Business
CB2 Insights enters Washington with acquisition of Primary Care Medical Clinic with $0.7 million in Revenue and Positive EBITDA
CB2 Insights enters Washington with acquisition of Primary Care Medical Clinic with $0.7 million in Revenue and Positive EBITDA.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n Washington-based Tacoma medical clinic owned by Dr. Jackson has been providing Primary Care Services to over 10,000 patients in University Place and surrounding regions.In 2019, the clinic generated CAD 0.7 million in revenues and CAD 0.1 million in net income.CB2 Insights will continue to expand services offered by Dr. Jackson including deployment of its proprietary telehealth platform to support patients across the state of Washington.This transaction joins recently acquired Texas clinic adding collectively CAD 2.3 million in incremental annualized revenue from acquisitions for the Company.CB2 Insights paid a total cash consideration of CAD 0.37 million for the acquisition. TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) -- CB2 Insights (CSE:CBII; OTCQB: CBIIF) (“CB2” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has completed the asset acquisition of Tacoma-based medical clinic owned by Dr. Jackson (“JMC”) in University Place, Washington. The acquisition of JMC expands the Company’s bricks and mortar and telemedicine services to 15 States. JMC has been operating in Washington for over 20 years and has a growing patient base of over 10,000 from its operations. Services to patients include primary care and urgent care. Services provided by JMC are primarily reimbursed through insurance carriers including Medicare, Medicaid and other commercial payors. The Company can expect to leverage the expertise of management and operations across its network of existing clinics to further optimize organic growth activities. The Company anticipates continued growth in patient registrations and visits as JMC continues to thrive among the challenges most clinics have faced due to the recent COVID-19 pandemic. Further, the Company will work quickly to expand on the current offering of services by leveraging its existing telemedicine infrastructure to provide access to patients across the state of Washington. The Company will also evaluate the current services offered to determine growth in new and complimentary medical services, add new lines of revenue from insurable services, and expand overall patient care. The Company will also launch its subscription-based telemedicine offering at $199/year designed to support the needs of ...