The group is poised for growth with its HealthLynked Network, wearable health sensors, COVID-19 tracking, medical supplies, and care management solutions.
Finding a doctor can be a bewildering process and those 800-get-a-doc services are hit-or-miss. Fortunately, new technology including artificial intelligence-driven tools, can help patients navigate the healthcare maze, identify a good physician, and get the support they need.
HealthLynked Corp (OTCQB:HLYK) connects patients, doctors, and data through its global healthcare network using technology to reduce costs and improve patient outcomes.
“The problems for patients are long wait times, access to the right doctor, and keeping on track with preventive healthcare. Patients often go see a physician for a healthcare problem and are then told ‘I am going to send you to see another doctor.’ Most patients don’t know what routine screening they should be doing,” HealthLynked CEO Dr. Michael Dent told Proactive.
“HealthLynked solves these problems by providing healthcare recommendations specific to them,” he added.
Dent founded HealthLynked in Naples, Florida, and 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.
HealthLynked provides a solution for both patient members and physicians through the efficient exchange of medical information. The HealthLynked Network connects patients to over 800,000 physicians across the US.
After signing up, users can find detailed information on physicians and their areas of expertise. It takes only a few minutes to join the cloud-based HealthLynked Network to connect with healthcare providers.
The service is free to patient members and enables them to share their healthcare information (secure and encrypted), with their healthcare providers. Accurate and up-to-date health records can be shared with other providers and even family members if a user chooses to do so.
The company has set a goal of adding tens of millions of patients and hundreds of thousands of physicians over the next five years.
“Two years ago, we started talking to physicians in Florida and getting their feedback and creating a regional user base and physicians introduced the HealthLynked Network to their patients,” said Dent. This initial user base has since expanded to more than one million patient members.
Delivering accountable care
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 October this year, ACO Health Partners, which works with healthcare providers to give coordinated high-quality care to Medicare patients, was able to reduce costs for Medicare by $1.5 million and net itself $767,743 in shared savings revenue.
“We acquired the ACO with 120 physicians that will be added to our HealthLynked Network. Each time we add a new provider to our network, they on average have about 3,000 active patients that can be quickly added to our network,” said Dent.
The company now has patient members across the globe and is accelerating its efforts to connect patients to healthcare providers outside the US.
Hit COVID-19 tracker
The HealthLynked Network has received a major boost during the coronavirus (COVID-19) pandemic. The company 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.
“Our 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,” said Dent.
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 through the day via the HealthLynked mobile app which is used to gain admission to lecture halls, and other group events.
“Continuous temperature monitoring thought our wearable health sensor is more valuable than spot temperature checks done by most schools,” said Dent.
“COVID testing is expensive and time-consuming, ranging from $60 to $200 dollars so our proposal is for universities to have their students purchase the wearable for $100. We can then provide a dashboard to monitor students and reduce the amount of testing and provide contact tracing when a student tests positive to prevent further spread of COVID-19.”
HealthLynked is currently in talks with multiple universities about its wearable health senor and its COVID-19 program.
Oohvie app for women
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.
“As an OB/GYN physician for over 25 years, I am committed to improving healthcare for women,” said Dent.
“I believe women drive many of the healthcare decisions for their family and keep them on track with routine doctor visits. Oohvie and the unique services it offers to women can help them more effectively manage their health. We are offering a comprehensive solution for women that integrates with their healthcare providers, gives healthcare reminders, and saves them money on the feminine products they need.”
HealthLynked has achieved robust growth and doubled its revenue to $4 million in 2019, compared to $2.1 million in 2017. In September, the firm paid back $1.6 million in debt.
HealthLynked’s acquisition of MedOfficeDirect LLC (MOD), a virtual distributor of discounted medical supplies to both consumers and medical practices, is expected to contribute around $1.5 million of revenue in year one, increasing HealthLynked’s consolidated revenues by some 25%. The earnout for MOD is tied to four years of 25% annual growth, resulting in a year 4 revenue earnout target of $2.9 million by 2024.
At the time, HealthLynked CFO George O’Leary said: “This is the third of what we expect to be numerous acquisitions for HealthLynked, focused on complementary businesses that enhance the HealthLynked Network.”
MOD gives HealthLynked synergies as it expands patient and physician members in both the HealthLynked Network and the ACO network and plans to offer MOD’s discounted medical supplies to both of its user base.
The company’s Lynked members, who pay $10 a year for the HealthLynked membership, get discounted medical supplies and access to partner programs. The Lynked membership also offers patients the ability to connect multiple profiles under one account so they can keep their children’s, spouse’s, and parent’s medical records under one safe account.
Multiple shots on goal
HealthLynked is rapidly emerging as a formidable player in healthcare with several revenue-spinning businesses.
“Physicians buy medical supplies. Patients need them as well. We just entered a multi-billion-dollar marketplace through the MOD acquisition,” noted Dent.
“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.”
Investors looking for growth and experience will appreciate that HealthLynked is led by an experienced management team. Dent founded NeoGenomics, one of America’s top cancer testing laboratories.
Started with a $300,000 investment, NeoGenomics has since clocked up annual revenue of $408.83 million. A skillful negotiator, HealthLynked CFO O’Leary who sits on several company boards, was an early shareholder in NeoGenomics.