Skylight Health Expands Leadership with New Chief Operating Officer and Chief Medical Officer

Rhea-AI Summary

Skylight Health has appointed Jerry Oliphant as COO and Dr. Georges Feghali as CMO. Oliphant has 30 years in healthcare, notably at Atrium Health, and will drive operational efficiency. Dr. Feghali boasts over 30 years of clinical experience, previously doubling revenue at Emirates Hospitals Group. Skylight Health, operating in 16 states, focuses on improving patient outcomes through a multi-state health network and offers a subscription-based telemedicine service. Additionally, 260,000 stock options were granted to employees at an exercise price of $1.80.

Positive

• Appointment of experienced healthcare executives Oliphant and Dr. Feghali to key positions.
• Oliphant's background includes leadership roles in large healthcare systems with significant revenue.
• Dr. Feghali's track record includes doubling revenue in a healthcare organization.
• Skylight Health operates a multi-state health network servicing over 155,000 patients.

Negative

• None.

TORONTO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), announced today the appointment of Jerry Oliphant as Chief Operating Officer and Dr. Georges Feghali as Chief Medical Officer.

Jerry Oliphant, a national healthcare services operator with over 30 years of experience as Executive Vice President and COO of well-regarded healthcare companies, has been named Chief Operating Officer of Skylight Health.

• Most recently served as EVP and COO of Carolinas Healthcare System (now Atrium Health), the nation’s most comprehensive public, not-for-profit systems with 900+ care locations, 7,600 licensed beds, and 62,000+ full time employees. A multi-faceted, vertically integrated healthcare system, Atrium owns, leases and manages hospitals, nursing homes and physician practices to generate $9B+ in annual net revenue and $3B+ relating to the management of regional healthcare systems.
• Previously spent 15 years with Cleveland Clinic Health System in Cleveland, OH; an 11-hospital system anchored by the Cleveland Clinic Foundation, which comprised 3,000 beds, employed 25,000+ FTEs and generated $4B in annual net revenue during tenure.
• Served as EVP and COO of TriHealth, a joint operating venture between Catholic Health Initiatives and Bethesda Healthcare serving the greater Cincinnati market with 900+ beds across five hospitals, 12,000+ FTEs and $1.7B in annual net revenue. The system includes an independent medical staff, as well as an integrated, employed group of 560+ multi-specialty physicians.
• Current member of the American College of Healthcare Executives, a former Board Member & Chair of the American Heart Association, a former member of the Ohio Hospital Association, and a former Board Member of the Urban League of Greater Cincinnati.

Dr. Feghali brings over 30 years of clinical experience and over 20 years in senior leadership positions within the healthcare system and will lead & expand Skylight Health’s strategic initiative in practice management & clinic operations, driving new operational revenues. Dr. Feghali will be responsible for quality, safety and service; total quality management, lean principles, change leadership, physician compensation models, and medical management.

• 17 years in senior leadership positions, including as Chief Medical Officer at TriHealth, which currently does over $1.7B in revenue and holds over 23% inpatient market share in the Greater Cincinnati area. Dr. Feghali reported directly to the CEO of TriHealth and was responsible for quality, safety and service; skilled in total quality management, lean principles, change leadership, and medical management. Served on the Quality Safety and Service, Risk Management committees of the TriHealth Board.
• Served as COO at Emirates Hospitals Group (rebranded as Emirates Healthcare), where he participated in the rapid growth of the company, doubling its revenue in one year from nearly AED 500 Million in 2017 to AED 1.1 Billion in 2018, booking 120% growth.
• Chief Medical Officer at Al Noor Hospital group in Abu Dhabi, a publicly listed company on the London Stock Exchange that had a market share of 39% at the time of its initial public offering. In 2016, it merged with Mediclinic International in a transaction that valued Al Noor Hospitals at $2.1B. Dr. Feghali assisted with this merger and transition of Al Noor, as well as the selection of a replacement. He also served on the Risk and Audit and Quality committees of the Board of Al Noor.
  

“Skylight Health is fortunate to add leaders of this calibre to our executive team,” said Prad Sekar CEO & Co-Founder of Skylight Health. “Both Jerry and Dr. Feghali have a depth of knowledge and experience that make them unique in our industry and each come with a proven track record of building multi-disciplinary health care institutions. Under their stewardship, we will operate, integrate and standardize healthcare services across the United States, accelerating topline growth while providing consistent, high-quality care.”

In addition, under its existing stock option plan, the company has granted certain employees and consultants 260,000 stock options at an exercise price of $1.80.

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 has been appointed as the COO of Skylight Health Group?

Jerry Oliphant has been appointed as the Chief Operating Officer of Skylight Health Group.

What experience does Jerry Oliphant have?

Jerry Oliphant has over 30 years of experience in healthcare, including leadership roles at Atrium Health.

Who is the new Chief Medical Officer at Skylight Health Group?

Dr. Georges Feghali has been appointed as the Chief Medical Officer.

What is Skylight Health Group's strategy regarding patient services?

Skylight Health focuses on improving patient outcomes and offers a subscription-based telemedicine service.

What stock options were granted by Skylight Health Group?

The company granted 260,000 stock options at an exercise price of $1.80.

How many patients does Skylight Health Group serve?

Skylight Health Group serves a patient roster of over 155,000 across 16 states.