InvestmentPitch Media Video Discusses Reliq Health Expecting to Add More 30,000+ Patients to its Platform with New Contracts: 20 Skilled Nursing Facilities, 10 physician practices and 2 Home Care Agencies in CA, FL, NV and TX
June 23 2023 - 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 signed contracts with 20
Skilled Nursing Facilities, 10 physician practices and 2 home care
agencies in California, Florida, Nevada and Texas.
These new contracts are expected to add more than
30,000 new patients to Reliq’s iUGO Care platform by the end of
June 2024, at an average revenue of $65 per patient per month, with
an expected 75% gross margin. Onboarding with these clients will
begin in July and will ramp up to a monthly average of 2,500 new
patients per month in 2024.
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Dr. Lisa Crossley, CEO, stated: “As our
shareholders know, the Skilled Nursing Facility (SNF) market has
been a source of rapid growth for Reliq. SNFs are excellent
partners for Reliq as they provide training on the iUGO Care system
to their patients prior to discharge, which helps ensure high
adherence levels for this patient population. We have already
documented >70% adherence in our existing post-discharge SNF
patients, and we expect their adherence to improve over time. All
of the new clients will be using the iUGO Care Remote Patient
Monitoring (RPM), Chronic Care Management (CCM) and Behavioural
Health Integration (BHI) modules, and the Skilled Nursing
Facilities will also be the Transitional Care Management (TCM)
module.”
Skilled nursing facilities provide 24-hour medical
support to patients, mostly seniors, requiring transitional care
following a qualifying hospital stay for illness, injury, or
surgery. Without the care that these facilities provide, patients
may be at risk of facing post-discharge complications and hospital
readmission. As of March 2023, there were more than 18,700 active
skilled nursing facilities in the U.S., a number exceeding the
number of hospitals. Texas, with 1,530, has by far the most skilled
nursing facilities in the country, followed by California with
1,367. Reliq, with less than 250 SNFs signed up to date across the
US, has been successfully adding facilities in these two biggest
markets in the US.
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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