Apollo Medical Holdings, Inc, announced the company’s financial results ended on March 31, 2020. According to the financial result details released by the company, the total revenue of the company increased 72% and reached at the figure of $165.1 Million in the Q1 2020 as compared to the $98 million from the previous quarter of Q1 2019.
The capitation revenue of the company increased up to 96% and reached at the figure of $140.4 million as compared to the $71.5 million from the previous quarter of 2019.
The revenue of incentives and risk pool settlements increased up to 11% and reached at the figure of 11% as compared to the $10.1 from the previous quarter of 2019. The company has recorded the net income of $3.0 million in Q1 2020 as compared to the Net Loss of $2.5 million from the previous quarter ended March 31, 2019.
Co-Chief Executive Officer and Executive Chairman of AppoloMed, Kenneth Sim said, “Our solid first quarter results demonstrated continued revenue growth, further customer wins, and expansion of our membership to 1.1 million members.
We began 2020 at the forefront of fighting the COVID-19 pandemic. By maintaining our essential business operations, ApolloMed has enabled our affiliated providers to continue mission-critical treatment of patients to help fight the spread of COVID-19 in our communities.”
“The heroic work being done by so many of our affiliated physicians and partners to help test for, treat, and prevent COVID-19, as well as the generous donations of medical supplies and personal protective equipment, is profound and inspiring,” Kenneth Sim added in his statement.
“COVID-19 has provided us with an opportunity to serve the needs of our members during a truly challenging time. The stability of our capitation model provides adequate cash flow and liquidity to continue the high-quality care provided to all of our members,” Sim further added.
“Our stable first quarter results provide confidence in our ability to maintain our previously stated outlook for 2020 in the face of the global COVID-19 pandemic,” Sim concluded.