HealthLynked Corp (OTCQB:HLYK) revealed that its subsidiary Naples Center for Functional Medicine has reported promising initial results for its Medical Membership and Concierge programs.
Naples, Florida-based HealthLynked connects patients, doctors and data through its global healthcare network using technology to reduce costs and improve patient outcomes.
According to HealthLynked, existing patients have until December 31, 2022, to join either program. To date, over 50% of patients have decided, with 79% participation in the Medical Membership and Concierge programs, 12% have elected to continue with the practice's newly added physician Dr Lina Sakr, and just 9% are undecided or leaving the practice, said the company.
HealthLynked noted that with the practice's current patient waitlist, the “9% will be recovered rather quickly.”
According to the company, 399 patients have signed up for Medical Membership at $1,500 per year, and an additional seven patients have signed up for the limited silver and gold Concierge levels, with only eight remaining slots available.
Robust revenue
The total incremental annualized revenue received to date from the Medical Membership and Concierge programs is over $500,000, pointed out the company with roughly 50% of existing patients still to decide on participation before the end of 2022.
The practice's fee for service rate increased by 10% on December 1, 2022. Any patient signing up by November 30, 2022, locked in the previous lower rate for the next 12 months, said the company.
In a statement, HealthLynked CFO George O'Leary said: "We are extremely pleased with the 91% participation to date.”
“We saw a large increase in memberships during the last week of November and anticipate another large increase at the end of December, when the program signup for existing patients completes," he added.
The HealthLynked Network is a cloud-based platform that allows members to connect with their healthcare providers and take more control of their healthcare.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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