KindlyMD Becomes First Utah Alternative Medical Treatment Company to Contract Under State's Top Insurance Payors

Rhea-AI Summary

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.

Positive

• 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.

Negative

• Exclusion of non-opioid treatment options like medical cannabis from meaningful clinical recommendations and guidelines.
• Long-term side effects associated with traditional prescription medications.

News Market Reaction – KDLY

-6.51%

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-6.51% News Effect

On the day this news was published, KDLY declined 6.51%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Insurance payors include Medicare, Utah's largest insurer, Select Health, and Medicaid, providing KindlyMD nearly 70% statewide comprehensive insurance coverage

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 70% of the population coverage in Utah, when considering the complexities of overlapping coverage many people have, according to the 2023 Utah Health Insurance Market Report. Credentialing enrollments have also been accepted and are under process with pursuit of many other national and local payors well underway.

"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 69% of Americans aged 45-64 use prescription medication, most of these prescriptions are not sufficient or are simply failing to offset the significant risks associated with long term side effects of such medications. While non-opioid treatment options, like medical cannabis, have become widespread in recent years, they are excluded from meaningful clinical recommendations and guidelines.

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

View the original press release on accesswire.com

FAQ

What recent achievement has KindlyMD (KDLY) announced?

KindlyMD announced its credentialing and contracting with Utah's top insurance payors, including Medicare, Medicaid, and Select Health.

What is the significance of KindlyMD's new insurance contracts?

The new insurance contracts cover nearly 70% of Utah's insured population, allowing KindlyMD to offer reimbursable services and potentially increase patient count and revenue.

How many patients has KindlyMD (KDLY) treated?

KindlyMD has treated over 60,000 patient visits in its clinics.

What types of treatments does KindlyMD offer?

KindlyMD offers integrated behavioral healthcare, traditional primary care, pain management strategies, and alternative therapies such as medical cannabis.

What are the benefits of KindlyMD's insurance coverage?

The insurance coverage enables KindlyMD to treat more patients with Medicare or commercial medical insurance, driving increased patient count and revenue.

What are the challenges KindlyMD faces in terms of treatment guidelines?

Non-opioid treatment options, like medical cannabis, are excluded from meaningful clinical recommendations and guidelines.