NAPLES, Fla., April 02, 2019 (GLOBE NEWSWIRE) -- HealthLynked Corp. (OTCQB: HLYK), late yesterday reported its results for the full year 2018.
Full Year 2018 Highlights:
- 7% increase in revenue to $2.3 million compared to 2017
- 33%, or $56,213, reduction in operating loss at the health services subsidiary compared to 2017
- Patient Appointments increased 10% from 14,302 in 2017 to 15,775, in 2018
- Time of Service collections increased 30% from $422,555 in 2017 to $549,612 in 2018
For the full year 2018, revenue was $2,259,002, an increase of 7% over full year 2017 revenue of $2,103,579.
The 2018 operating loss at the health services subsidiary was $112,130 compared to an operating loss of $168,343 in 2017, an improvement of $56,213.
During the fourth quarter of 2018, the health service division was down two physicians due to an early retirement and an unexpected disability. These two positions will be fully replaced by the second quarter of 2019. Due to these reductions, revenue for the fourth quarter of 2018 was down 19% compared to the fourth quarter of 2017. Patient appointments were only down 2% and time of service collections down 13%.
Dr. Michael Dent, the Company's Chairman and CEO, stated, "We are particularly pleased with the results of our health services subsidiary, including a 7% increase in revenue during 2018 based upon a 10% increase in patients seen during the period and a 30% improvement in time of service collections, a well as a 33% reduction in the segment’s operating loss. Short-term loss of physician staff in third and fourth quarter 2018 will be resolved in second quarter 2019 and we expect 2019 to be another year of solid growth. Between that and the additional $3 million in anticipated annualized revenue from our acquisition expected to close in April, we anticipate at least $5.5 million in base ongoing health service division revenue."
Dr. Dent continued, “During the fourth quarter of 2018, we reduced our direct sales expenses, saving $650,000 of annualized cost. We have developed a more efficient and effective strategy for onboarding new in-network providers by deploying the patent-pending Patient Access Hub (“PAH”) to provide free Wi-Fi to patients at no cost to our in-network providers. Participating physician members will receive patient analytics from the PAH and we anticipate by the fourth quarter of 2019 we will be attracting 1,000 physicians and 300,000 patients per quarter utilizing the PAH.”
About HealthLynked Corp.
HealthLynked Corp. provides a solution for both patient members and providers to improve healthcare through the efficient exchange of medical information. The HealthLynked Network is a cloud-based platform that allows members to connect with their healthcare providers and take more control of their healthcare. Members enter their medical information, including medications, allergies, past surgeries and personal health records, in one convenient online and secure location, free of charge.
Participating healthcare providers can connect with their current and future patients through the system. Other benefits to providers include the ability to utilize the HealthLynked marketing tools to connect with their active and inactive patients to improve patient retention, access more accurate and current patient information, provide more efficient online scheduling and to fill last minute cancelations using our “real time appointment scheduling” all within our mobile application. Healthcare providers pay a monthly fee to access these HealthLynked services.
Forward Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, including as a result of any acquisitions, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by our management, and us are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Certain risks and uncertainties applicable to our operations and us are described in the “Risk Factors” section of our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q and in other reports we have filed with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov.
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