HealthLynked
Achieves Key Milestone with Final $300,000 Payment from Sale of ACO
Health Partners
Receives
Full Achievement of Cash Targets to Date and Secures Six-Month
Extension for Future Equity Benefits
NAPLES, FL
-- September 5, 2023 -- InvestorsHub NewsWire
-- 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."
About
HealthLynked
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.
To learn more about how
HealthLynked is changing the healthcare landscape, visit
www.healthlynked.com. Stay connected with us on
Twitter,
Facebook,
Instagram,
and
LinkedIn.
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.
HLYK
Contact:
Mike
Paisan
Director of Investor
Relations
IR@healthlynked.com
+1 (800)-928-7144, ext.
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