VANCOUVER, British Columbia, July 28, 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, has signed contracts with four Pain Management clinics in California. These four clinics are expected to add more than 2,000 patients to the company’s platform in the next nine months, with onboarding of these patients is expected to begin in August. When the more than 2,000 new patients are fully onboarded in the next nine months and generating an average revenue of US$50 per patient per month at a 75% gross margin, the company anticipates generating additional gross revenue of more than CDN$130,000 per month.
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Dr. Lisa Crossley, CEO, stated: “There are over 5 million Medicare recipients who suffer from life-altering chronic pain. Remote monitoring of symptoms and management of pain medications and underlying chronic conditions can dramatically improve quality of life for chronic pain patients. Proactive management of chronic pain can also reduce the risk of addiction to pain medication and the resulting costs to the healthcare system. The new iUGO Care Pain Management module allows clinicians to provide critical support and services to patients living with chronic pain and further expands Reliq’s addressable patient population to over 60 million eligible patients.”
According to a report published in April 2022, by Research and Markets, the world’s largest research store, the United States pain management therapeutics market size was valued at US$6.75 billion in 2021 and will reach US$12.55 billion in 2028. This is being driven by the increase in the geriatric population in the United States along with rising healthcare awareness. Furthermore, the rising preponderance of diseases such as cancer, diabetic neuropathy, osteoarthritis, and chronic arthritis and an increase in surgical procedures and healthcare spending are also key factors driving the market for pain management therapeutics in the United States.
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.
The technology 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 $0.60. 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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