VANCOUVER, British Columbia, Nov. 07, 2022 (GLOBE NEWSWIRE) -- 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 contracted with a current client to add an additional 50 Skilled Nursing Facilities to its iUGO Care platform.
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Dr. Lisa Crossley, CEO, stated: “We are very excited that our existing client has chosen to expand the deployment of our iUGO Care platform into an additional 50 of the Skilled Nursing Facilities (SNFs) in their network. As with the previously announced 40 facilities, we will be providing our iUGO Care Transitional Care Management (TCM), Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) solutions to help improve post-discharge health outcomes and reduce readmissions, while also generating new revenue streams for the 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 are very pleased that we are gaining significant traction in this space.”
Reliq will begin onboarding patients with these additional facilities in early 2023 and once all 50 facilities are live the company expects to onboard more than 5,000 new patients per month or 60,000 new patients per year to its iUGO Care platform. Skilled Nursing Facilities represent a large and previously untapped market for Reliq’s products.
With a Skilled Nursing Facility, trained registered nurses provide the same level of nursing care you receive in a hospital, in a medical setting, under a doctor’s supervision. After an illness, injury or surgery, patients may go from a hospital to a Skilled Nursing Facility to continue recovering, where in addition to skilled nursing, the care may include rehabilitative services from licensed physical, occupational or speech therapists. A Skilled Nursing Facility provides transitional care, which is covered under Medicare for a limited time after a qualifying hospital stay.
Market research firm “Future Market Insights” states that the U.S. skilled nursing facility market is expected to grow at a compound annual growth rate of 3.32%, reaching US$252 billion by 2032.
The ongoing research indicates that an increase in conditions such as diabetes, stroke, high blood pressure, and other lifestyle related diseases has resulted in an increase in Alzheimer’s, driving the U.S. skilled nursing facility market trends. In 2019, approximately 1.5 million Medicare patients received care at approximately 15,000 skilled nursing facilities.
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 $0.67. 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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