VANCOUVER, British Columbia, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, is capitalizing on recent changes to the Centers for Medicare and Medicaid Services billing schedules to add a significant number of new patients to its platform.
The new physician fee schedule that came into effect on January 1st, extends the services offered to patients with musculoskeletal or respiratory conditions by adding five new Remote Therapeutic Monitoring/Treatment Management codes that are now covered by CMS. Reliq Health has signed implementation plan arrangements with current clients and anticipates onboarding more than 10,000 new Remote Therapeutic Monitoring patients to its iUGO Care platform this year at an average revenue of US$40 per patient per month. Upon completion of the onboarding of these new clients, which will begin later this month, Reliq could be generating an additional revenue of CDN$6 million annually.
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COVID-19, along with the growing number of aging baby boomers, have certainly accelerated the share of Medicare visits conducted through telehealth which grew from 840,000 in 2019 to 52.7 million in 2020, according to a December 2021 report from the US Department of Health & Human Services.
A recent study by McKinsey & Company confirms this trend, stating: “Up to US265 billion worth of care services for Medicare fee-for-service and Medicare Advantage patients could shift from traditional facilities to the home by 2025.”
Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multibillion-dollar healthcare market. The company’s powerful iUGO Care platform is a comprehensive SaaS solution that allows 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 $1.13. 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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