The group is poised for growth with its HealthLynked Network, wearable health sensors, COVID-19 tracking, medical supplies and care management solutions.
- The company has a finger in five different lucrative markets
- Broken into the medical supplies business with MedOfficeDirect acquisition
- Strong management team with a proven track record
What HealthLynked does:
HealthLynked Corp (OTCQB:HLYK) is a global healthcare network focused on patient care management. It connects patients, doctors and data through its global healthcare network using technology to reduce costs and improve patient outcomes.
The Naples, Florida-based group’s cloud-based HealthLynked Network connects patients to over 800,000 physicians across the US. After signing up, users can find information on physicians, their areas of expertise, and connect with healthcare providers. The service is free to patient members and enables them to share their healthcare information with their providers. Up-to-date health records can also be shared with other providers and family members if a user chooses to do so.
Similarly, participating healthcare providers can connect with their patients through the system. Benefits to in-network providers include the ability to use the HealthLynked patient access hub “PAH” for patient analytics. Preferred providers can also access marketing tools to connect with their patients to improve patient retention, get more current patient information, and provide efficient online scheduling. Preferred providers pay a monthly fee to access HealthLynked’s services.
HealthLynked is emerging as a formidable player in healthcare with several revenue-spinning businesses. In 2019, HealthLynked entered the rapidly growing Accountable Care Organization (ACO) space through the acquisition of Cura Health Management LLC, which owns ACO Health Partners LLC.
In the meantime, it has also developed a more effective way to battle the spread of coronavirus (COVID-19) on campuses through a wearable health sensor, and its ClearLynk pass.
In a nutshell, the group and its subsidiaries have a finger in several pies including patient care management, medical supplies, remote patient monitoring, accountable-care organizations, and wearable devices.
Founder CEO Dr Michael Dent took the company public in 2017. Dent, an obstetrician-gynecologist has practiced for over 25 years, which makes him uniquely qualified to understand the challenges and opportunities in healthcare and emerging technologies. Dent also founded NeoGenomics, one of America’s top cancer testing labs. Started with a $300,000 investment, NeoGenomics has since clocked up annual revenue of $408.83 million. Dent recently made a $3 million equity investment in HealthLynked.
How is it doing:
In November, HealthLynked posted third-quarter results that saw its revenue soar 74% year-over-year on the back of patient service revenue growth. For the period ended September 30, 2020, the company reported revenue of $2,040,155, compared to $1,172,561 in the third quarter of 2019. HealthLynked chalked up the gains to a 23% increase in patient service revenue on a year-to-date basis, compared to the same period in 2019.
In the meantime, HealthLynked’s revenue for the first nine months of the year soared by 59% to nearly $4.5 million, compared to $2.8 million in the same period in 2019.
During the quarter, HealthLynked’s subsidiary Cura Health Management, acquired by the group in May, worked with healthcare providers to give coordinated high-quality care to Medicare patients and was able to reduce costs for Medicare by $1.5 million and net itself $767,743 in shared savings revenue.
In October, HealthLynked completed its cash-and-stock deal to acquire MedOfficeDirect LLC (MOD), a virtual distributor of discounted medical supplies. MOD is expected to contribute around $1.5 million of revenue in year one, increasing HealthLynked’s consolidated revenues by some 25%.
US medical supply sales top $155 billion annually. Launched in 2014, MOD serves consumers and healthcare providers with over 13,000 name brand medical supplies. It has some of the lowest prices on medical products online, shipped directly to the customer in three-to-five days by leveraging volume buying. HealthLynked CFO George O’Leary said it was the third of what he expected to be “numerous acquisitions” for HealthLynked, focused on “complementary businesses” that enhance the HealthLynked Network.
HealthLynked has received a major boost during the coronavirus (COVID-19) pandemic. It developed a tracking application that allowed users to receive medical updates, determine rates of infection in their area, and communicate with others around the world about the pandemic. The firm’s COVID tracker app had over four million downloads in six weeks and was the number one most downloaded medical app in the world for the month of March, according to the company.
Meanwhile, universities have spent millions on keeping their campuses safe from COVID-19. The most common method to protect students is routine screening, which is expensive and must be repeated on a regular basis. HealthLynked has developed a more effective way to battle the spread of COVID-19 on campuses through a wearable health sensor, and its ClearLynk pass. The wearable device continuously monitors an individual for elevations in body temperature, one of the first signs of COVID-19 infection. Shortness of breath and cough are the other early indicators of infection and the health sensor can detect a decrease in blood oxygenation levels, as well as changes in heart rate and blood pressure.
Contract tracing can be accomplished through the HealthLynked app to alert students that are exposed to COVID-19 positive students. Students are issued a ClearLynk pass on their mobile device indicating that they have passed all screening metrics including temperature, a symptom questioner, normal blood oxygen levels within the past 24 hours. A ClearLynk pass is updated throughout the day via the HealthLynked mobile app which is used to gain admission to lecture halls and other group events. COVID-19 testing is expensive and time-consuming, ranging from $60 to $200 dollars so the group’s proposal is for universities to have their students purchase the wearable for $100. HealthLynked says it can then provide a dashboard to monitor students and reduce the amount of testing. HealthLynked is in talks with multiple universities about its wearable health senor and COVID-19 program.
HealthLynked has recently launched Oohvie, a new iOS application focused on women’s healthcare. Menstrual trackers are among the most downloaded medical apps with over 100 million downloads worldwide.
Inflection points:
- Expect MedOfficeDirect to contribute $1.5 million in revenue in year one
- Traction from HealthLynked Network adding patients and physicians
- Big upside from Cura Health Management acquisition in booming ACO space
- Boost from campus adoption of wearable health sensor and ClearLynk
What the boss says:
In a recent interview with Proactive, HealthLynked CEO Dr. Michael Dent said: “Physicians buy medical supplies. Patients need them as well. We just entered a multi-billion-dollar marketplace through the MOD acquisition.”
“We are engaged in five different multi-billion-dollar markets: patient care management, medical supplies, remote patient monitoring, ACOs, and wearable devices. These are all big businesses,” he added.
