Reliq Health Technologies Inc. (TSXV:RHT or
” or the
”), a technology company focused on
developing innovative mobile health (mHealth) and telemedicine
solutions for Community-Based Healthcare announced that the annual
audited consolidated financial statements (“Financial Statements”)
and Management’s Discussion and Analysis (“MD&A”) for the
quarter ended December 31, 2019, are now available on the Company’s
profile on SEDAR (www.sedar.com). The Company is also pleased
to provide the following corporate update.
As previously announced, Reliq will be hosting a
webinar today, March 3rd at 9:00am EST at
http://bit.ly/39LtXMy. For those who are not able to attend
the webinar, a recording of the webinar will be available on the
Company’s website immediately following the session. A
written summary of the material updates to be presented in the
webinar is also provided below.
Agenda for Webinar
- Highlights from Q2 FY2020 Financial Statements
- Review of key new contracts
- Review of Behavioral Health billing codes
- Review of Call Center support services
- Update on Guidance
- Date for next quarterly call
1. Q2 FY2020
The quarterly financial statements for Q2 FY2020
(quarter ending December 31, 2019) have been filed on SEDAR under
the Company’s profile.
- Revenues increased by 56% over the previous quarter.
- The Company came within $77,000 of cashflow positive, with
one-time expenses including payment of outstanding legal fees from
the litigation concluded in July, 2019 and payment for outstanding
contract development fees accounting for the higher than projected
- Subsequent to the quarter ending December 31, 2019, the Company
received gross proceeds of $998,925 from option exercises by
employees and consultants.
- The Company does not expect to need to raise
funds to reach profitability in 2020.
2. Review of New
As previously disclosed, the Company has signed
several significant new contracts, in keeping with its strategy to
expand throughout the US and to focus on clients with larger
patient populations. The new clients include:
- Comprehensive Partners - Over 25,000 eligible Medicare patients
across Florida to be onboarded onto the iUGO Care Remote Patient
Monitoring (RPM) and Chronic Care Management (CCM) platform.
Go-live was March 2, 2020.
- MaxMD - Reliq has partnered with MaxMD, a leading US provider
of secure healthcare information technology and interoperability
solutions. MaxMD has customers in all 50 States and Puerto
Rico, including hospitals, outpatient facilities, health
departments, commercial payors and Medicare & Medicaid.
The partnership allows MaxMD to offer their clients new options to
expand access to care, improve health outcomes and reduce
healthcare costs by using Reliq’s iUGO Care Remote Patient
Monitoring (RPM) and Chronic Care Management (CCM) platform, and
enables Reliq to “plug and play” with multiple complex legacy
clinical information systems using MaxMD’s powerful
- Blum Telehealth - Over 50,000 eligible Medicare patients
receiving care through more than 150 Rural Health Clinics (RHCs)
and Federally Qualified Health Centers (FQHCs) throughout Louisiana
to be onboarded onto the iUGO Care CCM and BHI platform.
Go-live scheduled for April 2020.
In order to secure these larger scale contracts
and prepare for go-lives in March and April, the Company redirected
many of its resources away from Texas for the past few
months. Normal operations are expected to resume in Texas in
early Q4 FY2020.
3. Review of
Behavioral Health Billing Codes
Behavioral Health Integration (BHI) enhances
standard primary care by adding two key services: care management
support for patients receiving behavioral health treatment and
regular psychiatric inter-specialty consultation. Integrating
behavioral health care with primary care can improve outcomes and
reduce healthcare costs associated with ER visits and inpatient
admissions for the millions of Americans with mental or behavioral
health conditions. Reliq’s new iUGO Care BHI module allows
clinicians to leverage the Centers for Medicare & Medicaid
Services (CMS) billing codes for General BHI Services and
Psychiatric Collaborative Care Model Services (CoCM) to improve
patient care and generate substantial new revenues for their
practices. These billing codes include:
- CPT 99492: Initial psychiatric care management (70
o Approximately $162 USD per patient
- CPT 99493 - Ongoing psychiatric care management (60 minutes per
o Approximately $129 USD/patient/month
- CPT 99494 - Additional 30 minutes/month of psychiatric care
o Approximately $67 USD/patient/month
- CPT 99484 - General BHI care management services (20 minutes
o Approximately $48 USD/patient/month
4. Review of Call
Center Support Services
As previously disclosed, the Company opened a US
Sales Office and Call Center in Port St Lucie, Florida to provide
paid support services for its clients, including onboarding,
training, patient engagement and case management. The
services Reliq is able to offer through the Call Center are a key
differentiator for the Company and were critical to securing the
large-scale contracts the Company recently announced (as described
in Section 2 above), and will generate up to $52 per patient per
month in revenue for services, which is in addition to the standard
monthly subscription fees for the iUGO Care Software as a
5. Update on
Going forward the Company will provide guidance
in terms of revenue and margins instead of patient numbers since
the revenue generated per patient varies significantly depending on
the payor (Medicare, Medicaid or private insurer) and the products
and services provided. As larger scale deployments using the
Call Center are part of a new business model for the Company,
management will provide detailed guidance for the rest of calendar
2020 early next quarter (Q4 FY2020 / Q2 CY2020) after the first few
large clients have gone live. Generally, the Company expects
revenues to increase by 50-100% each quarter through fiscal year
2020, with revenue growth accelerating significantly in fiscal year
2021 (July 1, 2020 - June 30, 2021).
6. Date for Next
Quarterly Update Webinar
The Company’s Q3 FY2020 financial statements are
due to be filed on or before June 1, 2020. The Q3 FY2020
corporate update webinar will be scheduled on or before June 2,
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
About Reliq Health
Reliq Health Technologies is a healthcare technology company
that specializes in developing innovative software solutions for
the Community Care market. Reliq’s powerful iUGO Care platform
supports care coordination and community-based healthcare.
iUGO Care allows complex patients to receive high quality care at
home, improving health outcomes, enhancing quality of life for
patients and families and reducing the cost of care delivery.
iUGO Care provides real-time access to remote patient monitoring
data, allowing for timely interventions by the care team to prevent
costly hospital readmissions and ER visits. Reliq Health
Technologies trades on the TSX Venture under the symbol RHT and on
the OTCQB as RQHTF.
For further information please contact:
Investor Relations at email@example.com
Neither the TSX Venture Exchange nor its
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policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward
Certain statements in this press release
constitute forward-looking statements, within the meaning of
applicable securities laws. All statements that are not
historical facts, including without limitation, statements
regarding future estimates, plans, programs, forecasts,
projections, objectives, assumptions, expectations or beliefs of
future performance, are “forward-looking statements”.
We caution you that such “forward-looking
statements” involve known and unknown risks and uncertainties that
could cause actual and future events to differ materially from
those anticipated in such statements.
Forward-looking statements include, but are not
limited to, statements with respect to commercial operations,
including technology development, anticipated revenues, projected
size of market, and other information that is based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management.
Reliq Health Technologies Inc. (the
“Company”) does not intend and does not assume any
obligation, to update these forward-looking statements except as
required by law. These forward-looking statements involve
risks and uncertainties relating to, among other things, technology
development and marketing activities, the Company's historical
experience with technology development, uninsured risks.
Actual results may differ materially from those expressed or
implied by such forward-looking statements.
SOURCE: Reliq Health Technologies Inc.
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