Skylight Health Appoints New Chairman of the Board: Patrick McNamee, Former EVP and COO of Express Scripts

Rhea-AI Summary

Skylight Health Group has appointed Patrick McNamee as the new Chairman of the Board, succeeding Norton Singhavon, who will remain on the Board. McNamee brings extensive experience, having previously served as EVP and COO at Express Scripts, significantly growing company revenues from $3B to over $120B. He is credited with leading multiple successful acquisitions and substantial market cap growth. His recent role involved turning around Health Insurance Innovations, boosting its share price from $4 to $58. McNamee aims to enhance Skylight Health's strategic direction during transformative industry changes.

Positive

• Patrick McNamee brings substantial healthcare leadership experience, potentially enhancing Skylight Health's strategic direction.
• His past achievements suggest strong management capabilities, including significant revenue growth and successful acquisitions.

Negative

• The transition in leadership may lead to concerns regarding continuity and potential disruption in company strategies.

TORONTO, March 16, 2021 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (TSXV:SHG; OTCQX:SHGFF) (“Skylight Health” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce Patrick McNamee as new Skylight Health Chairman of the Board. Mr. McNamee succeeds Norton Singhavon who will remain involved as an active member of the Board.

Mr. McNamee has previously acted as EVP and COO of Express Scripts, where he led all major activities of the $120B+ technology-driven pharmacy benefit management company. He was instrumental in leading the company’s organic and acquisitive growth from $3B in revenue to more than $120B achieving an average of 27% EPS growth over his 9-year tenure. With 33,000 employees, a $2.9B budget and 120M customers, he led the delivery of 110M mail order prescriptions while processing 1.5B retail claims annually. Patrick brought a strategic and operational perspective to this young company. He led the successful integration of the $4B WellPoint NextRx acquisition and the $29B Medco acquisition delivering over $4B in synergies. Leveraging global talent and technology, combined with strategic innovation and global sourcing, Patrick built a suite of products and services resulting in market cap growth from $6B to more than $50B. He also served as CEO for the $1.3B specialty distribution business growing at 20% annually. Frequent communication with investors and legislators helped pave the way for growth and share price appreciation.

Most recently, Mr. McNamee agreed to a turn-around role as President and CEO, Health Insurance Innovations (NASDAQ:HIIQ), a health insurance developer and distributor. He led a significant and fast turnaround of this company after a rough IPO. Share price increased from $4 to $58 in 23 months.

“I feel very privileged to take on this role during such an exciting shift in our industry – the needs of patients, doctors, payors and insurance providers are changing rapidly. Skylight Health is leading these changes in thoughtful and innovative ways which will benefit all its stakeholders for years to come,” said McNamee.

“Patrick has a long history of strategic leadership, and deep experience and results in healthcare products and equipment services, global manufacturing and health insurance,” says Prad Sekar, Co-Founder and CEO. “He has developed products and service businesses that have resulted in significant value creation. This leadership appointment is part of a rigorous and comprehensive nomination and board ratification process, and we feel honored to have found such an ideal person. We thank Norton for all his contributions during his time as Chairman and look forward to his involvement and insight as a board member.”

“It has been an honour to serve as Chairman of Skylight Health and I am very proud of the work we continue to do as one of the leading multi-speciality healthcare systems in the United States,” says Norton Singhavon. “I look forward to watching Skylight thrive under the strength of Patrick as Chairman and will remain a committed and active member of the Board under his leadership and guidance.”

Mr. McNamee recently served on the board of HDSupply (HDS) which was acquired by The Home Depot (HD) in Jan of 2021. He currently serves as an Operating Partner for Beecken Petty O’Keefe (BPOC). With BPOC, he serves on the boards of Maxor National Pharmacy Services, Zenith American and Health-E Commerce. Mr. McNamee holds a Master of Science in Electrical Engineering and Computer Sciences from Marquette University, and a Bachelor of Science in Biomedical Engineering from Marquette University.

Additionally, the Company has issued 45,900 options to McNamee, 45,900 options to Board Member, Grace Mellis and 220,000 to certain contactors at yesterday’s closing price of $1.30 as part of its employee stock option plan.

About Skylight Health Group

Skylight Health Group (TSXV:SHG; OTCQX:SHGFF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state health network that comprises of physical multi-disciplinary medical clinics providing a range of services from primary care, sub-specialty, allied health and laboratory/diagnostic testing. The Company owns and operates a proprietary electronic health record system that supports the delivery of care to patients via telemedicine and other remote monitoring system integrations. With a patient roster of over 155,000 patients, the Company’s operations servicing 16 states and continues to expand in services and locations both organically and by way of strategic acquisitions.

The Company primarily operates a traditional insurable fee-for-service model contracting with Medicare, Medicaid and other Commercial Payors. The Company also offers a disruptive subscription-based telemedicine service for the un/under-insured population who have limited access to urgent care due to cost.

For more information, please visit www.skylighthealthgroup.com or contact:

Investor Relations:
Jackie Kelly
investors@skylighthealthgroup.com
416-301-2949

Currency Usage, Cautionary and Forward-Looking Statements

All currency contained in this Press Release represent Canadian Dollars unless otherwise stated.

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Skylight Health's filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.

Forward-looking statements may include, without limitation, statements regarding the Company's unaudited financial results and projected growth.

Financial forecasts in this release are based on the current revenue run rate of Skylight Health, all of its recently completed acquisitions, and its pending acquisitions. This forecast is subject to the closing of any and all pending acquisitions, and successful integration of all its current and future acquisitions without any loss or interruptions of revenues during the integration and transition process. The Company may revise this forecast from time to time and investors should not solely rely on this forward-looking guidance when making an investment decision.

Although Skylight Health has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: the ability of Skylight Health to execute on its business strategy, continued revenue growth in accordance with management’s expectations, operating expenses continuing in accordance with management expectations, dependence on obtaining regulatory approvals; Skylight Health being able to find, complete and effectively integrate target acquisitions; change in laws relating to health care regulation; reliance on management; requirements for additional financing; competition; hindering market growth or other factors that may not currently be known by the Company.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Skylight Health disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Skylight Health does not assume any liability for disclosure relating to any other company mentioned herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

Who is the new chairman of Skylight Health Group?

Patrick McNamee has been appointed as the new chairman.

What experience does Patrick McNamee bring to Skylight Health Group?

Patrick McNamee has extensive experience in healthcare, having previously led Express Scripts and successfully turned around Health Insurance Innovations.

What happened to Norton Singhavon?

Norton Singhavon has stepped down as chairman but will remain on the Board as an active member.

How did Patrick McNamee impact Health Insurance Innovations?

He led a turnaround that increased the company’s share price from $4 to $58 in 23 months.

What are Skylight Health Group's future plans under Patrick McNamee?

McNamee aims to lead the company through significant changes in the healthcare industry, focusing on innovative solutions.