HAMILTON, Ontario, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that it has signed a new contract with a network of 40 Skilled Nursing Facilities (SNFs) in Florida. The Company expects to begin onboarding with these clients next month and have all 40 SNFs live by the end of March, 2023. This contract is expected to add 4,000 patients per month to Reliq’s iUGO Care platform as of April, 2023 and the Company expects to have over 50,000 new SNF patients onboarded by the end of 2023.
“Skilled Nursing Facilities (SNFs) play a critical role in the healthcare system, helping patients transition from acute care back into the community in a lower-cost setting than the hospital,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “As the population ages and grows the number of Medicare patients with chronic conditions is steadily increasing, placing pressure on SNFs to reduce the length of stay for individual patients in their facilities. As a result, demand from the SNF market for post-discharge care has grown dramatically. SNFs face significant financial penalties if patients are readmitted to their facilities or to hospital post-discharge. Reliq’s iUGO Care Transitional Care Management (TCM), Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) solutions can help improve post-discharge health outcomes and reduce readmissions, while also generating new revenue streams for Skilled Nursing Facilities. Reliq will provide TCM to newly discharged patients at a rate of $60 per patient, with recurring revenue from RPM, CCM and BHI of $65/patient per month, at 75% gross margin. We will begin onboarding patients at the first few facilities next month and expect to go live with all 40 SNFs by the end of March, 2023. Once all 40 facilities are live we expect to onboard over 4,000 newly discharged patients every month going forward.”
Reliq Health
Reliq Health Technologies is a rapidly growing global healthcare technology company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based virtual 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, on the OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN: A2AJTB.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
For further information please contact:
Company Contact
Investor Relations at ir@reliqhealth.com
US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
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.
