KindlyMD(TM) is Proudly Contracted with Blue Cross Blue Shield Under Utah’s Top Insurance Payors
KindlyMD (NASDAQ:KDLY), a healthcare firm integrating primary care, pain management, and alternative therapies, has contracted with Blue Cross Blue Shield, securing nearly 80% comprehensive insurance coverage statewide in Utah. The company is one of the first alternative medical treatment providers in Utah to achieve this status, adding to its existing contracts with Select Health, Medicare, and Medicaid. This expanded coverage is expected to increase patient volume and revenue across all clinics. Founded by Tim Pickett, PA-C, KindlyMD aims to address the opioid crisis by offering non-opioid treatments and medical cannabis education. To date, it has treated over 60,000 patients and remains dedicated to providing accessible, quality behavioral healthcare.
- KindlyMD now covers nearly 80% of Utah's population with comprehensive insurance.
- Contracted with Blue Cross Blue Shield, along with Select Health, Medicare, and Medicaid.
- Expected growth in patient volume and revenue due to expanded insurance coverage.
- Successfully treated over 60,000 patients in its clinics to date.
- One of the largest providers of medical cannabis evaluation and management services in Utah.
- Addresses opioid crisis with non-opioid treatments and comprehensive care plans.
- High dependency on insurance contracts for revenue growth.
- Potential risks associated with the use of medical cannabis as it is not included in clinical guidelines.
- Over 108,000 drug overdose deaths in the U.S. in 2021 highlight the critical need for effective pain treatments.
Insights
The announcement that KindlyMD is now contracted with Blue Cross Blue Shield under Utah's top insurance payors is a significant development for the company. This change will likely result in increased patient volume and revenue, as the coverage now extends to nearly 80% of the state's population. The enhanced accessibility to KindlyMD's services aligns well with the broader trend of integrating alternative pain management solutions into mainstream healthcare.
From a financial perspective, the inclusion under Blue Cross Blue Shield can be strategically advantageous. It positions KindlyMD to leverage the growing demand for non-opioid pain treatment solutions, thus potentially driving revenue growth. However, it's important to note that while increased coverage can drive patient inflow, it could also result in higher operational costs as the company scales its services to meet increased demand. The net impact on profitability will depend on how efficiently KindlyMD can manage this growth.
Additionally, the inclusion in such a high-profile insurance network may enhance KindlyMD's market reputation and patient trust, which are critical elements in the healthcare sector. For investors, this development suggests a positive outlook for the company's market penetration and revenue expansion in the short to medium term, assuming the operational scaling is managed effectively.
By being contracted with Blue Cross Blue Shield, KindlyMD enhances its competitive advantage in Utah’s healthcare market. This partnership not only solidifies its market presence but also makes alternative pain management more accessible to a broader demographic. The backdrop of rising opioid-related fatalities underscores the critical need for alternative treatment methods, which KindlyMD is well-positioned to provide.
The company's emphasis on integrating traditional primary care with behavioral and alternative therapies, including medical cannabis, resonates well with current healthcare trends and patient preferences. However, there is a notable gap in clinical recommendations for medical cannabis, which could present challenges in widespread adoption despite insurance coverage. It remains essential for KindlyMD to continue advocating for and contributing to the clinical evidence supporting their treatment methodologies.
In the long term, this strategic positioning within the insurance network could catalyze broader market acceptance of their treatment protocols and potentially influence more inclusive insurance policies on alternative therapies. For retail investors, this development signals a forward-thinking approach that aligns with evolving healthcare needs and patient preferences.
KindlyMD is now providing nearly
SALT LAKE CITY, UT / ACCESSWIRE / June 17, 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 additional credentialing and is now proudly contracted with Blue Cross Blue Shield under Utah's top insurance payors.
The Company recently announced it became one of the first alternative medical treatment companies in the state to receive this status, with the contracts of Select Health, Medicare, and Medicaid. When considering the complexities of overlapping coverage many people have, according to the 2023 Utah Health Insurance Market Report, this equates to nearly
"The addition of Blue Cross Blue Shield, which is contracted under Utah's leading insurance payors reflects our commitment to transforming healthcare, and making a meaningful difference in people's lives," said KindlyMD founder and CEO, Tim Pickett, PA-C. "We are dedicated to ensuring accessible, quality behavioral healthcare for all our patients,and now ensuring that our services are covered and reimbursed by the leading insurance providers statewide, this broadens our ability to serve more patients with commercial medical insurance, leading to anticipated growth in patient volume and revenue across all our clinics."
According to provisional data from CDC's National Center for Health Statistics, nearly 108,000 people died of drug overdose in the U.S. in 2021. Over 80,000 of these deaths can be attributed to opioids, which prompted the government to initiate the largest opioid treatment grant funding ever. While
KindlyMD is Utah's largest alternative pain treatment facility and has treated over 60,000 patients in its clinics to date. 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. Importantly, 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, as part of its patient-first approach. Patients retain complete discretion to obtain their own medical cannabis, and KindlyMD does not sell or advertise cannabis products.
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
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