Skylight Health Begins Patient Onboarding for GatherMed Roll-Out with Insurable Reimbursement Revenue
TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) — 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 an operational update on its Remote Care Services Clinical Agreement with GatherMed to provide Skylight patients with Remote Patient Monitoring (“RPM”) tools and services for patients with hypertension. The initial roll-out adds immediate revenue from insurable services, and this number is expected to increase as the Company continues to execute its goal of rolling the program out nationally to its roster of 150,000 patients.
Over 45% or approximately 135 million Americans suffer from hypertension in the US.Skylight patients will benefit significantly from access to tools to optimize health outcomes.Insurance expected to reimburse recurring US $160/month or US $1,920/year per patient registered.The average clinic with 1,500 patients using the device can expect to bill up to US $2.9 million per year as per minimum guidelines set by US industry payors.Skylight will move to offer Remote Patient Monitoring to its current roster of 150,000 patients nationally throughout 2021.
Utilization and deployment of RPM devices has seen exponential growth over the last few years, especially after the impact of the COVID-19 Pandemic. As more patients seek to remain safe and at home, managing care and communicating with their health care provider has never been more crucial. RPM devices are getting broader support from regulatory agencies as tools that complement the patient journey, allowing physicians and care teams to remotely monitor, track and support their patients’ needs.Skylight has launched its GatherMed RPM devices through its newly acquired Washington clinic. Integration with Skylight’s technology platform has shown to enable quicker access to information by the Skylight Health team. Skylight retains 100% of the earnings from insurable reimbursements from US payors. Reimbursable benefits include a one-time payment of US $21 per patient and then an average recurring payment of up to US $160 per patient per month. Annually, this could garner up to US $1,920 per patient using the device as per minimum guidelines set by the payor groups. Skylight currently has over 150,000 patients of which an estimated 40% qualify to benefit from this program.“Our team understands the importance of organic growth, and it continues to be a priority for us as we consolidate the US healthcare market,” said Prad Sekar, Co-founder and CEO of Skylight Health. “GatherMed works with our physician practices and insurance providers to reduce readmissions, increase patient satisfaction, and organically scale and expand the suite of services we offer to our clients.”About Skylight Health GroupSkylight Health Group (TSXV:SHG; OTCQX:SHGFF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state health network that comprises of physical multi-disciplinary medical clinics providing a range of services from primary care, sub-specialty, allied health and laboratory/diagnostic testing. The Company owns and operates a proprietary electronic health record system that supports the delivery of care to patients via telemedicine and other remote monitoring system integrations. With a patient roster of over 155,000 patients, the Company’s operations servicing 16 states and continues to expand in services and locations both organically and by way of strategic acquisitions.The Company primarily operates a traditional insurable fee-for-service model contracting with Medicare, Medicaid and other Commercial Payors. The Company also offers a disruptive subscription-based telemedicine service for the un/under-insured population who have limited access to urgent care due to cost.For more information, please visit www.skylighthealthgroup.com or contact:Investor Relations:
416-301-2949Currency Usage, Cautionary and Forward-Looking StatementsAll currency contained in this Press Release represent Canadian Dollars unless otherwise stated.Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Skylight Health’s filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.Forward-looking statements may include, without limitation, statements regarding the Company’s unaudited financial results and projected growth.Although Skylight Health has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: the ability of Skylight Health to execute on its business strategy, continued revenue growth in accordance with management’s expectations, operating expenses continuing in accordance with management expectations, dependence on obtaining regulatory approvals; Skylight Health being able to find, complete and effectively integrate target acquisitions; change in laws relating to health care regulation; reliance on management; requirements for additional financing; competition; hindering market growth or other factors that may not currently be known by the Company.There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Skylight Health disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Skylight Health does not assume any liability for disclosure relating to any other company mentioned herein.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.