HealthLynked
Provides Financial Update
Highlighted
by $1.225 Million Milestone Payment from Sale of ACO Health
Partners
NAPLES, FL -- June 21,
2023 -- InvestorsHub NewsWire -- HealthLynked Corp. (HLYK),
a leading global healthcare network, today announced the receipt of
a $1.225 million milestone payment related the January 2023 sale of
ACO Health Partners ("AHP") and provides updates on other key
milestone achievements from the sale and its Medical Membership and
Concierge programs.
Significant
Milestone Achieved in AHP Sale
HealthLynked earned a
$1.225 million milestone payment for the successful transfer of
participating physician practices to the accountable care
organization ("ACO") operated by the buyer, PBACO Holding, LLC,
which operates as Palm Beach Accountable Care Organization
("PBACO"). This along with the original $750,000
payment made in January accounts for $1.975 million paid to date.
This milestone payment reflects achievement of 70% of the
milestone-based cash consideration. HealthLynked may earn up to an
additional $450,000, the remaining 30% of milestone payments, by
July 31, 2023.
Pursuant to the terms of
the AHP sale, HealthLynked will also receive the net proceeds,
including allocation for expenses, from any Medicare Shared Savings
related to AHP's performance year 2022. Based on current metrics for the
completed performance year, HealthLynked expects that its net
receipts from AHP's 2022 Medicare Shared Savings will exceed $1
million, more than double what was initially
anticipated. The final determination of the actual
amount earned will be made by the end of August, and payment made
by the end of October 2023, by the Centers for Medicare and
Medicaid Services.
Impressive
Continued Growth of Medical Membership and Concierge
Program
In December 2022,
HealthLynked announced the initial results of the Medical
Membership and Concierge programs launched by its Naples Center for
Functional Medicine subsidiary in September 2022, including total
incremental annualized revenue of over $500,000 from the
program. HealthLynked is pleased to announce
continued strong demand for the program, with over 450 Medical
Memberships and 11 Concierge Memberships sold to date, equating to
over $800,000 in combined annual revenue. The Company expects
program annual renewals to start in October
2023.
Chief Executive Officer
Michael Dent, M.D., stated, "We celebrate our successful
partnership with PBACO. With this significant milestone payment
behind us, we continue to focus on growing our nationwide
healthcare network using our newly improved app, a game-changer in
enhancing the healthcare journey for patients."
George O'Leary,
HealthLynked's Chief Financial Officer, continued, "We anticipate
continued success in meeting future milestones in the coming months
and quarters, which along with the strong growth in our Medical
Membership and Concierge program, provides additional working
capital for our core healthcare technology business and solidifies
our balance sheet, including both our cash and our net equity
positions."
About
HealthLynked
HealthLynked Corp. is
revolutionizing the healthcare landscape by providing an innovative
cloud-based platform that bridges the gap between patients and
providers through the efficient exchange of medical information.
Our mission is to place patients in the driver's seat of their
healthcare journey.
Our HealthLynked
application, accessible at no cost to patients, serves as a
comprehensive repository for their medical information - spanning
from medications, allergies, past surgeries to personal health
records. This information can be securely compiled and easily
accessed in one convenient location, enhancing the quality and
efficiency of healthcare services received.
Moreover, HealthLynked
provides an upgraded concierge service for individuals and families
at a nominal fee starting as low as $10 per month. This service is
designed to provide a more personalized and enhanced healthcare
experience, adding substantial value to our members' healthcare
journey.
Healthcare providers can
connect with their current and potential patients through our
platform. Additionally, we offer two unique mobile check-in
options, including our patented Patient Access Hub (PAH), which is
designed to streamline the patient experience while providing
insightful patient analytics to in-network providers.
Our comprehensive suite
of HLYK marketing tools, accessible through a modest monthly fee,
offers myriad benefits to preferred providers. These benefits
include fostering stronger connections with both active and
inactive patients to improve retention, enabling more efficient
online scheduling, and facilitating the rapid filling of
last-minute cancellations with our "real-time appointment
scheduling" feature.
For a comprehensive tour
of the HealthLynked app, please visit our website at
www.healthlynked.com. If you're interested in
experiencing our innovative healthcare management solutions
firsthand, download our app from the
Google Play Store or the Apple App
Store.
Stay engaged with us on
our social platforms for the latest updates and insights. Connect
with us on Twitter
Facebook
Instagram
LinkedIn.
Join us in transforming
the healthcare landscape.
Forward-Looking
Statements & Risk Factors
This press release
includes forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. These statements, which
are not historical facts but predictions based on current
expectations, estimates, and assumptions, are subject to risks and
uncertainties that could cause actual results and performance to
differ materially. Forward-looking statements
should not be read as
guarantees of future performance or results and will not
necessarily be accurate indications of the times at, or by which
such performance or results will be achieved.
We strongly advise
against undue reliance on these forward-looking statements and
undertake no obligation to publicly update any of these in light of
new information, future events, changes in assumptions or changes
in other factors affecting such statements, except as required by
law. For a detailed description of the risks and uncertainties that
could cause our actual results to differ materially from those
expressed in these forward-looking statements, please refer to the
"Risk Factors" section of our most recent Annual Report on Form
10-K and other filings with the U.S. Securities and Exchange
Commission, publicly available at
www.sec.gov.
HLYK Contact:
George O'Leary
Chief Financial
Officer
goleary@healthlynked.com
+1 (800)-928-7144, ext.
103
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