TORONTO, April 05, 2021 — Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), a multi-state primary care management group in the United States, is pleased to announce that further to its press release dated January 7, 2021, it has completed the deal to acquire Rocky Mountain Health Care clinics in Colorado (“Rocky Mountain Group”).
Acquisition highlights:
- Rocky Mountain Group has 7 locations in the Denver and Boulder areas;
- Immediately accretive deal strengthens organizational team with a robust, centralized corporate infrastructure; and
- Skylight Health expects forecasted annual revenue run rate to be CA$56M pending the closing of all announced acquisitions.
“I am pleased that Skylight Health has successfully closed on this exciting acquisition,” says Prad Sekar, Co-Founder and CEO of Skylight Health. “Not only does it add immediate incremental revenue and strengthen market share within Colorado, it also builds upon the infrastructure to support Skylight’s national network of clinics and continued growth. We have spent the first quarter of 2021 strengthening our leadership team with strategic hires that bolster our efforts as we grow aggressively – both organically and through acquisition – for the remainder of the year.”
Rocky Mountain Group has been operating an established and fast-growing network of primary care clinics throughout Colorado. The group is actively credentialed with many major insurance carriers. Aligned with Skylight Health’s multi-disciplinary strategy, Rocky Mountain employs a multi-disciplinary approach to patient care management. Rocky Mountain’s clinical staff mix includes physicians, nurse practitioners, and physician assistants.
Rocky Mountain Group has built a sustainable and scalable corporate infrastructure including in-house revenue cycle management, credentialing, centralized scheduling, compliance, and medical leadership. The Rocky Mountain leadership team and clinical staff will remain in place post-acquisition.
Skylight Health Group has agreed to pay a total of CA$13,518,092 in cash to acquire the full assets of Rocky Mountain. The Company will hold back approximately 20% of the cash payment to be paid in installments and potential working capital adjustments over the next 2 years.
About Skylight Health Group
Skylight Health Group (TSXV:SHG; OTCQX:SHGFF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state health network that comprises of physical multi-disciplinary medical clinics providing a range of services from primary care, sub-specialty, allied health and laboratory/diagnostic testing. The Company owns and operates a proprietary electronic health record system that supports the delivery of care to patients via telemedicine and other remote monitoring system integrations. With a patient roster of over 155,000 patients, the Company’s operations servicing 16 states and continues to expand in services and locations both organically and by way of strategic acquisitions.
The Company primarily operates a traditional insurable fee-for-service model contracting with Medicare, Medicaid and other Commercial Payors. The Company also offers a disruptive subscription-based telemedicine service for the un/under-insured population who have limited access to urgent care due to cost.
For more information, please visit www.skylighthealthgroup.com.
About Rocky Mountain Family Medicine
Rocky Mountain’s mission is to provide comprehensive, compassionate, and quality medical care to our patients in the Denver and Boulder areas in a manner that is both affordable and respectful of your time. They strive to offer affordable urgent care and family medical care to all patients. Rocky Mountain Group has been providing quality health care services to the Denver metropolitan community since 2002 and has grown with the community so that we can continue to meet your health care needs. They have six locations throughout Denver including Aurora, Centennial, Boulder, Englewood, Lakewood, and Westminster and employ over 200 experienced and qualified team members dedicated to high quality patient care in a friendly work environment.