Skylight Health Group

What Skylight Health Group does

Skylight Health Group is a publicly traded healthcare services company that operates a value-based care platform aggregating independent primary care physician practices in the United States. The company's core activity is the acquisition and consolidation of primary care practices that serve Medicare Advantage beneficiaries under capitated risk contracts, where Skylight Health receives fixed per-member per-month payments from leading Medicare Advantage payors in exchange for delivering coordinated primary care to enrolled patients. Skylight Health's stated value proposition is to solve payer contracting leverage, administrative burden, and the value-based care transition challenges that fragmented independent practices face individually, by aggregating them under a single operational platform.

The company is headquartered in Mississauga, Canada, and trades on the Canadian Venture Exchange (ticker CVE:SLHG), with plans to list on Nasdaq following a 5:1 share consolidation completed in May 2021. Its operating footprint is concentrated in Florida through the May 2022 acquisition of NeighborMD, which contributed nine primary care practices managing over 2,400 capitated risk lives under existing Medicare Advantage contracts with leading payors. Skylight Health's revenue model is subscription/recurring in nature, driven entirely by Medicare Advantage capitation, with a stated growth strategy of acquiring additional independent practices and expanding payer contracting leverage through scale.

Skylight Health has funded its acquisition-led expansion through a combination of public equity offerings, a bought deal financing, and debt facilities. Material capital events include a $13.8 million bought deal (May 2021), a $5.75 million Series A Preferred Stock offering (December 2021), a $20 million credit line (May 2022) tied to the NeighborMD acquisition, and a $5 million convertible debenture from a U.S. healthcare firm (October 2022). The company employs 251–500 staff and is led by an interim CFO, Farooq Akhter; broader leadership and management team details are not disclosed in the source material. No AI/ML or proprietary technology components beyond the practice-aggregation platform are evidenced.

Name

Skylight Health Group

Legal name

Skylight Health Group Inc.

Website

https://skylighthealthgroup.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

Skylight Health Group is a Canadian-listed healthcare services company that acquires and operates primary care practices serving Medicare Advantage beneficiaries in the U.S. under capitated risk contracts, with a current operating footprint of nine practices in Florida managing over 2,400 covered lives.

Ownership category

akta.pro rank

Product category

Value-Based Primary Care Services

NAICS

Offices of Physicians (6211)

SIC

Services-Offices & Clinics Of Doctors Of Medicine (8011), Services-Health Services (8000)

akta.pro primary industry

Value-Based Primary Care Organizations (Risk-Bearing) (HLAFAGAF)

akta.pro secondary industry

Medicare Provider Networks & Delegated Medical Groups (MA-focused) (FSAIAGAK)

Keywords

• Value-based primary care
• Medicare Advantage services
• Capitated risk care
• Primary care practice network
• Population health management

Headquarters

HQ city

Mississauga

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Capitation Revenue: Revenue generated from managing capitated risk lives under Medicare Advantage contracts. Skylight Health receives fixed per-member per-month payments to provide coordinated care to enrolled patients.
2. Medicare Advantage Contract Expansion: Existing Medicare Advantage contracts with leading payors that NeighborMD operates under are expanded through Skylight Health's platform and scale.

Go-to-market motion2 records

Distribution channels1 record

Core offering

Skylight Health Group operates a value-based healthcare services platform that aggregates independent primary care physician practices under capitated risk contracts with Medicare Advantage payors. Through its acquisition of NeighborMD, the company owns and operates nine primary care practices in Florida serving over 2,400 capitated risk lives. The core business is delivering coordinated primary care to Medicare Advantage enrollees under fixed per-member per-month payment arrangements.

Product overview

Skylight Health Group operates as a healthcare services platform offering value-based care through its network of primary care practices. The company expanded through the acquisition of NeighborMD, a primary care network in Florida with capitated risk lives and Medicare Advantage contracts. The company focuses on expanding its value-based care operations across the United States.

Differentiator

Problem solved

Functional benefit

Products and services

• Skylight Health Group Value-Based Care Platform
• NeighborMD Primary Care Practice Network

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• NeighborMDcoreStrategic or Co-development Partner · 3 May 2022Skylight Health executed a definitive agreement to acquire NeighborMD, which operates nine primary care practices in Florida with over 2,400 capitated risk lives and existing Medicare Advantage contracts with leading payors. The acquisition was financed through a $20 million credit line arranged by Skylight Health.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Cano Health: Value-based primary care provider serving Medicare Advantage and dual-eligible patients, particularly in Florida — direct overlap with Skylight's NeighborMD footprint and capitated MA business model.
• Astrana Health (formerly Apollo Medical Holdings): Physician-centric value-based care platform managing full-risk and shared-risk arrangements, primarily for MA and ACO patients — comparable capitated delegated-network model.
• ChenMed: Private family-owned value-based primary care operator serving MA seniors under full capitation; closely comparable senior-focused, full-risk primary care model.
• Oak Street Health: Value-based primary care company focused exclusively on Medicare beneficiaries under full-risk capitation contracts; acquired by CVS Health in 2023. Closest analogue in patient cohort and risk model.
• P3 Health Partners: Public value-based care platform focused on Medicare Advantage populations, partnering with primary care providers to manage capitated lives — directly comparable scaling-stage peer.
• agilon health: Public value-based primary care operator that partners with independent PCPs and assumes full or partial capitation risk for Medicare Advantage lives — the most direct strategic and business-model comparable to Skylight.

Broad incumbents

• Privia Health Group: Public physician-enablement platform with a growing MA value-based care segment; broader multi-payer footprint but overlapping primary-care aggregation and risk-bearing strategy.
• One Medical (Amazon): Membership-based primary care platform with a growing Medicare-focused segment (via Iora); broader consumer model but increasingly competing for capitated MA lives.
• VillageMD: Walgreens Boots Alliance-backed primary care platform with substantial value-based care exposure via Summit Health; comparable primary care aggregation play with MA risk arrangements.
• CareMore Health (Anthem/Elevance): Integrated MA-focused clinical care delivery subsidiary of a major payer, operating capitated primary and chronic care for seniors — comparable full-risk MA care model at much larger scale.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Skylight Health Group