Business
Skylight Health Provides Corporate Update and Strategic Priorities
Skylight Health Provides Corporate Update and Strategic Priorities.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n TORONTO, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (TSXV:SLHG; OTCQX: SLHGF) (“Skylight Health” or the “Company”), a healthcare platform combining technology and analytics focused on transitioning patients into value based care to drive better health outcomes and experiences in the United States, is pleased to provide the following business updates and strategic priorities. 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 in Florida.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 ...