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Skylight Health to Provide a Discount Drug Card Program to its Expanding Subscription Offering for Uninsured Americans

Skylight Health Group Inc.
·6 min read
  • There are over 40 million Americans who are either uninsured or underinsured1

  • Over 58 million Americans cannot afford prescription drugs2

  • Skylight will provide a discount drug card program to save up to 80% of the cost of generic drugs

  • This program will be a strong value driver for its low-cost fixed urgent care telemedicine offering

  • The total addressable market is $8 billion for its subscription service offering

  • The Company expects to commence this program in Q1 2021

TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Skylight Health Group Inc (CSE:SHG; OTCQX:SHGFF) (“SHG” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has partnered with United Networks of America (“UNA”) to provide its subscription members access to a discounted drug card program. This service will establish a unique value proposition for Skylight to expand on its subscription base, while providing a much-needed benefit for un/under insured Americans.

Skylight Health operates, in addition to insurable services, a disruptive low-cost subscription offering to urgent care telemedicine services for patients across the US. The subscription, which costs $199/year or $24.99/month, offers patients who are un/under insured access to a Skylight Health provider at a fixed cost without the fear of additional fees or co-pays. The program designed to provide Americans access to healthcare, has been launched in a pilot phase within select US states. The Company expects that over 40 million Americans can benefit from this low-cost offering.

The discount drug program offered in partnership with UNA will provide a value-add to the subscription program. Members will receive a free drug discount card virtually using a QR code that they can use at over 72,000 participating pharmacies across the US. Members can save up to 80% off the cost of generic prescription drugs as well as discounts on brand name medication. The QR codes, which will be linked to the patient profile on the Company’s proprietary patient record system, provides safe and secure access on any device.

Prad Sekar, CEO of Skylight Health, said, “While we are doing our part to ensure that healthcare becomes a basic human right in a market that has traditionally seen a major disparity in access to care, we recognize that access to care goes beyond just the patient and physician relationship. It is about how patients can access much needed medication, tests and other services. As we expand with UNA, we look forward to bringing more solutions to help our members access the care they need, no matter what their financial situation looks like. We are excited for the value this is going to bring our members nationally.”

The Company expects to begin rolling out digital cards in Q1 2021 following further integrations within the technology of both organizations. The Company continues to see strong validation for its subscription model as it pilots the program directly to patients and is working on a number of employer and sponsor-based initiatives.

About Skylight Health Group

Skylight Health Group (CSE: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 120,000 patients, the Company’s operations servicing 14 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.

About United Networks of America

United Networks of America is one of the largest providers of value-added managed care products and services in the United States. UNA has more than 72,000 participating pharmacies serving more than 120.1 million members. To date, UNA has saved members an estimated $4.9 billion. The UNA family of networks includes prescription drug, cosmetic surgery, ProSmile UNA, dental, vision, hearing and wellness benefits. Visit UNA at www.unitednetworksofamerica.com.

For more information, please visit www.skylighthealthgroup.com or contact:

Investor Relations
Jonathan L. Robinson CFA
Oak Hill Financial
jrobinson@oakhillfinancial.ca
416-669-1001

Cautionary and Forward-Looking Statements

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Skylight Health's filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.

Forward-looking statements may include, without limitation, statements regarding the Company's unaudited financial results and projected growth.

Although Skylight Health has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: the ability of Skylight Health to execute on its business strategy, continued revenue growth in accordance with management’s expectations, operating expenses continuing in accordance with management expectations, dependence on obtaining regulatory approvals; Skylight Health being able to find, complete and effectively integrate target acquisitions; change in laws relating to health care regulation; reliance on management; requirements for additional financing; competition; hindering market growth or other factors that may not currently be known by the Company.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Skylight Health disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Skylight Health does not assume any liability for disclosure relating to any other company mentioned herein.

Third Party Information

This press release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.

No securities regulator or exchange has reviewed, approved, disapproved, or accepts responsibility for the content of this news release.

1 Source: PBS – Healthcare Crisis: The Uninsured Link: https://www.pbs.org/healthcarecrisis/uninsured.html
2 Source: Gallup – Millions in the US Lost Someone Who Couldn’t Afford Prescriptions. November 12, 2019. Link: Millions in U.S. Lost Someone Who Couldn't Afford Treatment (gallup.com)