(MENAFN- Newsfile Corp) HealthLynked Corp Steps Up March Toward Profitability; Agrees To Acquire Cura health Management and ACO Health Partners, LLC
Announced deal adds more than $2 million in new revenues and cuts cash burn by 50% per year. HealthLynked on target to pentrate an expected $47 billion market opportunity
New York, New York--(Newsfile Corp. - February 18, 2020) - HealthLynked Corp has made another acquisition. This time, they entered into a definitive agreement to acquire Cura Health Management, LLC (CHM), and its wholly-owned subsidiary, ACO Health Partners, LLC (AHP). The deal is expected to close in April of this year.
Importantly, the transaction is expected to generate more than $2 million in additional revenue for HealthLynked (OTC: HLYK) and, at the same time, slash the company''s cash burn rate by an expected 50%. Moreover, the acquisitions will provide an even stronger foundation for HealthLynked to penetrate what is expected to be a more than $47 billion healthcare data analytics market by 2024. Already, HealthLynked is positioned as a potential game-changer in the medical-data sharing field by harnessing the ability to efficiently manage and connect doctors, patients, and medical records transfer services to a growing network of patient-members and providers.
This deal, in particular, is expected to expand HealthLynked''s market position by allowing the company to form its new Accountable Care Organization (ACO), in a move that the company believes will significantly add to its drive toward near-term profitability. To get there, HealthLynked is expected to leverage the assets that CHM and AHP bring to the company, including a substantial client base, a long list of practitioners, and the integration of the company''s technology, care coordination, and care management systems that are designed to reduce healthcare costs and improve health outcomes for its Medicare patients.
A $2 Million Boost To Revenues In 2020 , Cuts Cash Burn By 50%
As noted in the company''s press release last Tuesday, the Cura/AHP acquisition is expected to generate more than $2 million in new revenues, reduce the cash burn by roughly 50% per year, and allow the company to expand its service reach into Accountable Care Organizations in Florida, North Carolina, New Jersey, and Indiana. At the same time, HealthLynked is set to benefit from an ability to engage in value-based reimbursement programs offered both by the Centers for Medicare and Medicaid Services (CMS) and commercial payers.
Moreover, it''s that the deal can be immediately accretive to its current operations and may serve as a blueprint for future acquisitions for which the company has stated will be a strategic mission moving through 2020. A detailed look at how HealthLynked is planning for near-term growth is highlighted here .
And, while this newest acquisition positions HealthLynked Corp to accelerate its growth in the coming months, investors should also be aware that the company is already well-entrenched in providing a potentially best in class medical data-sharing platform to millions of patient-clients and medical providers. Thus, the near and long term growth projections for HealthLynked remain positive based on a projected spike in user participation and service fee''s over the next five years.
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Integrating 21 st Century Technology To The Medical Data Sharing Sector
Few will argue that the integration of technology into everyday life has changed how people live, act, and socialize. And, while consumers stay focused on the newest gadgets and advances in technology that usher in change, it''s the activity taking place behind the scenes to make life better, more productive, and healthier that should be grabbing the headlines. Sure, 5G networks and triple-lens cameras are great. But, it''s also important to focus on the technology that isn''t quite as visible, like the platform brought to market by HealthLynked that allows a patient''s medical records to flow easily from one doctor to another. And, while some people may take HealthLynked''s next-generation platform for granted, the reality is that beyond being an excellent service and data tool to its users, the financial windfall to HealthLynked can also be substantial. That''s the part that investors like.
In fact, one of the early pioneers in the sector, Athena Health, sold for more than five billion dollars to a private equity firm just a few years ago. And, this new generation of medical records sharing technology by HealthLynked may offer more value than its predecessors. Why? Because while Athena Health''s platform provided ground-breaking services that are still used today, it may have fallen short when it came to looking at a patient''s healthcare data and then utilizing artificial intelligence (AI) to make recommendations that can optimize their health. And, that was a niche.
HealthLynked seized upon that gap by building a platform that optimizes real-time applications related to personal health to bring efficiency, reliability, and pro-active functionality to a user''s fingertips. Some are now arguing that HealthLynked may be in a position to singlehandedly change the landscape of personal medical records transfer and how healthcare is being delivered. And, as the company adds assets, their forecast may be spot on.
What Is Appealing About The HealthLynked Network?
In simplest terms, the HealthLynked Network is a patient-centered medical information exchange designed to bring efficiencies and convenience to patients by connecting users, doctors, and healthcare data. It''s an advanced and comprehensive application that can connect patients to their healthcare providers, and at the same time, integrate a healthcare medical record system that can provide personalized medical recommendations using artificial intelligence.
The comprehensive Network also tackles some of the biggest problems in the healthcare system by allowing a patient-user to locate appropriate healthcare providers, schedule appointments, and alleviate slow check-ins''. Moreover, the HealthLynked Network provides valuable tools that enable medical record mobility and access, management of other family members healthcare, and efficient marketing of healthcare-related services. And, while some of these tools were available in the early part of the last decade, HealthLynked has made them better. These advancements are leading users of the technology to argue that their improvements in efficiency and effectiveness may lead to revolutionary changes in how healthcare is delivered - a service that will ultimately benefit us all.
21st Century Technology Makes it To Medical Practice
A significant advantage of the HealthLynked platform is that it is changing the way patients manage personal health. Going to the doctor has traditionally been a reaction to getting sick, and only a small percentage of people considered going to the doctor without first having a pain, cough, or other symptoms that suggested something was wrong. The HealthLynked Network offers a solution to better healthcare management by utilizing AI to encourage timely, routine visits to the proper physician and getting age- or condition-appropriate testings. And, with the influx of Big Data and advanced AI, patient data itself can now be the driver to better patient care. However, patients still must be engaged to reach the full benefits of advanced care management.
So, while other companies were contemplating solutions, or building off older healthcare models, HealthLynked was quietly building innovative systems, algorithms, and hardware that not only address these limitations but created a platform that is helping to revolutionize the way records are shared and how patients interact with the healthcare system.
HealthLynked Delivers Cloud-Based Healthcare To Mainstream
At the core of the HealthLynked Network is an encrypted, cloud-based healthcare network that offers features, resources, and services to both doctors and patients. The Network allows both groups to create and then sign in to their personal health account via the company''s website at healthlynked.com or by using the HealthLynked mobile application. For added security, an account is required to unlock specific features for providers.
From there, all permitted visitors can search for healthcare providers by location and specialization. Currently, more than 800,000 healthcare providers in the US, and roughly 7,000 hospitals are part of the HealthLynked network directory. If the physician is a HealthLynked In-Network Provider, patient members can "lynk" to those providers, request an appointment (or see available booking times if the doctor has enabled that feature), and share their personal medical records. Patient members also have an opportunity to read reviews, profiles, and specific practice-related data to optimize their provider selection opportunity.
Moreover, and perhaps most important, HealthLynked puts the power in the hands of the patient and facilitates a seamless connection to the providers they choose, allowing the patient access to his or her medical health information at any time and anywhere. Everything from finding a nearby specialist and booking appointments to sharing personalized healthcare records is possible at the push of a button on a smartphone or desktop computer. It''s truly a revolution in patient care management.
And, don''t underestimate its power... the tool can be a life-saver. Whether a member is on the road, on vacation, or a seasonal resident, HealthLynked membership can help facilitate prompt, accurate care, which can mean the difference between life and death. HealthLynked patients can find medical care away from home and have a complete copy of their personal medical records that they can share with an emergency doctor to receive critical care without delay.
Medical Practices Are Winners, Too
Also, HealthLynked offers a patent-pending hardware/software bundle that has proved hugely popular with operations managers in physician offices across the country. At the center of the system is the Patient Access Hub, a small hardware device that creates an encrypted Wi-Fi access point at the point of care locations. Patients can log into it to receive free Wi-Fi while they wait to see their physician, and, in addition, they can also check-in for their appointments using their smartphone. The built-in QwikChek feature connects to a web-based desktop app that allows front desk staff to manage waiting room flow and alert patients via text message when it''s their turn to see the provider.
QwikCheck enables healthcare providers to see who has checked-in and for which doctors, their wait times, and how many patients are in the queue. Again, this process fast-tracks the healthcare system by reducing/removing lines at the reception desk, no longer having nurses call-out names of patients when the doctor is ready and eliminating the possibility of an accidental HIPAA violation. All of this data is stored and reviewed in chart and graph form using the Practice Analytics app, which is also included with the Patient Access Hub.
HIPAA Friendly, Encrypted, Real-Time
A key differentiation in the HealthLynked platform is that patients can share Personal Health Records (PHR) with the doctors (or friends or family members) of their choosing over the encrypted Network. Medical records kept by healthcare providers are protected under the Health Insurance Portability and Accountability Act of 1996 (HIPAA), and files can only be shared at the written request of a patient to do so. Such approvals and procedural safeguards do a great job of protecting patient privacy, but they also add a lot of time that can cause unwarranted delays in medical treatment. That''s not good, and HealthLynked served up a solution.
Personal Health Records (PHR) are not governed by HIPAA regulations. They are owned by the patient, who can freely decide what to do with them. HealthLynked took advantage of this difference and provided a solution by allowing patient members to store their Personal Health Records and share them over the HealthLynked Network with a provider or any person of their choosing. As a result, new doctors and specialists caring for patients for the first time can receive medical records in real-time. The patient can also allow selected caretakers the same access and privileges to share data.
By making the transfer and sharing of medical records quick and easy, while still keeping them protected, patients will be able to receive emergency care immediately and without potential complications. Moreover, efficient data sharing leads to less wait times that can translate to a better experience with improved outcomes and increased access to quality healthcare professionals.
HealthLynked Brings Its Users A Data-Driven Solution
While it''s evident that the HealthLynked platform improves medical practice efficiency for patients, what may be most impressive is the app''s ability to use patient data to manage their care even before the patients think of doing so themselves.
HealthLynked uses AI to analyze the patient''s medical information and make personalized recommendations for annual visits and routine follow-ups. Behind the network development is a HealthLynked team that has decades of experience in the medical industry who recognized that patients often do no keep track of their necessary medical care. They set out to change that dynamic.
HealthLynked''s AI works with patients to remind them of appointments, vital medical screenings, and when to schedule follow-up visits. For example, the app will notify female members when they are due for routine screening tests such as a pap smear to test for cervical cancer or when they are due for a colonoscopy to screen for colon cancer, a procedure that is recommended for all patients over the age of 50. In this way, HealthLynked''s personalized recommendations keep patients on track with their specific healthcare needs.
Not only does HealthLynked provide benefits to patients and their health, but it also has benefits for healthcare providers and the economy of the healthcare industry at-large.
Revolutionizing the Future of Healthcare And Increasing Provider Earnings
Research shows that 30% of patients don''t follow up for recommended appointments. But, if they did, similar research has indicated that getting these patients back in for a follow-up and recommended screenings can significantly improve healthcare outcomes while increasing physician revenues by as much as $135,000 per year per provider. That''s a win/win proposition that attracts both patient and provider to the platform.
In addition, improving office efficiencies by reducing patient intake times by 5 to 10 minutes per patient can allow a provider to see up to ten more patients per day. HealthLynked''s QwikCheck application allows patients to check-in via their smartphone devices and shorten their check-in process. Studies have shown that just seeing one more patient per day can yield a $50,000 increase in physician revenue annually.
Another inherent benefit to healthcare providers is reduced overall costs. Strategic partnerships with medical supply companies like MedOfficeDirect give providers access to save 10-25% on their medical supply purchases.
Integrated Healthcare Data Revolution Is Just Beginning
There is another level of differentiation that benefits HealthLynked. As patient treatment becomes more specialized, data sharing in the healthcare industry is a definite necessity. And, with patients often seeing multiple physicians for particular health issues, the need for a seamless method of communication becomes vital. On this issue, several things are important to note:
- Healthcare is highly specialized- and keeping healthcare records updated among multiple providers is a challenge. To optimize care, medical information needs to be integrated and up to date among all the healthcare providers involved in a patient''s care.
- Prescription medications can lead to complex and unfortunate drug interactions if providers are not fully aware of all the medications a patient is taking.
- Medical mistakes are most often the result of incomplete information in the medical record or the provider not having the most up-to-date information.
And, as essential and remedial as medical record sharing may sound, still, 30% of physician practices in the US do not use an electronic health record system. Moreover, there are over 1,000 different electronic health records systems in the US, and connectivity among these systems often does not exist. Now, by utilizing the HealthLynked Network, patients and doctors can have a common platform where sharing medical records and related data is quick and easy.
The Bottom Line- Follow The Emerging Leader
Following through on their conference call remarks from January, the company is proving that it can execute a growth strategy through strategic acquisition combined with the launch of innovative products and services. With February only half way done, HealthLynked is attacking 2020 with a goal to increase shareholder value by exploiting strategic opportunities, and is proving that they can execute that plan through an experienced management team has expertise in medical and technological interests.
Optimism can be contagious, and HealthLynked believes that they can increase Network growth by thousands of physicians and millions of patients by the end of 2020. As well, the company has plans to up-list to NASDAQ by late 2020. And, while this week''s acquisition announcement may not have been unexpected by those that follow the company, it may also be just a prelude of what''s to come in the next ten months. In either case, there''s an enthusiastic presence.
The bottom line is simple - the HealthLynked Network is proving that it can revolutionize the economics and efficiencies of the healthcare industry. And, by offering a modern, accessible, and cost-effective system, better health can become an attainable reality for individual patients and, by extension, the population at large. HealthLynked, ultimately, may become a prime beneficiary to this highly relevant and specialized space.
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