VANCOUVER, British Columbia, Dec. 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 35 skilled nursing facilities in Florida to its iUGO Care platform. This addition to the existing contract is expected to add a further 3,500 of their newly discharged patients per month or 42,000 new patients per year to Reliq’s iUGO Care platform with onboarding beginning in early 2023.
Reliq will provide Transitional Care Management to the newly discharged patients at a rate of $60 per patient, with recurring revenue from Remote Patient Monitoring, Chronic Care Management, and Behavioural Health Integration of $65 per patient per month, at a 75% gross margin.
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Dr. Lisa Crossley, CEO, stated: “We are very pleased that our existing client has chosen to expand the deployment of our iUGO Care platform into an additional 35 of the Skilled Nursing Facilities in their network. Reliq’s rapid expansion in this market segment is a testament to the significant value we bring to Skilled Nursing Facility clients. SNFs typically operate at very low margins compared to other healthcare organizations and were one of the sectors that was hardest hit economically by COVID. The Centers for Medicare & Medicaid Services are pushing for shorter stays in Skilled Nursing Facilities which increases overhead costs for SNFs while also increasing the risk of readmissions. There are financial penalties associated with readmissions, so it is critical to the survival of the SNF sector to implement proactive, preventative solutions that will improve post-discharge health outcomes and reduce readmissions. Reliq’s iUGO Care platform generates new revenue streams for SNFs while also improving patient health outcomes post-discharge, leading to increased patient satisfaction, improved quality of life, reduced readmissions and lower healthcare costs.”
Skilled Nursing Facilities represent a large, and until recently, 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, allowing 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 $0.51. 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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