Value-Based Care: First Full Year Contribution
- 2023 marks the first year of the Company’s participation in the ACO Reach program through its joint venture with
Centene/Collaborative Health Systems (CHS). As part of this participation, the Company’s traditional aligned Medicare members will move into a capitated full risk model similar to its current Medicare Advantage (MA) at risk programs inFlorida . - The Company will receive improved funding through the program to support its members with additional resources to support their care including care coordination, community support and improved access.
Value-Based Care: Membership Growth
- Based on exit 2022 estimates, the Company has enrolled 849 traditional Medicare members into the ACO Reach Along with its MA at risk members both through owned and affiliate practices, this brings the total membership at risk to 3,736.
- The Company expects that growth in 2023 will come organically from new membership, new plans and improved performance against current benchmarks. The Company has already seen efforts in areas of patient care coordination and accurate coding leading to positive savings and revenue growth trends for 2023.
Electronic Health Record Roll-Out
- Skylight has also begun the rollout of Athena, the electronic health record (EHR) platform chosen by the Company for a national standard across its practices, in the NeighborMD (NMD) practices. This is the last remaining group to join the centralized system.
- This will provide a significant opportunity to scale costs, improve on revenue cycle and collections, as well as insights into the business to optimize on patient care and practice performance.
Financial Improvements
- Skylight continues to work through its rigorous turnaround plan initiated in early 2022. Efforts made in 2022, have positively impacted adjusted EBITDA with previously reported results in Q3, 2022 to show an improvement of approximately 68%.
- The Company expects to continue positively impacting this trend through 2023 and is working towards adjusted EBITDA profitability in 2023.
- The Company acknowledges the challenging market conditions and limited cash availability and is committed to prioritizing profitability through continued efforts in cost savings, revenue growth, cash management and restructuring efforts.
Prad Sekar, CEO and Co-Founder of
Series A Preferred Stock Cash Dividend and Share issuance
The Board of Directors of the Company has authorized, and the Company has declared, a dividend on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) for the month of
About Skylight Health Group
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.
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Investor Relations:
investors@skylighthealthgroup.com
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Source:
2023 GlobeNewswire, Inc., source