Skylight Health Group Inc. (NASDAQ:SLHG; TSXV:SLHG) (“Skylight
Health” or the “Company”), a multi-state primary care management
group in the United States, today announced the appointment of
Mohammad Bataineh as the Company’s new President.
- Brings over 25 years of experience
working in primary care, healthcare M&A, integrations, legal
and operations;
- Will be responsible for management
and execution of all internal functions including coordination with
clinical, financial, and technology teams;
- Co-Founder Kash Qureshi will shift
focus to Corporate Affairs, including Corporate Development, and
will retain executive leadership while overseeing the Technology
and Data Analytics teams. Mr. Qureshi remains an Executive Member
of the Board of Directors;
- Executive leadership team continues
to build in experience, leadership, and knowledge, with strong
experience executing a national value based primary care
model.
“This is a strong and strategic move for the
Company as we execute on our pipeline and continue our plan of US
expansion of M&A and VBC conversion,” said Prad Sekar, CEO of
Skylight Health. “Over the last 5 months, Mohammad has actively had
a key hand in executing against our largest acquisition of Rocky
Mountain, as well as other acquisitions including ACO partners. He
is working to flatten and strengthen our operational infrastructure
and brings a level of management that has resonated strongly with
our operational teams. His promotion to President represents a
major step forward for the Company, and both myself and my
co-founder, Kash Qureshi, are honored to welcome Mohammad into this
role.”
“Being one of the co-founders and having served
as President for the last 8 years, I welcome Mohammad into this
role as I turn my attention to the data and analytics focus of our
organization,” said Kash Qureshi, co-founder and Chief Corporate
Officer at Skylight. “This is a strategic move given our focus on
rapid growth across the US primary care market, and the growing
level of capacity requirements across the Company.”
As the Company looks forward to rapid expansion,
the need to consolidate Operations with all support functions,
including Revenue Cycle, Compliance, Contracting, among others,
remains a focus. As a result, the Company has removed the Chief
Operations Role and will see Paul Kulas depart as part of this
change. Operations, along with support functions, will now report
directly into the President, and will work in close collaboration
with Clinical, Finance and Technology teams. The Company is
confident this structure will lead to a more streamlined execution
across all national initiatives.
Mohammad Bataineh said, “I look forward to
continue strong execution within my new role at Skylight Health,
and now as part of the executive leadership team. The
entrepreneurial nature of this Company, its team, and leadership
style is what I believe will truly differentiate us from other
players in this space. We are moving at such a rapid pace as we
look to accelerate and scale our model through VBC conversion, the
acquisition of more practices, and de novo sites. I will draw on my
experience to drive this organization forward and bring increased
value for all our stakeholders.”
Grant of Employee OptionsThe
Company has granted Mohammad Bataineh a total of 156,000 options as
part of his new role. In addition, the Company has granted a total
of 216,000 options to other members of the organization as part of
its quarterly option grant for new and current employees of the
organization. All options granted were priced at the close of
market on August 25, 2021, and will be vested in accordance with
the employee option grant program.
ABOUT SKYLIGHT HEALTH GROUP
INC.
Skylight Health Group (NASDAQ:SLHG; TSXV:SLHG)
is a healthcare services and technology company, working to
positively impact patient health outcomes. The Company operates a
US multi-state primary care health network comprised of physical
practices providing a range of services from primary care,
sub-specialty, allied health, and laboratory/diagnostic testing.
The Company is focused on helping small and independent practices
shift from a traditional fee-for-service (FFS) model to value-based
care (VBC) through tools including proprietary technology, data
analytics and infrastructure. In a 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 VBC model,
payors reimburse typically on a capitation (fixed fee per member
per month) basis. This places an emphasis on quality over volume.
VBC will lead to improved patient outcomes, reduced cost of
delivery and drive stronger financial performance from existing
practices.
For more information, please visit
www.skylighthealthgroup.com or contact:
Investor Relations:
Canadian Investors
Jackie
Kelly investors@skylighthealthgroup.com 416-301-2949
U.S. Investors
John Evansjohn.evans@skylighthealthgroup.com415-309-0230
Currency Usage, Cautionary and Forward-Looking
Statements
All 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 and United
States 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.
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.
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