Skylight Health Announces Appointment of Interim Chief Financial Officer and Corporate Update
June 16 2022 - 8:00AM
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 announces the appointment of
Farooq Akhter as Interim Chief Financial Officer (CFO), effective
June 15, 2022.
“We thank Andrew for the last 14 months of
contribution and efforts related to our uplisting to the TSX
Venture Exchange and Nasdaq Exchange and we wish him well in his
future endeavors,” said Prad Sekar, CEO and Co-Founder of Skylight
Health.
Mr. Akhter joined Skylight in 2019 and has been
part of the Company’s transformational growth. He played a major
role as Vice President, Finance supporting operational and capital
markets efforts. He brings over 16 years of experience as a senior
financial leader for publicly traded companies and large
conglomerates internationally. Mr. Akhter will remain focused on
operational initiatives and is committed to streamlining operations
and driving new revenue opportunities.
“Farooq has been a strong leader within
Skylight, continually demonstrating his commitment and alignment to
the Company’s vision and objectives,” Prad continued. “His focus
and knowledge of the business, operations and financial drivers,
combined with his strong leadership, will be immediately impactful
on our business as we strive to become cash flow positive in the
upcoming quarters.”
“I am excited to assume this position within
Skylight,” said Farooq Akhter. “For nearly 4 years, I have worked
with our teams to accomplish the Company’s growth and development
in the US healthcare space. The Company’s focus today is on
profitability and aggressively driving organic growth
opportunities, two areas I am hyper-focused on. We now have a
strong foundation to execute our strategic priorities in a
financially responsible manner.”
The Company is also excited to announce
operational updates to its call center initiative, the integration
of NeighborMD (“NMD”), and its partnership with Collaborative
Health Systems (“CHS”).
Since launching its call center pilot
opportunity in Colorado, the Company has seen a 400%+ improvement
in attended phone calls leading to improved scheduling and patient
visits. Compared to previous data, the lack of adequate response
times to patient requests often led to a loss of appointments,
revenue, and a decrease in patient satisfaction. This is a problem
that is common to many primary care practices. By scaling the call
center across the network, Skylight expects to recognize improved
patient visits, revenues and positive patient engagement. This
differentiator will enable Skylight to compete more effectively in
its existing markets and be a driver for new patient growth.
Following the acquisition of NMD in May 2022,
teams have been working tirelessly to integrate all aspects of
operations, human resources, technology, and revenue. Since the
acquisition, the Company has now integrated all employees onto its
central human resource platform, with financial systems and
electronic health records set for the next 30-90 days. The Company
has also begun efforts to centralize its contracts into its central
Florida entity, that through the joint venture with CHS, will begin
expanding contracting efforts with existing and new payors.
Additionally, the teams have begun working across markets to expand
current capabilities to support practices, patient care, and
quality efforts. Applications for risk contracts from NMD have now
been submitted for Skylights practices in Jacksonville, Florida.
This will enable the Company to begin registration of Medicare
Advantage patients under the existing total cost of care
contracts.
The joint venture with CHS has led to multiple
initiatives to expand current Skylight capabilities, as well as the
identification of new risk contract opportunities in Florida. The
two entities continue to work together and expect to have new payor
contracts ready for 2022 open enrollment for patients looking to
participate in Medicare Advantage in 2023. These contracts should
enable Skylight to expand new membership growth, as well as
recognize increased economics from the contracts for enhanced
patient care.
The Company remains committed to execution and
delivery of its growth plan both organically and strategic
M&A.
About Skylight Health
Group
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 an FFS model, payors (commercial
and government insurers) reimburse on an encounter-based approach.
This puts a focus on the volume of patients per day. In a VBC
model, the providers offer care that is aimed at keeping patients
healthy and minimizing unnecessary health expenditures that are not
proven to maintain the patient’s well-being. 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.
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 and
United States securities regulators, including the Securities and
Exchange Commission, available at: www.sec.gov, 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.com 416-301-2949
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
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