. Ms. Mahmoudpour has over 12 years of international legal experience and has worked on multiple complex transactions, spanning Europe, North America, Asia, the Middle East and Africa. She brings with her a breadth of experience in the areas of cross-border mergers and acquisitions, corporate and commercial, data privacy, cybersecurity, and regulatory compliance. She has advised clients in various sectors, with particular experience in technology, media and telecommunications. Ms. Mahmoudpour has been recognized by major peer and client-reviewed publications, including being named as a Rising Star in the Legal 500 International (2020 edition), a Next Generation Lawyers in the Legal 500 International 2019 edition) and “an expert in her field” by Chambers and Partners (2019-2021).
1Life Healthcare Inc. (NASDAQ:ONEM) announced financial results for the fourth quarter and full year ended December 31, 2020. “At One Medical we are advancing on our vision to delight our communities, our members, and our enterprise clients with better health and better care, while reducing costs,” said Amir Dan Rubin, Chair & CEO of One Medical. “We have continued to see our human-centered and technology-powered model deliver impacts at scale--expanding to serve 549,000 members and more than 8,000 employer clients, and enabling more than 5 million digital and in-person interactions during 2020. Our continued momentum is further reflected in our financial results, with full year 2020 net revenue of $380 million up 38% year-over-year.”
UnitedHealth Group Inc. (NYSE:UNH) has introduced enhancements to one of its national well-being programs, providing certain members access for at least six months – at no additional cost – to Apple Fitness+ for studio-style workout classes, powered by Apple Watch. Apple Fitness+ brings studio-style workouts to iPhone, iPad, and Apple TV, intelligently incorporating workout metrics from Apple Watch for a personalized and immersive experience users can complete wherever and whenever it is convenient for them.
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 Skylight Health Group Inc. We own ZERO shares of Skylight Health Group Inc. Please click here for full disclaimer.
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