Skylight Health Expands Value-Based-Care Plan in Florida
September 15 2022 - 7:00AM
Skylight Health Group Inc. (TSXV:SLHG) (“Skylight Health” or the
“Company”), a healthcare platform combining technology, and
analytics focused on transitioning patients into value-based care
to drive better health outcomes and experiences in the United
States, today provides an update on the expansion of one of its
current Medicare Advantage (“MA”) plans from South Florida into
Central Florida, increasing value-based care coverage.
- Skylight is currently contracted
with Florida MA provider in South Florida;
- Its new amendment expands the
current contract into its 3 primary care practices in Central
Florida starting January 2023;
- The expansion of its current AvMed
contract allows Skylight to begin enrolling Medicare members
currently in the Central Florida market;
- Skylight expects the expanded
coverage to contribute growth in MA membership for 2023.
Skylight Health continues to see opportunities to expand current
and engage with new provider partners for MA value-based care
across its network in Florida. The Company currently has 4 MA
value-based care contracts in place with future contracts in
negotiation. As practices are able to take on more health plans and
provide patients with more options, this is a positive step towards
expanding access for current and new AvMed members seeking primary
care.
Additionally, the amendment to expand coverage also includes a
shift in the current reimbursement model from fee-for-service to a
value-based care capitation fee with shared savings opportunities.
The Company expects that this will be an increase to the current
revenue generated under this contract not including any projected
growth from the newly added Central Florida locations. This
additional funding will allow the Company to provide more resources
to support current and new MA members under the value- based care
plan.
The Company expects that credentialing will be completed in time
for annual enrollment that generally runs between October and
December of each calendar year. This would enable its 3 central
Florida locations to begin accepting new MA members under this plan
for an effective start in January 2023.
The Company is actively working on additional MA plans for 2023
and looks forward to announcing further updates on these agreements
in the coming weeks ahead.
The company has granted an aggregate of 220,000
stock options and 167,500 RSU’s to officers, and employees of the
Company in accordance with the Company’s incentive stock option
plan, subject to regulatory acceptance. These incentive stock
options are exercisable at $0.67 per share for a period of three
years.
Pursuant to the terms and subject to the conditions of the Debt
Settlement Agreements, the Company will issue an aggregate of
738,080 common shares (each a “Common Share”) to the Creditors at a
deemed price of $0.70 per Common Share, in satisfaction of the
Debt. The issuance of the Common Shares to the Creditors pursuant
to the Debt Settlement Agreement is subject to the approval of the
TSX Venture Exchange. The Common Shares will be subject to a
statutory resale restriction which will expire four months and one
day from the date of issuance in accordance with applicable
securities laws. All shares are subject to 4 months hold
period.
About Skylight Health Group
Skylight Health Group (TSXV:SLHG) is a healthcare platform in
the United States utilizing software and services to transition
patients into a value-based care model and drive better health
outcomes and experiences. The Company operates a multi-state health
network comprised of physical practices that provide services from
primary care, sub-specialty, allied health, and laboratory and
diagnostic testing. The Company focuses on transitioning small and
independent practices from a traditional fee-for-service (FFS)
model to value-based care through tools including proprietary
technology, data analytics and infrastructure. In an FFS model,
payors (commercial and government insurers) reimburse on an
encounter-based approach. This puts a focus on volume of patients
per day. In a value-based care model, the providers offer care that
is aimed at keeping patients healthy and minimize unnecessary
health expenditures that are not proven to maintain the patient’s
well-being. This places an emphasis on quality over volume. Through
this model, Skylight Health is able to improve patient outcomes,
reduce cost of delivery, and drive stronger financial
performance.
Forward Looking Statements
This press release may include predictions, estimates or other
information that might be considered forward-looking within the
meaning of applicable securities laws. While these forward-looking
statements represent our current judgments, they are subject to
risks and uncertainties that could cause actual results to differ
materially. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect our opinions only as of
the date of this release. Please keep in mind that we are not
obligating ourselves to revise or publicly release the results of
any revision to these forward-looking statements in light of new
information or future events. When used herein, words such as "look
forward," "believe," "continue," "building," or variations of such
words and similar expressions are intended to identify
forward-looking statements. Factors that could cause actual results
to differ materially from those contemplated in any forward-looking
statements made by us herein are often discussed in filings we make
with the Canadian securities regulators, and Canadian Securities
Administrators, available at www.sedar.com, and on our
website, at skylighthealthgroup.com.
For more information, please visit our website or contact:
Investor Relations:Jackie
Kellyinvestors@skylighthealthgroup.com416-301-2949
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.
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