NAPLES, Fla., Sept. 5, 2023
Receives Full Achievement of Cash Targets to Date and Secures Six-Month Extension for Future Equity Benefits
NAPLES, Fla., Sept. 5, 2023 /PRNewswire/ — HealthLynked Corp. (HLYK), a leader in the global healthcare network industry, is pleased to announce the successful completion of cash targets to date related to its January 2023 sale of ACO Health Partners (“AHP”). The company received a $300,000 payment, marking a 100% success rate in enrolling existing and new physician practices into Palm Beach Accountable Care Organization (“PBACO”), managed by PBACO Holding, LLC (“PBA”).
Since the sale of AHP, HealthLynked has received a total of $3.25 million, comprised of an initial $750,000 from the sale and an additional $2.5 million in participation-based consideration. The payments represent the maximum amount of cash consideration to date that HealthLynked was eligible to receive under the sale agreement. The company is also expecting a further $500,000 in future savings in October 2024.
In line with the sale agreement, HealthLynked is set to receive net proceeds, including allocation of expenses, from Medicare Shared Savings attributed to AHP’s performance in 2022. Current projections estimate these proceeds will exceed $1.0 million, with payments anticipated in early October 2023.
Furthermore, HealthLynked has secured a six-month extension from PBA for the possibility of earning equity in the event of PBA’s future initial public offering (“IPO”). Initially slated to be completed by August 1, 2024, the deadline has been extended until February 1, 2025. Should PBA go public, HealthLynked will receive shares corresponding to AHP’s 2021 earnings, times the EBITDA multiple used to value PBA’s IPO shares.
George O’Leary, HealthLynked’s Chief Financial Officer, commented, “Our collaboration with Palm Beach ACO has been outstanding, and we are excited about the prospects of continuing this successful partnership for years to come.”
HealthLynked Corp. is revolutionizing healthcare by bridging the gap between patients and providers through its innovative, cloud-based platform. The HealthLynked Network aims to improve healthcare outcomes by facilitating the seamless exchange of medical information, empowering patients to take control of their healthcare journey.
For Patients: Free of charge, members can store vital medical information such as medications, allergies, past surgeries, and personal health records in one secure, online location. The platform allows easy connection with healthcare providers, both current and future, to ensure a more coordinated healthcare experience.
For Providers: Providers can join the network to gain access to HealthLynked’s patented patient access hub, known as “PAH,” which offers valuable patient analytics. The system also includes a suite of marketing tools designed to improve patient retention and facilitate better communication. Providers benefit from streamlined online appointment scheduling and can even fill last-minute cancellations using the platform’s real-time appointment scheduling feature.
Membership and Costs
For Patients: Patients can sign up for HealthLynked at no cost, but upgraded services are only available to paid members. Free membership does not include advanced features such as access to HealthLynked’s medical record management team, patient scheduling, and nurse onboarding services.
For Providers: Doctors and practices can claim their profile for free, allowing basic presence within the HealthLynked Network. Free profiles do not include access to premium services such as marketing tools, preferred placement within the network, patient record sharing, and other cost-saving features.
For Premium Members: Preferred providers can access HealthLynked’s full range of services by paying a monthly fee, which includes marketing tools, priority placement within the network, and enhanced patient engagement features.
Forward-Looking Statements & Risk Factors
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, including as a result of any acquisitions, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by our management, and us are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Certain risks and uncertainties applicable to our operations and us are described in the “Risk Factors” section of our most recent Annual Report on Form 10-K and in other filings we have made with the U.S. Securities and Exchange Commission. These reports are publicly available at www.sec.gov.
Director of Investor Relations
+1 (800)-928-7144, ext. 123