TORONTO, March 18, 2021 — Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that, further to its press release dated January 7, 2021, it has entered into a definitive purchase agreement in escrow to acquire a Family Medical Practice Group with 6 locations in Colorado. The company expects an effective close by the end of Q1 2021.
Acquisition highlights:
- 2019 unaudited Revenues of $20M and $3M in Adjusted EBDITA
- Services include family medicine, urgent care, drive-thru COVID-19 testing and COVID-19 Antibody testing.
- Immediately accretive deal strengthens organizational team with a robust, centralized corporate infrastructure, including in-house revenue cycle management, credentialing, centralized scheduling, compliance, and medical leadership.
- Works with most insurance providers including UnitedHealthcare, Aetna, Cigna, Humana, Anthem BCBS, Medicare, Medicaid, CPH+ and Tricare.
- Skylight Health forecasted annual revenue run rate expected to be over $56M after closing of all announced transactions with $100M in acquisition pipeline.
“I am pleased that Skylight Health has finalized the purchase agreement and I am looking forward to this transformative acquisition,” says Prad Sekar, Co-Founder and CEO of Skylight Health. “Not only will it add immediate incremental revenue and strengthen market share within an existing state, but it will also build upon the infrastructure to support Skylight’s national network of clinics and further growth.”
About Skylight Health Group
Skylight Health Group (TSXV:SHG; OTCQX:SHGFF) 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. With a patient roster of over 155,000 patients, the Company’s operations servicing 16 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.