- Finger in five different lucrative markets
- Broken into the medical supplies business with MedOfficeDirect acquisition
- Strong management team with proven track record
What HealthLynked does:
HealthLynked Corp (OTCQB:HLYK) is a global healthcare network focused on patient care management. It connects patients, doctors and data through its global healthcare network using technology to reduce costs and improve patient outcomes.
The Naples, Florida-based group’s cloud-based HealthLynked Network connects patients to over 800,000 physicians across the US. After signing up, users can find information on physicians, their areas of expertise, and connect with healthcare providers. The service is free to patient members and enables them to share their healthcare information with their providers. Up-to-date health records can also be shared with other providers and family members if a user chooses to do so.
Similarly, participating healthcare providers can connect with their patients through the system. Benefits to in-network providers include the ability to use the HealthLynked patient access hub “PAH” for patient analytics. Preferred providers can also access marketing tools to connect with their patients to improve patient retention, get more current patient information, and provide efficient online scheduling. Preferred providers pay a monthly fee to access HealthLynked’s services.
HealthLynked is emerging as a formidable player in healthcare with several revenue-spinning businesses and has also developed a more effective way to battle the spread of coronavirus (COVID-19) on campuses through a wearable health sensor, and its ClearLynk pass.
In a nutshell, the group and its subsidiaries have a finger in several pies including patient care management, medical supplies, remote patient monitoring, accountable-care organizations, and wearable devices.
Founder CEO Dr Michael Dent took the company public in 2017. Dent, an obstetrician-gynecologist has practised for over 25 years, which makes him uniquely qualified to understand the challenges and opportunities in healthcare and emerging technologies.
How is it doing:
It has been a busy period for HealthLynked so far in 2021. On February 18, HealthLynked announced a partnership with athenahealth Inc via that company’s marketplace program. athenahealth is a network-enabled services company that offers medical records, revenue cycle, patient engagement, care coordination and population health services for hospital and ambulatory clients, HealthLynked noted.
As part of the athenahealth Marketplace, the newly integrated HealthLynked application is now available to athenahealth’s network of 120,000 healthcare providers, the company added. The application offers patient check in via mobile device, care management, care coordination and seamless sharing of medical records among multiple healthcare providers through the HealthLynked Network.
Earlier in the same month, the company announced the release of CareLynk, an innovative Artificial Intelligence-enabled healthcare directory that allows users to call one number and connect to any doctor across the US.
The company said CareLynk utilizes natural language processing (NLP) and voice-to-text technology to understand what healthcare provider a caller is looking for. The system includes doctors from over 88 different medical specialties. Providers can be located by last name, zip code, and specialty. Results are filtered in order of relevance, allowing the user to quickly and efficiently locate the provider they are searching for — hands-free.
HealthLynked said CareLynk would first be released in Florida, connecting patients to over 33,000 doctors throughout the state. CareLynk, which is capable of connecting to over 300,000 doctors across all 50 states, is expected to be expanded to include the rest of the US in the coming months. The technology was built on Amazon’s Lex technology, which is used in Amazon Alexa devices to recognize voice commands.
And at the start of January, HealthLynked announced the expansion of its women’s healthcare services with the addition of two new healthcare providers, an update of its women’s healthcare app Oohvie, and plans to launch its own telemedicine service in March.
HealthLynked said the new two providers to the clinical staff in preparation for the expansion of its women’s healthcare services were Dr Charles Adamczyk and Deanna Hobby, a nurse practitioner. Adamczyk was a clinical associate from 2006 to 2020 at the University of Chicago and clinical instructor at the University of Illinois, Chicago from 2010 to 2020. Hobby, ARNP, has over 20 years of experience in women’s healthcare and specializes in well-woman exams, contraceptive, and menopausal management.
The company launched its proprietary women’s healthcare menstrual tracking app, Oohvie in October 2020. It said the updated Oohvie app features redesigned private chat and women’s healthcare forums that are visually engaging and more intuitive to use and allow members to easily connect and privately share valuable healthcare insights. The app also is integrated with the core HealthLynked Network so menstrual data can be shared with the healthcare providers they choose.
In March, HealthLynked hosted the first annual Future of Healthcare Summit that brought together the top leaders in the $5 trillion healthcare industry. The live event was held at Arthrex’s corporate campus in Naples, Florida from March 15-17. The invitation-only summit featured world-class CEOs, innovators, and industry experts, who presented a series of lectures on a wide range of healthcare topics and explored what can be done to both catalyze innovation and improve healthcare.
On the financial front, on April 1, 2021, HealthLynked reported its fourth-quarter and full-year 2020 financial results, revealing annual revenue growth of 53% and a narrowing net loss.
The company posted revenue of just under $1.6 million in the three months ended December 31, a 36% increase from nearly $1.2 million in the same period of 2019. Its net loss decreased by 22% to $1.9 million from almost $2.5 million over the same period.
For the full-year, revenue jumped 53% to $6.1 million in 2020, from just above $4 million in 2019. The company improved to a positive net equity of $1.35 million at year-end 2020, up from negative net equity of $2.8 million at the end of 2019.
In a boost to its balance sheet, at the start of March 2021, the company revealed that it had received a $2 million equity investment from a family office located in Naples, Florida. And in January the company revealed that one of its early investors, Iconic Holdings had agreed to convert all of its $1.3 million convertible debt, including principal and accrued interest, into 13.5 million HealthLynked common shares. The company said this would not only eliminate the interest payments but will also allow it to obtain a bank line of credit at current low interest rates.
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Story by ProactiveInvestors
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