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Skylight Health Completes Acquisition of US Primary Care Provider NeighborMD.

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MANews-(C)2009-2022

Canada-based primary care management group Skylight Health Group Inc. (NASDAQ: SLHG) (TSX Venture: SLHG) has completed the deal to acquire Florida, US-based primary care services provider NeighborMD for USD 8m and a debt facility of USD 20m, the company said.

Based in central and southern Florida, NMD operates nine owned practices offering primary care services to over 5,000 lives.

Within these, NMD has over 1,100 MA lives in full risk contracts with two leading healthcare payors in the Florida, Humana and CarePlus.

In addition, NMD provides complete management services for over 1,400 additional MA lives through its affiliated providers and practices.

NMD's existing contracts offer competitive capitation fee schedules and allow for broad geographic coverage, with over 30 Florida counties covered, including all counties in which company currently operates.

Of the Medicare Advantage lives at full risk, NMD currently saw an average reimbursement of USD 10,000 to USD 12,000, per member/per year, which Skylight expects to maintain going forward, thereby providing the capital to focus on the patient needs and improved patient health outcomes.

TTM revenues from primary care including MA contracts were approximately USD 35m on an unaudited basis.

While NMD has not yet generated profitability, with its scale in combination with Skylight and planned initiatives, it is expected to become profitable this year.

The expected expansion of the risk contracts to existing Skylight practices in...

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