VANCOUVER, British Columbia, Aug. 22, 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 five new contracts. These 5 contracts, covering two home health agencies, two physician practices and a multi-state wound care practice, provide care to patients in Kentucky, California, Florida, Nevada and Texas and are expected to add at least 10,000 new patients to the company’s iUGO Care platform.
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When the more than 10,000 new patients are fully onboarded over the next nine months and generating an average revenue of US$65 per patient per month at a 75% gross margin, the company anticipates generating additional gross revenue of more than CDN$850,000 per month.
Dr. Lisa Crossley, CEO, stated: “We are excited to be expanding in Kentucky, where the state Medicaid program has significantly increased its coverage for remote patient monitoring. There are over 1.2 million adults covered by Medicaid in the state of Kentucky (Medicaid.gov). According to the Chronic Care Policy Alliance, approximately 22% of the population in Kentucky or roughly 1 million residents are in Poor to Fair health. The expanded scope of Kentucky’s Medicaid program will allow patients with heart disease, Congestive Heart Failure (CHF), Chronic Obstructive Pulmonary Disease (COPD), diabetes, hypertension, cancer, stroke, mental health issues or who are pregnant to be monitored remotely by their healthcare providers. Over 50% of Kentucky residents live in rural communities. Using Reliq’s iUGO Care solution improves access to care for these patients, improving health outcomes and quality of life. We are also very pleased to be adding four new clients with patients in California, Florida, Nevada and Texas, including a multi-state wound care practice.”
The Wound Care Education Institute (www.wcei.net), stated that more than 15% of Medicare patients are being treated for chronic wounds. Given the rising geriatric population who are more prone to develop chronic wounds due to rising chronic diseases such as diabetes, hypertension, and others, this market is forecast to contribute to the grow.
According to American Diabetes Association, in 2018, an estimated 34.2 million people, or 10.5% of the total U.S. population, had diabetes. Furthermore, the increasing number of people with diabetes that are likely to develop diabetic foot ulcers in their life are expected to increase the demand for effective wound treatment.
Remote monitoring of these patients with iUGO Care allows care providers to track wound healing progress and intervene early as needed to prevent complications that can lead to amputations, sepsis and even death.
According to management, the company remains on track to onboard more than 100,000 patients by the end of calendar year 2022 and more than 200,000 patients by the middle of calendar year 2023.
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 $0.54. 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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