Reliq Health Contracts with 35 New Skilled Nursing Facilities, adding 42,000 Patients to Platform in the next 12 Months – Video on InvestmentPitch Media
December 07 2022 - 6:00AM
Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF)
(FSE:MHN2), a rapidly growing global healthcare technology company
developing innovative Virtual Care solutions for the
multibillion-dollar Healthcare market, has contracted with a
current client to add an additional 35 skilled nursing facilities
in Florida to its iUGO Care platform. This addition to the existing
contract is expected to add a further 3,500 of their newly
discharged patients per month or 42,000 new patients per year to
Reliq’s iUGO Care platform with onboarding beginning in early 2023.
Reliq will provide Transitional Care Management to
the newly discharged patients at a rate of $60 per patient, with
recurring revenue from Remote Patient Monitoring, Chronic Care
Management, and Behavioural Health Integration of $65 per patient
per month, at a 75% gross margin.
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Dr. Lisa Crossley, CEO, stated: “We are very
pleased that our existing client has chosen to expand the
deployment of our iUGO Care platform into an additional 35 of the
Skilled Nursing Facilities in their network. Reliq’s rapid
expansion in this market segment is a testament to the significant
value we bring to Skilled Nursing Facility clients. SNFs typically
operate at very low margins compared to other healthcare
organizations and were one of the sectors that was hardest hit
economically by COVID. The Centers for Medicare & Medicaid
Services are pushing for shorter stays in Skilled Nursing
Facilities which increases overhead costs for SNFs while also
increasing the risk of readmissions. There are financial penalties
associated with readmissions, so it is critical to the survival of
the SNF sector to implement proactive, preventative solutions that
will improve post-discharge health outcomes and reduce
readmissions. Reliq’s iUGO Care platform generates new revenue
streams for SNFs while also improving patient health outcomes
post-discharge, leading to increased patient satisfaction, improved
quality of life, reduced readmissions and lower healthcare
costs.”
Skilled Nursing Facilities represent a large, and
until recently, previously untapped market for Reliq’s products.
With a Skilled Nursing Facility, trained registered nurses provide
the same level of nursing care you receive in a hospital, in a
medical setting, under a doctor’s supervision. After an illness,
injury or surgery, patients may go from a hospital to a Skilled
Nursing Facility to continue recovering, where in addition to
skilled nursing, the care may include rehabilitative services from
licensed physical, occupational or speech therapists. A Skilled
Nursing Facility provides transitional care, which is covered under
Medicare for a limited time after a qualifying hospital stay.
Market research firm “Future Market Insights”
states that the U.S. skilled nursing facility market is expected to
grow at a compound annual growth rate of 3.32%, reaching US$252
billion by 2032. The ongoing research indicates that an increase in
conditions such as diabetes, stroke, high blood pressure, and other
lifestyle related diseases has resulted in an increase in
Alzheimer’s, driving the U.S. skilled nursing facility market
trends. In 2019, approximately 1.5 million Medicare patients
received care at approximately 15,000 skilled nursing
facilities.
Based in Hamilton, Ontario, with offices in
Florida and Texas, Reliq specializes in developing innovative
Virtual Care solutions for the multi-billion dollar healthcare
market. The company’s powerful iUGO CARE platform for care
coordination and home healthcare integrates wearables, sensors,
voice technology with intuitive mobile apps and desktop software
for patients, families, clinicians, and healthcare administrators,
allowing complex patients to receive high-quality care at home,
improving health outcomes, enhancing the 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 emergency room visits.
The shares are trading at $0.51. For more
information, please visit the company’s website,
www.ReliqHealth.com or email IR@ReliqHealth.com. Investor Relations
in the United States is handled by Ben Shamsian of Lytham Partners,
who can be reached at 649-829-9701 or by email at
shamsian@LythamPartners.com.
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