NAPLES, FL — June 21, 2023 — 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.”
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.
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.
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