- Over 45% or approximately 135 million Americans suffer from hypertension in the US
- Skylight patients will benefit significantly from access to tools to optimize health outcomes
- Insurance expected to reimburse recurring USD160/month or USD 1,920/year per patient registered
- The average clinic with 1500 patients using the device can bill up to USD 2.9 million per year
- Skylight will deploy Remote Patient Monitoring to its roster of 120,000 patients nationally
TORONTO, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Skylight Health Group Inc (CSE:SHG; OTCQX: CBIIF) (“SHG” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has entered into a Remote Care Services Clinical Agreement with GatherMed to provide Skylight patients with Remote Patient Monitoring (“RPM”) tools and services for patients with hypertension. The agreement will provide access immediately to the Company’s national network of patients to utilize this product to manage their ongoing care.
Utilization and deployment of RPM devices has seen an exponential growth in the last few years and especially after the impact of the COVID-19 Pandemic. As more patients seek to remain safe and at home, managing care and communicating with their health care provider has never been more crucial. RPM devices are getting broader support from regulatory agencies as tools that complement the patient journey, allowing physicians and care teams to remotely monitor, track and support their patients needs.
Prad Sekar, CEO, Skylight Health said “We are proud to partner with GatherMed in this initiative. The GatherMed team has been developing emerging technologies in the healthcare diagnostic space for decades and we look forward to their experience to helping our patients see improved health outcomes. This partnership represents a massive opportunity to realize the value from our growing national clinical base upon which we continue to validate our model and thesis of a multi-disciplinary approach to healthcare.”
Brett Landrum, CEO, GatherMed said “We have helped companies commercialize many esoteric diagnostic solutions that have helped save hundreds of thousand of lives. GatherMed for us represents a simple solution that leverages technology in all the right ways to help people avoid one of the deadliest diseases known to mankind. We are excited for what this can mean for patients at Skylight Health Group and look forward to an expanded opportunity to support the care of their roster as they continue to scale and grow.”
Skylight will launch with GatherMed devices beginning in its Washington clinic with the goal of scaling across to other states shortly after. Integration with Skylight’s technology platform will enable quicker access to information by the Skylight healthcare team. Skylight patients receive the device at no cost to them. As per the Agreement, Skylight will purchase the device from GatherMed for a one-time fee of USD 95 and a monthly monitoring fee of USD 65 per patient per month.
In return, Skylight will retain 100% of the earnings from insurable reimbursements from US payors. Reimbursable benefits will include a one-time payment of USD 21 per patient and then an average monthly recurring payment of up to USD 160 per patient per month. Annually, this could be up to USD 1,920 per patient per year for each patient using the device as per minimum guidelines set by the payor groups. Skylight currently has over 120,000 patients of which an estimated 40% of patients could benefit from this program.
The Company also announces that Marc Adelson will be stepping down from the Board of Directors due to previous obligations. The Company thanks him for his contributions and wishes him well in his future endeavours.
About Skylight Health Group
Skylight Health Group (CSE:SHG OTCQX:CBIIF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state health network that comprises of physical multi-disciplinary medical clinics providing a range of services from primary care, sub-specialty, allied health and laboratory/diagnostic testing. The Company owns and operates a proprietary electronic health record system that supports the delivery of care to patients via telemedicine and other remote monitoring system integrations. healthcare services. With a patient roster of over 120,000 patients, the Company’s operations spread across 14 states and continues to expand in services and locations both organically and by way of strategic acquisitions.
The Company primarily operates a traditional insurable fee-for-service model contracting with Medicare, Medicaid and other Commercial Payors. The Company also offers a disruptive subscription-based telemedicine service for the un/under-insured population who have limited access to urgent care due to cost.
For more information please visit www.skylighthealthgroup.com or contact:
Investor Relations
Jonathan L. Robinson CFA
Oak Hill Financial
jrobinson@oakhillfinancial.ca
416-669-1001
Forward Looking Statements
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 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.
Forward-looking statements may include, without limitation, statements regarding the Company’s unaudited financial results and projected growth.
Although Skylight Health as 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: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are subject to inconsistent legislation and regulation; change in laws; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and recreational-use marijuana industry and; regulatory or political change.
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.
No securities regulator or exchange has reviewed, approved, disapproved, or accepts responsibility for the content of this news release.
