HealthLynked (OTCQB:HLYK) Corp said its Naples Center for Functional Medicine has implemented a Concierge medical membership program for patients to provide better access, more time with physicians, and connectivity to HealthLynked (OTCQB:HLYK)'s online patient concierge services.
With strong initial adoption from patients, the program is estimated to generate over $1 million in incremental annual revenue, the global healthcare network company said.
"We have seen strong adoption of patient members to our online concierge services that include appointment scheduling, medical record mobility, and nurse supported medical profile creation,” HealthLynked (OTCQB:HLYK) chairman and CEO Dr Michael Dent said in a statement.
“We have seen a high demand for our patient concierge service and this quarter, we plan to launch a paid version that we believe will have a high adoption among our current and future users," he added.
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HealthLynked is planning to implement a concierge program for its Naples Women's Center location in the fourth quarter of this year given the encouraging response to the program.
Separately, the company said its revenue for the third quarter to September amounted to $1.45 million, compared to $4.00 million a year ago, primarily due to the company's Accountable Care Organization (ACO)’s Medicare Shared Savings Program (MSSP) missing the minimum shared savings requirement by less than 1%.
Facility closures related to Hurricane Ian in late September had a negative impact on patient service revenue by $0.11 million in 3Q 2022, it said, adding that a claim for this service interruption has been submitted to the insurance company.
Net loss increased from $0.37 million in Q3 2021 to a loss of $1.78 million in Q3 2022, due primarily to the lack of revenue from ACO’s MSSP, lower patient service revenue due in part to the impact of closures related to Hurricane Ian, and non-cash finance charges associated with the July 2022 Standby Equity Purchase Agreement, the company said.
HealthLynked's CFO George O'Leary added: "Factoring out the ACO payment and Hurricane Ian, our revenues for the quarter were down 6%, mainly due to travel out of the state during the quarter that didn't occur in the last two years due to COVID. With our new focus on concierge medicine and its related revenue, our growth expectations are much stronger for Q4 and beyond."
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