# EDGAR Filing Document

**Accession Number:** 0001479681
**File Stem:** 0001607062-23-000112
**Filing Date:** 2023-2
**Character Count:** 32814
**Document Hash:** 5f01c4ca23f216c17deb342107d2c77e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001607062-23-000112.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001607062-23-000112

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230227

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nutex Health, Inc.
- **CENTRAL INDEX KEY:** 0001479681
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 113363609
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41346
- **FILM NUMBER:** 23676954

**BUSINESS ADDRESS:**
- **STREET 1:** 2455 EAST SUNRISE BLVD.
- **STREET 2:** SUITE 1204
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33304
- **BUSINESS PHONE:** (954) 449-4703

**MAIL ADDRESS:**
- **STREET 1:** 2455 EAST SUNRISE BLVD.
- **STREET 2:** SUITE 1204
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Clinigence Holdings, Inc.
- **DATE OF NAME CHANGE:** 20191113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iGambit, Inc.
- **DATE OF NAME CHANGE:** 20091230

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **February 27, 2023**

**NUTEX HEALTH, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-53862** | **11-3363609** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification Number) |

---

‎

**6030 S. Rice Ave** **, Suite C, Houston, Texas 77081** 

(Address of principal executive offices) (zip code)

**‎(713) 660-0557**‎

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Precommencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Precommencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbols(s) | Name of each exchange on which registered |
| **Common Stock, $0.001 par value** | **NUTX** | **The NASDAQ** **Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 7.01 Regulation FD Disclosure.**

Effective February 27, 2023, senior management of Nutex Health Inc. (the "Company") will begin using the materials included in Exhibit 99.1 to this report (the "Investor Presentation") in connection with presentations to existing and prospective investors. The Investor Presentation is incorporated into this Item 7.01 by this reference and will also be available on the Company's website at www.nutexhealth.com

*(d) <u>Exhibits</u>*

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | [Nutex Health Inc. Investor Presentation.](ex99_1.pdf) |
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

---

THE INFORMATION CONTAINED IN ITEM 7.01 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 ATTACHED HERETO, SHALL NOT BE DEEMED "FILED" FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING.

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 27, 2023

**Nutex Health Inc.**

By: *<u>/s/ Jon C. Bates</u>*

Jon C. Bates

Chief Financial Officer

## Exhibit 99.1

[Nutex Health Inc. Investor Presentation.](ex99_1.pdf)

### Attached PDF Documents

**Attachment 1:** `ex99_1.pdf`

![img-0.jpeg](img-0.jpeg)

# NUTEX HEALTH

STRICTLY PRIVATE AND CONFIDENTIAL

# Disclaimer

## General

The information contained in this Investor Presentation (“Presentation”) has been prepared by Nutex Health Inc. (“NUTX” or the “Company”) for investors, solely for informational purposes. The Presentation has been prepared to assist prospective investors in making their own evaluation of the Company and does not purport to be all inclusive or to contain all of the information a prospective or existing investor may desire. The Presentation shall not form the basis of any contract or commitment. Information provided in this Presentation speaks only as of the date hereof and is subject to change. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in this Presentation. This Presentation does not constitute investment, legal, tax or other advice, and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Nothing set forth herein should be regarded or relied upon as a representation, warranty or prediction that NUTX will achieve or is likely to achieve any particular future result. While NUTX are not aware of any misstatements regarding any information in this Presentation, NUTX or any of its respective affiliates, officers, directors or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness thereof. Readers of this Presentation should consult their own counsel and tax and financial advisors as to legal and related matters concerning the information described herein.

This Presentation does not purport to contain all the information or factors that may be required to make a full analysis of NUTX. Viewers of this Presentation should each make their own evaluation of NUTX and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This Presentation also contains estimates and other statistical data made by independent parties and by NUTX relating to market size and growth and other data about NUTX’s industry and peer companies. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. To the fullest extent permitted by law, in no circumstances will NUTX or any of its subsidiaries, affiliates, representatives, directors, officers, advisers or agents be liable for any direct, indirect or consequential losses arising from the use of this Presentation, the information contained within this Presentation, or otherwise arising in connection therewith, including any investment in shares of NUTX. In addition, projections, assumptions, and estimates of NUTX’s future performance and the future performance of the markets in which NUTX competes are necessarily subject to a high degree of uncertainty and risk.

CONFIDENTIAL 2

# Forward looking statements

Certain statements and information included in this Presentation constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Act of 1995. When used in this Presentation, the words or phrases 'will', 'will likely result,' 'expected to,' 'will continue,' 'anticipated,' 'estimate,' 'projected,' 'intend,' 'goal,' or similar expressions are intended to identify 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act , economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Current Report on Form 10-Q for the period ended September 30, 2022 under the heading 'Risk Factors' in Part I, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this Presentation.

CONFIDENTIAL 3

# Agenda

## 1 Company Overview

2 Addendum - Our innovative model

3 Addendum - Population health strategy and capabilities

CONFIDENTIAL 4

# Management team with deep experience in healthcare

![img-1.jpeg](img-1.jpeg)

**Thomas T. Vo, M.D., MBA**
Chief Executive Officer

**Beaumont**

![img-2.jpeg](img-2.jpeg)

**Warren Hosseinion, M.D.**
President

**CLINIGENCE
HOLDINGS**

![img-3.jpeg](img-3.jpeg)

**Jon Bates, MBA, CPA**
Chief Financial Officer

**USPh**
EU MEDICAL THERAPEUTIC

**Commerciant**

![img-4.jpeg](img-4.jpeg)

**Denise Pufal**
Director of Operations

**SURGERY SPECIALTY
HOSPITALS OF AMERICA**

**HCA+
Healthcare**

![img-5.jpeg](img-5.jpeg)

**Michael Chang, M.D.**
Chief Medical Officer

**TEXANS**

**VANDERBILT
UNIVERSITY**

![img-6.jpeg](img-6.jpeg)

**Lawrence Schimmel, M.D.**
Chief Medical Information Officer

**CLINIGENCE
HOLDINGS**

**QualMetrix**
Basic Drug Research and Management

![img-7.jpeg](img-7.jpeg)

**Elisa Luqman, J.D., MBA**
Chief Legal Officer (SEC) & Secretary

**CLINIGENCE
HOLDINGS**

**iGambit**

![img-8.jpeg](img-8.jpeg)

**Pamela Montgomery, R.N., J.D.**
Chief Legal Officer (Healthcare)

& Secretary

CONFIDENTIAL 5

# Nutex at-a-glance

■ Owns and operates comprehensive and **integrated care delivery platform** comprised of:

■ **Hospital Division**

- Patient-centric network of micro-hospitals, specialty hospitals, and hospital outpatient departments
- Represents ~90% of Revenue

■ **Population Health Management Division**

- MSO
- Risk-bearing provider networks / IPAs1
- Cloud-based population health analytics platform

■ **Aligned physician incentive model**

- Rewards quality of care to patients
- Provides long-term alignment through shareholder ownership structures
  - Majority of common shares held by Nutex physicians
- Significant differentiator for physician recruitment and delivers high physician retainment

Company highlights

**22**

owned and operating facilities

**800+**

physicians

**>95%**

physician retention rate

**22,000+**

lives under management

**3.1M**

active patient records on the population health platform

**10,700+**

data sources

1 IPA refers to Independent Physician Associations.

CONFIDENTIAL 6

# Overview of Nutex's innovative micro-hospitals

## Differentiation from traditional hospital offerings

- **What we do**
  - ✓ Provide immediate and convenient access to both emergency services and in-patient services
  - ✓ Benefit from significant operating leverage within overall business and at facility level
- **Where we are**
  - ✓ Predominantly located in suburban and underserved areas with limited access to healthcare services
  - ✓ Fulfills an underserved healthcare segment for access to primary and emergency care
- **Our care model**
  - ✓ Patient-friendly and cost-effective setting
  - ✓ Wait times drastically lower than traditional ER settings
  - ✓ Best-in-class care delivered by friendly and attentive teams
- **How we make money**
  - ✓ Reimbursed by private insurance companies as a hospital provider
  - ✓ > 90% commercial payor mix

## Proven start-up playbook

- **Services**
  - ■ Emergency, inpatient care, outpatient imaging, outpatient labs, minor procedures, etc.
  - ■ Hospital treats and discharges over 90% of all ER patients
- **Size & Beds**
  - ■ ~18,000 sq ft
  - ■ 4-10 in-patient beds; 6-10 emergency rooms
- **Unit Economics**
  - ■ Break even is 15-20 patients per day
  - ■ Cash Flow positive at around 13 months (Post NSA)
  - ■ Cap EX is $3.5-$4 mm per facility
- **Staffing**
  - ■ Staffing is 1 ER Physician with an on-call Hospitalist 24/7
  - ■ RNs, Radiology Technologists, EMT at all times

## Award winning and highly rated service

![img-9.jpeg](img-9.jpeg)

### Nutex patient testimonials

★★★★★ 3 months ago

Very fast! Professional! Extremely clean! Super friendly! I will always choose this place above all others. This was my 3rd time to use. I've had different team every time with the same excellent care!

Average Google review: 4.8 stars
Average Facebook review: 4.8 stars

## State-of-the-art hospitals maximize the patient experience

![img-10.jpeg](img-10.jpeg)

![img-11.jpeg](img-11.jpeg)

![img-12.jpeg](img-12.jpeg)

![img-13.jpeg](img-13.jpeg)

CONFIDENTIAL 7

# All stakeholders win with our model

![img-14.jpeg](img-14.jpeg)

Patients

![img-15.jpeg](img-15.jpeg)

Clinicians & Staff

![img-16.jpeg](img-16.jpeg)

Hospital systems / communities

![img-17.jpeg](img-17.jpeg)

Payors

Micro-hospital division

Immediate and convenient access to emergency services

Superior patient experience and clinical outcomes

Median in-network rates / no balance billing

Alignment of financial incentives

High satisfaction and retention rates

Robust administrative back-office support

Reduced burden on traditional emergency room systems

Advent of local competition spurs improvement in quality across broader system

Increased public trust in local healthcare ecosystem

Increased supply of care

No incremental cost to the payor as a result of the No Surprises Act

Positive impact on acute care reduces downstream complication risk

Value Add For All Key Constituents

Superior patient experience and quality of care

High work satisfaction and retention rates

Additional access points to convenient, high quality emergency care

Lower healthcare costs

CONFIDENTIAL 8

# We exist to address the challenges facing healthcare today

![img-18.jpeg](img-18.jpeg)

✖ Unsustainable rising cost of care

![img-19.jpeg](img-19.jpeg)

✖ Lack of providers and staff, particularly regarding primary and emergency care

![img-20.jpeg](img-20.jpeg)

✖ Elderly population

Current situation

Existing challenges

Key attributes of our solution

![img-21.jpeg](img-21.jpeg)

High volume emergency room visits

✖ Overwhelming ~140 million visit burden on limited ER infrastructure

✓ Network of strategically located micro-hospitals across the U.S. to service ER visits at equivalent cost

![img-22.jpeg](img-22.jpeg)

Lack of convenience

✖ Traditional hospital or ER settings can be unpleasant1
✖ Wait times tend to be very long (>100 minute median wait time)

✓ Open 24 hours a day, seven days a week
✓ Wait times averaging less than 10 minutes

![img-23.jpeg](img-23.jpeg)

Emergent viruses

✖ Multiple waves of COVID-19 expected by epidemiologists, coupled with flu and now RSV emergencies

✓ Extensive expertise honed through COVID-19 pandemic equipping company to handle multitude of cases

1 Source: U.S. News, 10 States with the Longest Emergency Room Waits

2 Source: CDC, National Hospital Ambulatory Medical Care Survey: 2018 Emergency Department Summary Tables

CONFIDENTIAL 9

## Our focus areas represent a massive market opportunity

![img-24.jpeg](img-24.jpeg)

Source: U.S. Department of Commerce, U.S. Department of Health and Human Services Centers for Disease Control and Prevention, National Hospital Ambulatory Medical Care Survey: 2018 Emergency Department Summary Tables
Note: 2022 Segal Health Plan Cost Trend Survey Report indicates the average cost of an ER visit to be as high as ~$1,900

CONFIDENTIAL 10

# How we got here

## Developing a Thesis

### Pre-2008:

- ■ Dr. Vo develops patient-centric philosophies for emergent medicine inspired by 20+ years as ER physician

### 2008-2011:

- ■ Dr. Vo opens various Emergency Centers in Houston

### 2011:

- ■ Nutex Health is founded

### 2014:

- ■ Tyvan LLC, a billing and coding company, is established

## Building Nutex

| Year | 2015 | 2016 - 2018 | 2019-2020 | 2022E |
| --- | --- | --- | --- | --- |
| # of Facilities | 1 | 5 | 17 | 21 |
| # of States | 1 | 1 | 8 | 9 |
| Milestones | Opened first micro-hospital facility in Texarkana, TX | Continued expansion in Texas by adding 4 new facilities | Strong de-novo growth; added 12 micro-hospitals across 7 new states | Continued expansion in existing states, development of pop health platform in CA |

![img-0.jpeg](img-0.jpeg)

*Nutex built via a methodical expansion strategy, powered by unparalleled industry expertise*

CONFIDENTIAL 11

# Reverse Merger to Create a Unique and Innovative Facility Value Based Platform

![img-1.jpeg](img-1.jpeg)

**Micro-hospitals**

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

**Value-based care**

**Transaction overview**

- ■ Nutex Health announced a reverse merger with Clinigence Holdings
- ■ Clinigence is a publicly traded technology-enabled population health management company whose platform combines medical management, data analytics and risk-bearing provider networks
- ■ Announced November 2021 and closed effective April 2022

**Rationale**

- ■ Creates a leader in population-based value-based care
- ■ Integration of Nutex's micro-hospital platform with the data and population health management services of Clinigence to drive attractive growth and operating synergies

CONFIDENTIAL 12

# Our vision is to create an integrated, risk-bearing delivery model

Integrated care delivery model, combining technology-enabled next gen primary care capabilities with a national patient-centric network of micro-hospitals...

NUTEX

![img-4.jpeg](img-4.jpeg)

HEALTH

Network of micro-hospitals

Robust back-office teams

Billing & collections

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

Patient-centric healthcare provider

![img-7.jpeg](img-7.jpeg)

Today Micro-hospitals

![img-8.jpeg](img-8.jpeg)

Technology enabled value-based network

![img-9.jpeg](img-9.jpeg)

Risk-bearing provider networks

![img-10.jpeg](img-10.jpeg)

Data analysis

![img-11.jpeg](img-11.jpeg)

MSO services

Future State Value-based care

...resulting in the first-of its kind risk-bearing population health management company driving quality clinical outcomes

CONFIDENTIAL 13

+

# Case study: Houston, TX

Synergistic Value-Based IPA with a Facility Model

![img-12.jpeg](img-12.jpeg)

![img-13.jpeg](img-13.jpeg)

Houston Physicians IPA is our risk-bearing provider network that is “wrapped around” the SE Texas ER & Hospital

Nutex plans to use a similar strategy as a growth portal for applicable current and future hospitals around the country

- Wraparound IPA Network Value Proposition:
- Potential to lower Medical Loss Ratio (MLR)
- Drives higher patient volumes through increased referrals, increased capitation and full-risk contracts
- Data capabilities streamline care delivery and optimize outcomes
- All-around care and management of micro-hospital patient populations

CONFIDENTIAL 14

# Nutex has a differentiated model

|  | Existing care models |  |  | Nutex's approach |
| --- | --- | --- | --- | --- |
|  | Traditional hospital ER / micro-hospitals / urgent care | Traditional facility-based care | Next-gen clinic-based primary care | NUTEX HEALTH |
| Care delivery model | Acute primary care / severe treatment centers with extended hours | Facility-based care setting (i.e., hospital, rehab centers, ASCs, etc.) | Standalone, tech-enabled PCP-led internal care team | Micro-hospitals with wraparound IPA model |
| Hospital / in-patient services | ✓ / ✘ | ✓ | ✘ | ✓ |
| Physician ownership/ partnership model? | ✘ | ✘ | ✘ | ✓ |
| Profitable? | ✓ / ✘ | ✓ / ✘ | ✓ / ✘ | ✓ |
| Risk-bearing / value-based care / population health capabilities | ✘ | ✘ | ✓ | ✓ |

CONFIDENTIAL 15

# Plan to accelerate growth via deliberate expansion

Clear, actionable growth strategy spanning from organic to inorganic growth opportunities

Facilities

![img-14.jpeg](img-14.jpeg)

- 22 facilities today across 8 states
- 22 de novos under development will add 5 new states in near-term1
- Direct-To-Consumer marketing
- Expanded service offerings
- Additional levers

Population Health / Value-Based Care

![img-15.jpeg](img-15.jpeg)

- Existing Risk Bearing Provider operations in Los Angeles and Houston
- Significant new market opportunity with planned 2023 launches in Phoenix and Miami
- 2-3 new launches annually

Strategic Development

![img-16.jpeg](img-16.jpeg)

- Inorganic growth through selective M&A of
  - Micro-hospitals
  - IPAs / provider groups
- Favorable market conditions
- Additional service offerings
- Joint Ventures

![img-17.jpeg](img-17.jpeg)

- Existing facilities
- Facilities under development
- Existing IPA2
- IPA under development3
- Existing states
- New states in pipeline

1 Refers to 2023 and 2024. 2 Nutex operates one existing IPA network in Los Angeles, CA. 3 Adding 3 new IPA networks in Houston, TX, Phoenix, AZ and Miami, FL which will be fully operational by year-end 2023.

CONFIDENTIAL 16

# Nutex Strategic Response to the No Surprises Act (NSA)

- The No Surprises Act (“NSA”) is a federal law that took effect January 1, 2022, to protect consumers from most instances of “surprise” balance billing
- Nutex Health prides itself as a leader in billing transparency and does not engage in balance billing
- Limits the amount an insured patient will pay for emergency services furnished by an out-of-network provider
- Limits payments to a statutorily calculated “median in-network rate” (Qualified Payment Amount or “QPA”)
- Insurers often initially pay lower amounts than the QPA, which commonly leads to an arbitration process known as Independent Dispute Resolution (“IDR”)
- The NSA is already subject to legal challenges
- On February 6, 2023, the U.S. District Court ruled in favor of the TMA1 stating that the revised IDR process that considers the QPA conflicts with the statutory provisions of the NSA, unfairly favors the payors, is unlawful, and must be set aside

Our Strategic Response Actions:

1

Maximizing our claims coding efficiency, increasing efforts to collect co-pays and co-insurance

2

Having a dedicated IDR team to accelerate resubmission of claims under the IDR process

3

Making appeals for additional payment of claims for periods before and after the NSA final rule was adopted through the IDR process

4

Targeting favorable contracts with new insurers and with existing contracted providers

5

Working with both local and national legislatures to enforce the NSA rules and guidelines for Insurers

6

Focus on growing IPA side of the business, which is minimally affected by the NSA

1 Texas Medical Association.

CONFIDENTIAL 17

# Investment Highlights

NUTEX HEALTH

1

1. Well-positioned for major trends in a large and attractive market (high-quality, patient-centric hospital inpatient care and value-based outpatient care)

2

2. Deep value proposition to the healthcare ecosystem from our comprehensive portfolio of coordinated assets, delivering high-quality, cost-effective care and high levels of patient satisfaction

3

Long-term alignment with local physicians

4

Multiple levers for long-term growth (Micro-hospitals and risk-bearing provider networks)

5

Ground level investment opportunity with established track record of profitable growth

6

Strong management team with unparalleled expertise in the industry and proven ability to execute

CONFIDENTIAL 18

# Agenda

1. Company Overview

2. **Addendum - Our innovative model**

3. Addendum - Population health strategy and capabilities

CONFIDENTIAL 19

## Our mission, vision, and values

![img-18.jpeg](img-18.jpeg)

### Our Mission

*To make exceptional concierge-level health care more accessible to all communities, with a practice centered on patient experience and satisfaction*

### Our Vision

*To be leaders in individualized patient care and innovators in the future of healthcare*

### Our Values

*Patient care is our number one priority - every single decision that we make as a company revolves around creating the best possible patient care*

CONFIDENTIAL 20

# We treat a broad spectrum of acuities

We treat a wide range of patient demographics...

![img-0.jpeg](img-0.jpeg)

**Pediatrics (<18)**
*Represents 18% of patients*

![img-1.jpeg](img-1.jpeg)

**Young adults (18~35)**
*Represents ~31% of patients*

![img-2.jpeg](img-2.jpeg)

**Adults (35+)**
*Represents ~51% of patients*

... Covered by a full spectrum of payors...

![img-3.jpeg](img-3.jpeg)

... experiencing a variety of ailments...

![img-4.jpeg](img-4.jpeg)

*Abdominal pain*

![img-5.jpeg](img-5.jpeg)

*Chest pain*

![img-6.jpeg](img-6.jpeg)

*Broken bones*

![img-7.jpeg](img-7.jpeg)

*Flu-like symptoms*

![img-8.jpeg](img-8.jpeg)

*Injuries and wounds*

![img-9.jpeg](img-9.jpeg)

*Headaches*

![img-10.jpeg](img-10.jpeg)

*Cough*

![img-11.jpeg](img-11.jpeg)

*Vomiting / diarrhea*

... representing acuity levels generally in line with ER acuity across the United States

![img-12.jpeg](img-12.jpeg)

**U.S. national ER averages1**

![img-13.jpeg](img-13.jpeg)

![img-14.jpeg](img-14.jpeg)

1 Source: CDC, National Hospital Ambulatory Survey: 2018 ED Summary Tables 2 BCBS is comprised of 8 different independent State Payors Plus BCBS Federal

CONFIDENTIAL 21

# Our patient care philosophy is enabled by our clinicians

Producing a compelling work environment for hospitalists...

Physicians

✓ Aligned partnership strategy
✓ Peer-to-peer training and support
✓ Balanced work environment
✓ Joint ownership model
✓ Compensation benefits

![img-15.jpeg](img-15.jpeg)

Care teams

✓ Aligned financial incentives based on center performance, including quarterly bonuses
✓ Collaborative work environment
✓ Continuous training and advancement opportunities
✓ Work / life balance programs with structured shift schedules

... generates a flywheel of clinical and financial performance

![img-16.jpeg](img-16.jpeg)

CONFIDENTIAL 22

# Proprietary, differentiated and proven go-to-market strategy

Nutex employs a rigorous market analysis process to ensure de novo investments are optimized for future profitability and conducive to a continued “land-and-expand” growth story

![img-17.jpeg](img-17.jpeg)

Identify Optimal Markets

- Evaluate demographics and competition landscape

> 18 months before entry

![img-18.jpeg](img-18.jpeg)

Evaluate site feasibility

- Regulatory research
- State and municipality research
- Identify local physician groups for partnerships

12 - 18 months before entry

![img-19.jpeg](img-19.jpeg)

Build sites

- Apply for all applicable licenses (hospital, pharmacies, etc.)
- Staff local leadership and care teams

0 - 12 months leading to entry

![img-20.jpeg](img-20.jpeg)

Accelerated Market Growth and Expansion

- Continue to do marketing
- Ongoing growth and business development
- Hub and spoke model

Ongoing

CONFIDENTIAL 23

# Agenda

1. Company Overview

2. Addendum - Our innovative model

3. **Addendum - Population health strategy and capabilities**

CONFIDENTIAL 24

# Introducing Nutex's population health management business

# CLINIGENCE

Provides SaaS and
other analytics-
driven solutions to
payers and providers
to optimize clinical
and financial
performance

![img-21.jpeg](img-21.jpeg)

Leading MSO that
provides services for
HMOs and IPAs in
Southern and
Northern California

![img-22.jpeg](img-22.jpeg)

Risk-bearing medical
group in Southern
California that
provides care for
over 22,000 patients
through a network of
141 primary care
physicians and 660
specialists

A fully integrated and
comprehensive data-
enabled population
health ecosystem that
improves the quality of
care, reduces
healthcare costs and
drives optimized
financial and clinical
outcomes for patients
and providers

# Quick Facts:

91

Organizations, including ACOs,
MSOs/IPAs, Hospitals, and HMOs

3.1 million active patient
medical records

Across 26 states

10,700+

Data sources

Definitions: ACO: Accountable Care Organization; CQM: Clinical Quality Measure; EHR: Electronic Health Record; HCC: Hierarchical Condition Categories; HMO: Health Maintenance Organization; IPA: Independent Practitioner Association; MSO: Management Services Organization; RAF: Risk Adjustment Factor; SaaS: Software-as-a-Service

CONFIDENTIAL

25

# Clinigence solutions

Clinigence Platforms

## Medical Management

- Care Coordination
- High-risk care managers
- Enhanced documentation & optimized coding
- Clinical best practices & telemedicine
- Annual Wellness Exams
- Chronic Care Management
- Performance Management & QA
- AHA CMO: Clinical Management / Provider engagement

## Data Analytics

- Outcome driven healthcare analytics
- Unique integration of claims and clinical data with ability to extract from multiple platforms
- Predictive Analytics
- Financial, clinical & utilization dashboards provide actionable insights
- Fuses clinical expertise with data science on cloud-based technologies
- Demonstrated ROI for payors, health systems, and providers

## MSOs

- Handles core functions - finance, human resources, IT
- Global governance and oversight
- Regulatory compliance
- Data driven management
- Allows subsidiaries to focus on core competencies and performance
- Reduced redundancy and increased scalability
- Higher ROI on talent and expertise

Select Solutions

## Point-of-care Quality GAP Reporting

Allows electronic health record (EHR) user to identify gaps in care and other health care information missing from the ER chart; provides additional guidance on the measures required and expected actions needed to close the gaps

![img-23.jpeg](img-23.jpeg)

## Predictive Analytics

![img-24.jpeg](img-24.jpeg)

## Integrating Resource

Clinigence's MSO service offerings provide key integrating resources that allows physicians and operating facilities to focus on core competencies and performance:

![img-25.jpeg](img-25.jpeg)

CONFIDENTIAL

26

# Nutex Health Integrated Healthcare Delivery Model

NUTEX HEALTH

- Nutex Health is developing a technology-enabled integrated healthcare delivery system comprised of micro-hospitals and primary care-centric, risk-bearing physician networks
- Operates cost-efficient micro-hospitals which deliver high-quality care
- Our technology-enabled, primary care centric, risk-bearing provider networks execute strategic risk-based contracts with payors
- Our proprietary cloud-based population health analytics platform and MSO (management services organization) capabilities allow us to drive effective care management and care coordination of high-risk patient populations.
- Approximately 42% of all healthcare expenditures are spent on inpatient (hospital) care
- Approximately 50% of all healthcare expenditures are driven by 5% of the highest-risk patients
- Nutex Health has developed the infrastructure to drive patients enrolled in its IPAs (independent physician associations) to its own hospitals and HOPDs
- Nutex Health believes its integrated healthcare delivery model will drive patients to its facilities, increasing revenues and profits, while also reducing the MLRs (medical loss ratios) in its risk-bearing IPAs

CONFIDENTIAL 27