HealthLynked Receives Medicare Shared Savings Net Proceeds from Sale of ACO Health Partners

Rhea-AI Summary

HealthLynked Corp. receives $2.88 million in Shared Savings and $1.15 million in net proceeds

Positive

• HealthLynked Corp. received $2.88 million in Shared Savings from ACO Health Partners for performance year 2022. The net proceeds to HealthLynked, including expenses and payments, amounted to $1.15 million.

Negative

• None.

Shared Savings of $2.88 Million with Net Proceeds of $1.15 Million

NAPLES, Fla., Oct. 9, 2023 /PRNewswire/ -- HealthLynked Corp. (OTCQB: HLYK), a leader in the global healthcare network industry, is pleased to announce the receipt of Medicare Shared Savings ("Shared Savings") from the Centers for Medicare & Medicaid Services ("CMS") earned by ACO Health Partners ("AHP") for performance year 2022. The Shared Savings net proceeds are a component of the consideration received by HealthLynked from its January 2023 sale of AHP. Shared Savings earned by AHP was $2.88 million and net proceeds to HealthLynked were $1.15 million, including allocation for AHP's operating expenses and after payments to AHP's participating physicians, commission to former owners, and other expenses. 

Under the sale agreement, HealthLynked may earn additional future consideration from the sale of AHP of up to $500,000 from performance year 2023 Shared Savings in October 2024 and equity in PBACO Holding, LLC ("PBA"), the buyer of AHP, in the event of an initial public offering by PBA by February 2025. 

George O'Leary, HealthLynked's Chief Financial Officer, commented, "We are pleased with the final determination of AHP's Shared Savings for performance year 2022, which was higher than we had anticipated.  Our sale of AHP and collaboration with Palm Beach ACO continues to exceed our expectations."

About HealthLynked

HealthLynked Corp. is dedicated to enhancing healthcare by facilitating the efficient exchange of medical information between patients and providers. Our cloud-based HealthLynked Network empowers members to actively manage their healthcare, providing a centralized and secure location for their medical data, including medications, allergies, past surgeries, and personal health records.

Healthcare providers in our network benefit from improved patient care and key insights into their practice operations. Additionally, our preferred providers can leverage HealthLynked's marketing tools to engage both patients, ensuring better patient compliance and optimized scheduling. To avail these services, providers need to claim their profiles and complete the necessary steps to become an in-network provider.

For more about HealthLynked Corp., please visit www.healthlynked.com. Stay connected with HealthLynked on Twitter, Facebook, Instagram, and LinkedIn.

Forward-Looking Statements & Risk Factors

This press release contains forward-looking statements that are not based on historical facts. These statements, as defined by the Private Securities Litigation Reform Act of 1995, may differ from actual results, performance, or achievements. Forward-looking statements involve inherent risks and uncertainties. We advise against placing undue reliance on these statements, which are current only as of the date of this press release.

We are not obligated to publicly update any forward-looking statements unless required by law. Any updates should not be interpreted as an indication of additional updates on the same or other topics. For a detailed understanding of the risks and uncertainties related to our operations, please refer to the "Risk Factors" in our latest Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, available at www.sec.gov.

HLYK Contact:

Mike Paisan
Director of Investor Relations
IR@healthlynked.com
+1 (800)-928-7144, ext. 123

Note to Editors:

For further information or to schedule an interview with a HealthLynked representative, please contact the Director of Investor Relations at the details provided above.

View original content:https://www.prnewswire.com/news-releases/healthlynked-receives-medicare-shared-savings-net-proceeds-from-sale-of-aco-health-partners-301949942.html

SOURCE HealthLynked Corp

FAQ

What is the amount of Shared Savings earned by ACO Health Partners?

ACO Health Partners earned $2.88 million in Shared Savings for performance year 2022.

How much were the net proceeds to HealthLynked?

The net proceeds to HealthLynked, after expenses and payments, were $1.15 million.

Is there potential for additional consideration from the sale of AHP?

Yes, HealthLynked may earn up to $500,000 from performance year 2023 Shared Savings in October 2024, and equity in PBACO Holding, LLC in the event of an initial public offering by February 2025.

What is the CFO's comment on the Shared Savings for performance year 2022?

George O'Leary, HealthLynked's Chief Financial Officer, commented that they are pleased with the final determination of AHP's Shared Savings, which exceeded their expectations.