The multi-trillion-dollar U.S. healthcare market is ripe for disruption. After all, the current system is fragmented, with a disorganized infrastructure. To help change that, some health companies are providing a broader range of services not traditionally found under one clinic group. For example, some are able to provide services both physically and virtually at a lower cost to the patient. In fact, according to Prad Sekar, CEO of Skylight Health Group, “With insurance or subscription services for the uninsured or underinsured, patients are able to have greater accessibility and greater affordability in an otherwise fragmented and complex industry.” That’s creating opportunity for Skylight Health Group Inc. (CSE:SHG)(OTCQB:CBIIF), Oak Street Health Inc. (NYSE:OSH), WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), 1Life Healthcare Inc. (NASDAQ:ONEM), and Jack Nathan Medical Corp. (TSXV:JNH).
Skylight Health Group Inc. (CSE:SHG)(OTCQB:CBIIF) BREAKING NEWS: Skylight Health Group Inc., one of the largest multi-specialty healthcare services in the United States, today announces its rebrand and corporate plan to address massive gaps and opportunities in the US trillion-dollar healthcare market. To view the new brand and learn more, visit the new website www.skylighthealthgroup.com.
Prad Sekar, Chief Executive Officer of Skylight Health Group stated “For the past 25 years, my co-founder Kash Qureshi and I have built successful and profitable healthcare operations. We are now on a path to becoming one of the largest multi-specialty healthcare system in the US. By providing a broad range of services that are not traditionally found under one clinic group, we are able to provide services both physically and virtually and we do so at a substantially lower cost to the patient . We bring the focus back to the patient. Whether it is providing insurable services to patients with insurance or subscription services for the uninsured or underinsured, patients are able to have greater accessibility and greater affordability in an otherwise fragmented and complex industry.”
The US healthcare market represents a multi-trillion-dollar opportunity ripe for disruption.
Skylight has a hybrid approach to healthcare delivery. In-clinic services to support patient needs where standards of care require the physical presence of a health care provider; and virtual telemedicine to support patients who may not need to travel or further expose themselves by receiving the same quality of care from the comfort of their home. With a multi-disciplinary approach, the Company brings primary care, sub-specialty, allied health & wellness and laboratory/diagnostic services under one roof.
Skylight operates both an organic growth strategy, implementing new services to broaden the offerings available within each clinic. The Company’s clinic network will offer primary care services. Additional services will be based on each population set in each region and will complement the healthcare needs of patients.
The Company also employs a growth-by-acquisition strategy. The Company has already demonstrated its ability to target, qualify and acquire with its two most recent transactions in October and November 2020 and a third deal already announced and set to close early 2021. At any given time, there are more than 200 potential acquisition opportunities throughout the US that are seen as an ideal addition to Skylight Health. The Company believes this pathway to growth will continue to result in growth opportunities that are accretive to its core clinical offerings and add immediate revenue and positive EBITDA.
The Company looks forward to providing further updates about its strategy and outlook for 2021 during its scheduled Q3 2020 earnings call on Tuesday December 1, 2020.
Other related developments from around the markets include:
Oak Street Health Inc. (NYSE:OSH), a network of value-based primary care centers for adults on Medicare, is expanding access to more older adults in North Carolina with opening of its newest center at 1000 North Miami Blvd, Suite 121 in Durham. The new center brings the number of Oak Street Health centers in North Carolina to six. “We are excited to bring access to our high-quality, value-based care to members of the Durham community with the opening of this new center,” said Tamara Jurgenson, Chief Growth Office.“We care for the most vulnerable patients, the majority having two or more chronic conditions. As our organization continues its mission to rebuild healthcare as it should be, we look forward to improving patient outcomes in North Carolina and helping older adults live their healthiest lives.”
WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce that via its Tia Health subsidiary, it has partnered with a leading Canadian lab company to provide eligible patients with prescriptions for COVID-19 (SARS-CoV-2) Antibody testing. “Now that a Health Canada-approved test for COVID-19 Antibodies is available, we are helping a leading national lab company uncover hidden past cases of COVID-19 by providing eligible patients with a doctor’s prescription for obtaining a highly accurate blood test that can detect the presence of COVID-19 antibodies,” said Dr. Michael Frankel, Chief Medical Officer of WELL. “When these antibodies are found, it means that there has been a historical COVID-19 infection. We believe such tests will be critical in addition to the administration of a capable vaccine to provide Canadians with the comfort needed to address the COVID-19 pandemic for at least several quarters.”
1Life Healthcare Inc. (NASDAQ:ONEM), announced that Amir Dan Rubin, Chair & CEO, and Bjorn Thaler, CFO, will participate in the Piper Sandler 32nd Annual Virtual Healthcare Conference on Wednesday, December 2nd, 2020 and Thursday, December 3rd, 2020. The conference includes a pre-recorded fireside chat that is now available at https://investor.onemedical.com.
Jack Nathan Medical Corp. (TSXV:JNH), a provider of primary care medical clinics located in Walmart Supercentres under the Jack Nathan Health brand, today announced the opening of a new 3,130 sq. ft. multi-disciplinary medical clinic in Thornhill, ON. The Clinic, located in the Walmart Supercentre at 700 Center St. aligns with Walmart’s next-generation experience and has health and wellness concepts built into its design, creating a frictionless offering between the two partners. An open and warm lobby has been seamlessly integrated so that patients can flow freely from the Clinic into Walmart. Medical patients will be able to meet with staff, register to see a doctor and shop for a variety of products while they wait.
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