Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has entered into Letters of Intent (LOIs) to acquire 3 independent Primary Care practices in the United States, immediately adding over $10 million in revenue and positive EBITDA when closed.
MyCare Medical Group officially announced its acquisition of Nexus Medical Centers, LLC (formerly Illumina Medical Centers) – a wholly-owned network of six primary care and specialty medical practices. The acquisition includes Nexus’ management services organization, currently overseeing more than 30 independent practices throughout South Florida. Founded by and led by physicians, MyCare Medical (formerly SunMed & Hernando Pascal Primary Care) is a Primary Care Group that has served the greater Tampa Bay area for more than 15 years.
Conviva, a leading provider of senior-focused primary health care in Florida and Texas, has announced the acquisition of a South Florida primary care physician network that will add 12 wholly owned health care centers to its existing network. Conviva, a wholly owned subsidiary of Humana Inc. (NYSE: HUM), is acquiring substantially all of the assets of Health Promoters Limited Liability Company; Jupiter Medical Group, Inc.; Primary Care Associates, Inc.; and Richard M. Hays, M.D., P.A., all of which were under the beneficial ownership of Rajendra Bansal, M.D. The four organizations will provide Conviva with 12 new centers and over 200 new Conviva team members.
Venice Family Clinic and South Bay Family Health Care, leaders in providing comprehensive primary care to people in need, announced Thursday that the board of directors of both nonprofit organizations have agreed to merge. The two community health centers will join forces later this year to create one unified organization dedicated to improving the health and well-being of their patients and the community. Each organization has been an anchor in its community for more than 50 years.
Primary care physicians (PCPs) have endured daunting challenges during the coronavirus pandemic, but a combination of business savvy and external support has helped many of them to keep serving patients, a new report says. The new report, which was published by the Urban Institute with funding from the Robert Wood Johnson Foundation, is based on a review of published data that documents PCP pandemic experiences and interviews with 16 PCPs. The size of the physician practices that were interviewed ranged from a solo practitioner to a practice that employs 370 physicians.
Cimarron Healthcare Capital (“Cimarron”), a private equity firm focused on making investments into healthcare companies in the lower-middle market, announced Wednesday that it has completed the acquisition of CareAccess MSO (“CareAccess” or “the Company”) together in partnership with the Company’s management team. CareAccess is a Management Services Organization (“MSO”) that partners with primary care physician groups in support of establishing and managing value-based risk contracts with Medicare Advantage (“MA”) plans. CareAccess also offers a comprehensive specialty network to its physician group partners in support of delivering quality care across all specialties of medicine.
Strategic Health Services, LLC d/b/a Palm Medical Centers (“PMC”), an MBF Healthcare Partners II, L.P. (“MBF”) portfolio company, announced today that it has acquired substantially all of the assets of Forest Hills Health Care, Inc., a four location primary care medical practice (“Forest Hills” or the “Company”). Founded in 1994, Forest Hills is headquartered in Tampa, Florida and has four locations across Hillsborough and Pasco Counties. The Company employs 5 medical providers and serves more than 1,200 Medicare Advantage members, as well as managed Medicaid and commercially insured patients.
VillageMD announced today it is expanding into New Jersey and will open a Village Medical clinic at 525 Tilton Road in Northfield, N.J., and welcome Drs. Jon Regis and Ira Trocki’s practice. This is the first Village Medical practice in New Jersey and the 49th for the brand, including practices in Austin, Atlanta, Chicago, Houston, Phoenix, and Murray, Ky. Village Medical offers comprehensive primary care across a broad range of physician services, along with virtual care and telehealth.
COVID-19 has put unprecedented stress on doctors’ offices across the United States. In December, the nonprofit Physicians Foundation reported that roughly 8% of physician practices were forced to close because of the pandemic. Meanwhile, online healthcare has exploded, providing extraordinary support to a medical system under fire. Doctors are already incorporating telehealth into their practices and shifting elements of care out of the office and into the home. While many of the changes are good, the reduction in doctor’s offices stands to have profound repercussions for how, where, and from who patients get care.
Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), is pleased to announce the closing of Florida-based clinic – River City Medical Associates (“RCMA”), previously announced December 10, 2020. This acquisition expands the Company’s bricks and mortar and telemedicine services to 16 US states and its 2020 financial performance was $6 million in revenue and $1.35 million in EBITDA which is an improvement since the initial acquisition announcement.
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