Fast growing primary care companies are disrupting the $2.8 trillion healthcare market.
1Life Healthcare (NASDAQ:ONEM) for example was quoted by Wall Street Reporter saying "we are now operating in 12 markets across the United States up 50% over the last 18 months. Throughout 2020, we have expanded into new markets in partnership with both new and existing health network partners by the end of 2021, we plan to have established physical presence in 17 markets, a 40% increase from our 12 markets today, and more than double the markets from where we were 18 months ago.”
Or, look at Oak Street Health (NYSE:OSH), whose “third quarter performance demonstrated the financial and operational strength of Oak Street's business model. We generated record revenue of $217.9 million, exceeding the top end of the guidance range we have communicated to investors. This represents an increase of 57% from third quarter 2019,” as also quoted by Wall Street Reporter.
It’s also creating opportunity for Skylight Health Group Inc. (CSE:SHG)(OTCQB:CBIIF)
Skylight Health Group Inc. (TSXV:SHG)(OTC: SHGFF), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce Patrick McNamee as new Skylight Health Chairman of the Board. Mr. McNamee succeeds Norton Singhavon who will remain involved as an active board member.
Mr. McNamee has previously acted as EVP and COO of Express Scripts (NASDAQ:ESRX), where he led all major activities of the $120B+ technology-driven pharmacy benefit management company. He was instrumental in leading the company’s organic and acquisitive growth from $3B in revenue to more than $120B achieving an average of 27%EPS growth over his 9-year tenure. With 33,000 employees, a $2.9B budget and 120M customers, he led the delivery of 110M mail order prescriptions while processing 1.5B retail claims annually. Patrick brought a strategic and operational perspective to this young company. He led the successful integration of the $4B WellPoint NextRx acquisition and the $29B Medco acquisition delivering over $4B in synergies. Leveraging global talent and technology, combined with strategic innovation and global sourcing, Patrick built a suite of products and services resulting in market cap growth from $6B to more than $50B. He also served as CEO for the $1.3B specialty distribution business growing at 20% annually. Frequent communication with investors and legislators helped pave the way for growth and share price appreciation.
Most recently, Mr. McNamee agreed to a turn-around role as President and CEO, Health Insurance Innovations (NASDAQ:HIIQ), a health insurance developer and distributor. He led a significant and fast turnaround of this company after a rough IPO. Share price increased from $4 to $18 in 15 months and then reached $58, 8 months later.
“I feel very privileged to take on this role during such an exciting shift in our industry – the needs of patients, doctors, payors and insurance providers are changing rapidly. Skylight Health is leading these changes in thoughtful and innovative ways which will benefit all Skylight Health stakeholders for years to come,” said McNamee.
“Patrick has a long history of strategic leadership, and deep experience and results in healthcare products and equipment services, global manufacturing and health insurance,” says Prad Sekar, Co-Founder and CEO. “He has developed products and service businesses that have resulted in significant value creation. This leadership appointment is part of a rigorous and comprehensive nomination and board ratification process, and we feel honored to have found such an ideal person. We thank Norton for all he contributed during his time as Chairman, and look forward to his active role as board member.”
Mr. McNamee currently serves as a Board Director at HD Supply (NASDAQ:HDS). He is also a Senior Executive Advisor for Beecken Petty O’Keefe (BPOC). With BPOC, he serves on the boards of Maxor National Pharmacy Services, Zenith American and Health-E Commerce. Mr. McNamee holds a Master’s of Science in Electrical Engineering and Computer Sciences from Marquette University, and a Bachelor’s of Science in Biomedical Engineering from Marquette University.
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.
Contact Information:
2818047972
[email protected]
