KindlyMD Becomes First Utah Alternative Medical Treatment Company to Contract Under State's Top Insurance Payors
KindlyMD, a healthcare company merging traditional and alternative therapies, announced its credentialing and contracting with Utah's top insurance payors, including Medicare, Medicaid, and Select Health. This achievement makes KindlyMD the first alternative medical treatment firm in Utah to achieve this coverage, which spans nearly 70% of the state's insured individuals. This milestone enables KindlyMD to expand its patient base and revenue by offering reimbursable services, including behavioral healthcare and alternative medicine interventions. The company has treated over 60,000 patients in its clinics.
- Credentialed and contracted with Utah's top insurance payors, including Medicare, Medicaid, and Select Health.
- Nearly 70% statewide insurance coverage in Utah.
- First alternative medical treatment company in Utah to receive this status.
- Potential for increased patient count and revenue due to insurance reimbursements.
- Integration of behavioral healthcare and alternative medical treatments.
- Treated over 60,000 patient visits in its clinics.
- Pursuing enrollments with additional national and local payors.
- Exclusion of non-opioid treatment options like medical cannabis from meaningful clinical recommendations and guidelines.
- Long-term side effects associated with traditional prescription medications.
Insights
KindlyMD's new contracts with major insurance payors like Select Health, Medicare and Medicaid represent a significant development for the company's revenue streams. With nearly 70% population coverage in Utah, KindlyMD is poised to see an increase in patient count and, consequently, revenue. This widespread insurance coverage means more patients will be able to use their insurance plans to access KindlyMD's services, making the company's offerings more accessible and affordable. In the short term, this could lead to an uptick in patient intake and improved quarterly earnings reports.
However, it's essential to monitor how smoothly KindlyMD can integrate these new contracts into their operations. Insurance billing and reimbursements can be complex and could lead to administrative challenges. Long-term, the benefits include stable and potentially growing revenue streams, but they also expose the company to the risks associated with changes in insurance policies or reimbursement rates.
On the financial side, these contracts can make KindlyMD a more attractive investment by enhancing revenue predictability and reducing dependency on out-of-pocket payments from patients, which can be less reliable.
KindlyMD's integration of alternative medical treatments, including behavioral health and medical cannabis education, into conventional care practices is particularly noteworthy. The company's approach aligns with the growing trend towards holistic and integrated healthcare. The opioid crisis and the increasing push for non-opioid alternatives enhance the relevance of KindlyMD's services. With more than 108,000 drug overdose deaths in 2021, of which over 80,000 were opioid-related, there's a critical need for alternative pain management strategies.
The company's focus on combining traditional and alternative therapies, including medical cannabis, positions it as a leader in a niche yet growing market. This can attract patients looking for comprehensive care plans that combine medical and behavioral health interventions. However, the acceptance and efficacy of such treatments will need to be continually validated through clinical data and patient outcomes to ensure ongoing support from the medical community and payors.
KindlyMD’s approach could set a precedent for other states facing similar opioid challenges, potentially expanding its market beyond Utah. However, the success of this model heavily relies on the continuous support from insurance payors and regulatory bodies.
From a market perspective, KindlyMD's move to contract with major insurance payors in Utah gives the company a competitive edge in the alternative medical treatment space. This development could drive market share growth by making their services more accessible to a wider patient base. As the largest alternative pain treatment facility in Utah, KindlyMD is well-positioned to capitalize on the increasing demand for non-opioid pain management solutions.
The company's ability to secure these contracts highlights its credibility and the perceived value of its integrated treatment approach. This could also serve as a model for similar healthcare providers aiming to expand their insurance coverage. However, KindlyMD must continue to educate both patients and healthcare providers about the benefits and safety of alternative treatments to maintain and grow its market position.
The market's response to this news could be positive, reflecting confidence in KindlyMD's growth strategy and its potential for replicability in other regions. Investors should keep an eye on how this development translates into patient volume and revenue growth over the coming quarters.
Insurance payors include Medicare, Utah's largest insurer, Select Health, and Medicaid, providing KindlyMD nearly
SALT LAKE CITY, UT / ACCESSWIRE / June 5, 2024 / KindlyMD, Inc. ("KindlyMD" or the "Company") (NASDAQ:KDLY), a patient-first healthcare and healthcare data company uniquely integrating traditional primary care and pain management strategies with integrated behavioral and alternative therapies, today announced it has received credentialing and is contracted under Utah's top insurance payors, becoming the first alternative medical treatment company in the state to receive this status. Kindly MD, Inc. is currently contracted with Select Health, Medicare, and Medicaid. This equates to nearly
"This is a major milestone for KindlyMD to be contracting under Utah's leading insurance payors," said KindlyMD founder and CEO, Tim Pickett, PA-C. "Now, the scope of services we provide at our Company-branded clinics, including behavioral healthcare and medical interventions incorporating alternative medicine, are covered by and reimbursable by the largest insurance providers across the state. This opens the door for us to treat more patients who have Medicare or commercial medical insurance coverage, which we anticipate will drive increased patient count and revenue throughout our clinics."
Provisional data from CDC's National Center for Health Statistics indicate that in 2021, nearly 108,000 people died of drug overdose in the U.S., over 80,000 of which can be attributed to opioids, spurring the government to initiate the largest opioid treatment grant funding of all time. While
KindlyMD is Utah's largest alternative pain treatment facility. In cases where opioids are needed, complete care plans ensure safe use, appropriate dosing, weaning plans, and behavioral health support to curb risk. KindlyMD is also one of the largest providers of medical evaluation and management services related to treatment recommendations within the medical cannabis program in Utah. As part of its patient-first approach, KindlyMD healthcare professionals provide patients with medical cannabis education and information to help patients decide whether medical cannabis may be a beneficial alternative treatment option for them. Patients retain complete discretion to obtain their own medical cannabis, and KindlyMD does not sell or advertise cannabis products. To date, KindlyMD has treated over 60,000 patient visits in its clinics.
About KindlyMD
KindlyMD™️ is a patient-first healthcare and healthcare data company uniquely integrating traditional primary care and pain management strategies with integrated behavioral and alternative therapies to offer patients comprehensive care and reduce the addiction and dependency of opioid use in the U.S. KindlyMD currently operates four centers including the largest alternative pain treatment center in Utah. With a focus on holistic pain management through its specialty outpatient clinical services, including, where appropriate, the recommendation of medical cannabis by KindlyMD healthcare providers, KindlyMD is providing better patient health outcomes.
For more information, please visit www.kindlymd.com.
Forward-Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as "should,'' "may,'' "intends,'' "anticipates,'' "believes,'' "estimates,'' "projects,'' "forecasts,'' "expects,'' "plans,'' and "proposes.'' These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including, but not limited to, the statements made under the heading "Risk Factors" in KindlyMD, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. KindlyMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.
Investor Relations Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
(212) 896-1254
kindlymd@kcsa.com
SOURCE: KindlyMD, Inc
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