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Wednesday, March 17, 2021 2:17:49 PM
https://www.businessobserverfl.com/article/ceo-invests-dollar3m-into-fast-growing-business-he-founded
'There’s a lot happening here,' HealthLynked Chairman and CEO Dr. Michael Dent says of the firm.
by: Mark Gordon Managing Editor
Thursday, October 1, 2020
HealthLynked Chairman and CEO Dr. Michael Dent peers down at the to-do list on his desk on a recent morning and exclaims — for better or worse — that “there’s more than 20 things here.”
By the numbers
Year Revenue % growth
2017 $2.1 million
2018 $2.25 million 7.1%
2019 $4 million 82.22%
Source: HealthLynked
That’s on top of a frenzied six months that included several significant milestones for Naples-based HealthLynked, a health care technology firm that uses a cloud-based software platform to link patients with providers. One standout example? A COVID-19 tracking app that was a major hit on Apple’s app store. HealthLynked also recently closed an acquisition that will provide a new revenue stream through Medicare, and it introduced HealthLynked University, a Ted Talk-like portfolio of health care presentations.
Finally, in late September firm officials announced the company, with 37 employees, had paid back some $1.6 million in debt over the past month. The paring down of debt is timely, partially because HealthLynked has posted operating losses three years in a row, including $3.2 million in 2019 and $3 million in 2018, according to public filings. The losses come as the firm nearly doubled revenue in two years, from $2.1 million in 2017 to $4 million in 2019.
Despite the losses, Dent is so satisfied with the progress — and stoked about HealthLynked’s future — he recently invested an additional $3 million into the company, which he founded in 2014. “We’ve been really busy. We are growing rather rapidly,” Dent says of the company, publicly traded on the over-the-counter market. “There’s a lot happening here.”
‘Our plan was always to be a global health care network. This was a springboard for us to that almost overnight.’ Dr. Michael Dent, HealthLynked
The HealthLynked system is capable of merging patients’ health records from a variety of sources into a comprehensive, portable, accurate health record instantly accessible by participating doctors who sign on to have the HealthLynked hub placed in their offices. Free to patient members, the service not only makes continually updated records accessible by physicians but also tracks every aspect of their patients’ visit. HealthLynked has more than one million patient members.
COVID-19, of course, temporarily corrupted HealthLynked’s mission, at least in the sense that in March the bulk of the health care industry quickly moved into anything connected to the new coronavirus. Dent, seeing what was going on in China and other countries in January, began talking to developers about a COVID-19 tracking app. The firm contracted with a team of developers and by mid-March, right when municipalities and towns began to shut down nationally, the app was released on the Apple app store.
It was a smash hit. It was downloaded 4 million times over the first six weeks and was the No. 1 Apple Medical Store app in April, Dent says. “This was a really big deal for us,” Dent says. “Our plan was always to be a global health care network. This was a springboard for us to that almost overnight.”
Courtesy. The HealthLynked COVID-19 tracking app aws downloaded four million times over the first six weeks, and was the No. 1 Apple Medical Store app in April.
Although it was a boost for notoriety and the firm’s technical chops, it wasn’t a revenue source: The app is free to download and use, and HealthLynked makes no money from it. Dent declines to say how much it cost to set up and develop the app. “We wanted something user-friendly that can track the virus and provide information to people,” he says.
One way the app does that, he says, is through self-reporting COVID-19 cases broken down by counties worldwide. “That’s what people really want to know: what’s happening right around them in real time,” Dent says.
The app, which includes a news feed and educational material, also taught Dent a lesson in the bureaucratic workings of big technology: Google initially refused to put the app on its Google Play app store. The reason, Dent was told, is the search engine giant couldn’t verify if HealthLynked was gathering legitimate data. “They pulled it down right away,” he says. “That was quite disappointing.” (The app is available on Google Play now.)
Dent didn’t let that hiccup slow down HealthLynked’s momentum. One big upcoming goal is to upgrade the stock, traded under the symbol HLYK, by getting on the Nasdaq. Calling it the firm’s “next big hurdle,” Dent says going from over-the-counter to Nasdaq will enhance the company’s visibility and bring in a wider pool of investors.
Dent is also familiar with raising capital for a promising medical firm: In 2002 he helped launch Fort Myers-based cancer diagnostic lab firm NeoGenomics, going from a $300,000 investment to a publicly held firm with $408.83 million in revenue in 2019. And when Dent and some other former NeoGenomics executives formed HealthLynked six years ago, they raised $5.3 million through private investment, an IPO and institutional funding. Dent’s confident the potential for HealthLynked is even bigger — for revenue, patients and the health care sector — than NeoGenomics. Says Dent: “I’m a big believer in this company.”
Recent HLYK News
- HealthLynked Promotes Bill Crupi to Chief Operating Officer • InvestorsHub NewsWire • 06/26/2024 12:00:00 PM
- HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • InvestorsHub NewsWire • 06/12/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/05/2024 08:00:28 PM
- Dr. Michael Dent Finances $1 Million to Drive HealthLynked's Healthcare Transformation • InvestorsHub NewsWire • 06/05/2024 12:00:00 PM
- HealthLynked Introduces AI-Powered Chat Function to Enhance Healthcare Accessibility • InvestorsHub NewsWire • 05/28/2024 12:00:00 PM
- HealthLynked Corp Announces First Quarter 2024 Results: Achieves 8% Revenue Growth Over Last Quarter • InvestorsHub NewsWire • 05/16/2024 12:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 08:01:34 PM
- HealthLynked Announces Fourth Quarter and Full Year 2023 Results Highlighted by 70% Reduction in Net Loss for Q4 • InvestorsHub NewsWire • 04/02/2024 12:00:00 PM
- HealthLynked Announces Exciting New Update with HealthLynked 3.2.0 - Transforming Patient-Care Through Innovation • InvestorsHub NewsWire • 03/26/2024 12:00:00 PM
- HealthLynked Corp Announces Chris Hall as New Chief Technology Officer • InvestorsHub NewsWire • 03/19/2024 12:00:00 PM
- HealthLynked Welcomes David Rosal as New Chief Financial Officer • InvestorsHub NewsWire • 03/13/2024 12:00:00 PM
- HealthLynked Welcomes Garrett Gardi to Its Advisory Board • InvestorsHub NewsWire • 02/28/2024 01:00:00 PM
- HealthLynked and CEO Dr. Michael Dent Featured in Health Documentary "Forever: The End of Aging," Now Available for Streaming • InvestorsHub NewsWire • 01/24/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/11/2024 08:57:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/27/2023 09:05:14 PM
- HealthLynked Unveils Advanced Search Functionality to Improve Patient Care • InvestorsHub NewsWire • 12/13/2023 01:00:00 PM
- HealthLynked Announces Q3 & Year-to-Date 2023 Financial Results, Highlighted by 8% Revenue Growth and Net Income Turnaround • InvestorsHub NewsWire • 11/15/2023 01:00:00 PM
- Introducing the New HealthLynked COVID-19 Tracker: A Comprehensive Tool for the Modern Pandemic Era • InvestorsHub NewsWire • 10/12/2023 12:00:00 PM
- HealthLynked Receives Medicare Shared Savings Net Proceeds from Sale of ACO Health Partners • InvestorsHub NewsWire • 10/09/2023 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/06/2023 08:05:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/06/2023 08:05:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/06/2023 08:05:28 PM
- HealthLynked Announces Patent Filing for ARI: A Revolutionary AI-Powered Healthcare Interface • InvestorsHub NewsWire • 10/03/2023 12:00:00 PM
- HealthLynked Achieves Key Milestone with Final $300,000 Payment from Sale of ACO Health Partners • InvestorsHub NewsWire • 09/05/2023 12:00:00 PM
- HealthLynked Announces Steady YoY Revenue Increase for Q2 & H1 2023, Highlighting Significant Net Income Boost • InvestorsHub NewsWire • 08/15/2023 12:21:37 PM
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