HealthLynked is a formidable player in healthcare with several revenue spinning businesses

Finger in five different lucrative markets Broken into the medical supplies business with MedOfficeDirect acquisition Strong management team with proven track record  What HealthLynked does: HealthLynked Corp (OTCQB:HLYK) is a global healthcare network focused on patient care management. It connects patients, doctors and data through its global healthcare network using technology to reduce costs and improve patient outcomes. The Naples, Florida-based group’s cloud-based HealthLynked Network connects patients to over 800,000 physicians across the US. After signing up, users can find information on physicians, their areas of expertise, and connect with healthcare providers. The service is free to patient members and enables them to share their healthcare information with their providers. Up-to-date health records can also be shared with other providers and family members if a user chooses to do so. Similarly, participating healthcare providers can connect with their patients through the system. Benefits to in-network providers include the ability to use the HealthLynked patient access hub "PAH" for patient analytics. Preferred providers can also access marketing tools to connect with their patients to improve patient retention, get more current patient information, and provide efficient online scheduling. Preferred providers pay a monthly fee to access HealthLynked’s services. HealthLynked is emerging as a formidable player in healthcare with several revenue-spinning businesses and has also developed a more effective way to battle the spread of coronavirus (COVID-19) on campuses through a wearable health sensor, and its ClearLynk pass. In a nutshell, the group and its subsidiaries have a finger in several pies including patient care management, medical supplies, remote patient monitoring, accountable-care organizations, and wearable devices. Founder CEO Dr Michael Dent took the company public in 2017. Dent, an obstetrician-gynecologist has practised for over 25 years, which makes him uniquely qualified to understand the challenges and opportunities in healthcare and emerging technologies.  How is it doing: It has been a busy period for HealthLynked so far in 2021. On February 18, HealthLynked announced a partnership with athenahealth Inc via that company’s marketplace program. athenahealth is a network-enabled services company that offers medical records, revenue cycle, patient engagement, care coordination and population health services for hospital and ambulatory clients, HealthLynked noted. As part of the athenahealth Marketplace, the newly integrated HealthLynked application is now available to athenahealth's network of 120,000 healthcare providers, the company added. The application offers patient check in via mobile device, care management, care coordination and seamless sharing of medical records among multiple healthcare providers through the HealthLynked Network. Earlier in the same month, the company announced the release of CareLynk, an innovative Artificial Intelligence-enabled healthcare directory that allows users to call one number and connect to any doctor across the US. The company said CareLynk utilizes natural language processing (NLP) and voice-to-text technology to understand what healthcare provider a caller is looking for. The system includes doctors from over 88 different medical specialties. Providers can be located by last name, zip code, and specialty. Results are filtered in order of relevance, allowing the user to quickly and efficiently locate the provider they are searching for -- hands-free.   HealthLynked said CareLynk would first be released in Florida, connecting patients to over 33,000 doctors throughout the state. CareLynk, which is capable of connecting to over 300,000 doctors across all 50 states, is expected to be expanded to include the rest of the US in the coming months. The technology was built on Amazon's Lex technology, which is used in Amazon Alexa devices to recognize voice commands. And at the start of January, HealthLynked announced the expansion of its women's healthcare services with the addition of two new healthcare providers, an update of its women's healthcare app Oohvie, and plans to launch its own telemedicine service in March.  HealthLynked said the new two providers to the clinical staff in preparation for the expansion of its women's healthcare services were Dr Charles Adamczyk and Deanna Hobby, a nurse practitioner. Adamczyk was a clinical associate from 2006 to 2020 at the University of Chicago and clinical instructor at the University of Illinois, Chicago from 2010 to 2020. Hobby, ARNP, has over 20 years of experience in women's healthcare and specializes in well-woman exams, contraceptive, and menopausal management. The company launched its proprietary women's healthcare menstrual tracking app, Oohvie in October 2020. It said the updated Oohvie app features redesigned private chat and women's healthcare forums that are visually engaging and more intuitive to use and allow members to easily connect and privately share valuable healthcare insights. The app also is integrated with the core HealthLynked Network so menstrual data can be shared with the healthcare providers they choose. In March, HealthLynked hosted the first annual Future of Healthcare Summit that brought together the top leaders in the $5 trillion healthcare industry. The live event was held at Arthrex's corporate campus in Naples, Florida from March 15-17. The invitation-only summit featured world-class CEOs, innovators, and industry experts, who presented a series of lectures on a wide range of healthcare topics and explored what can be done to both catalyze innovation and improve healthcare. On April 30, HealthLynked announced the launch of DocLynk, its new telemedicine service enabling users to connect to healthcare providers in the HealthLynked Network from the convenience of their home through the internet, phone or mobile app. The company said that DocLynk will initially focus on women's health, integrating HealthLynked's Oohvie Women's Health App to allow users to track menstrual cycles, order birth control pills, and at-home testing services.  At the same time, HealthLynked also named Lisa Adamczyk as its new director of telemedicine. Adamczyk is a certified nurse-midwife with a Master's degree in Advanced Practice Nursing (APN) from the University of Illinois and a Doctorate in Nursing from Lewis University, holding active licenses in both Florida and Illinois. She has held many key leadership positions, most recently as director of NICU and Pediatrics for Naples Community Hospital. Prior to that, she was director of maternal-child health at John H. Stronger hospital in Chicago. Earlier in the same month, HealthLynked reported a 48% month-over-month growth in the first quarter for its women's healthcare app Oohvie, and the release of Version 2.0 with new expanded features. The company said the number of Oohvie app users has grown consistently month-over-month, attracting over 6,000 users. Oohvie's version 2.0 is based on user feedback and internal testing. Menstrual trackers are among the most downloaded healthcare apps with over 100 million downloads worldwide.  Looking at its financials, on May 18, 2021, HealthLynked posted first-quarter results that saw its revenue jump 33% year-over-year driven by demand for its healthcare management services and technologies. For the period ended March 31, 2021, the company reported revenue of $1,784,694, compared to $1,336,940 in the first quarter of 2020. HealthLynked cited an improvement in net shareholder equity by $8.4 million during the quarter, where there was a shareholders' deficit of $2,227,449 in the same period a year earlier. The company reported a net loss of $7.8 million, compared to a loss of $580,216 in the 1Q of 2020. The loss was mainly due to a $5.6 million non-cash loss related to the conversion of the firm’s last remaining convertible debt into equity and a “$600,000 million non-cash loss from change in the fair value of contingent acquisition consideration driven by an increase in the company's stock price during 1Q 2021,” In a boost to its balance sheet, at the start of March 2021, the company revealed that it had received a $2 million equity investment from a family office located in Naples, Florida. And in January the company revealed that one of its early investors, Iconic Holdings had agreed to convert all of its $1.3 million convertible debt, including principal and accrued interest, into 13.5 million HealthLynked common shares. The company said this would not only eliminate the interest payments but will also allow it to obtain a bank line of credit at current low-interest rates. Inflection points: News on progress of women's health telemedicine service Other new product launches Revenue boost from growth in users What the boss says: In April's statement announcing the launch of DocLynk, HealthLynked founder CEO Dr Michael Dent said: "We considered using an outsourced solution for our telemedicine needs but we decided to build DocLynk from the ground up to fully integrate with the HealthLynked Network and maintain the privacy of our patients' medical information.” “We have seen a substantial amount of engagement with our Oohvie application to track menstrual cycles and having this information available to a healthcare provider for a telemedicine visit will significantly increase accurate diagnosis and treatment,” he added. Contact the author at jon.hopkins@proactiveinvestors.com