VANCOUVER, British Columbia, April 08, 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 new contracts with two physician practices, a home health agency and three adult medical day care facilities in Texas, Nevada and Maryland.
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Dr. Lisa Crossley, CEO, stated: “We are excited to be adding new adult medical day cares, physician practices and a home health agency to our platform. Adult medical day cares provide medically supervised care to seniors with chronic conditions and other eligible individuals during daytime hours in an outpatient facility environment. These facilities will use the iUGO Care platform to monitor biometric data for these individuals while they are in the facility and automatically deliver alerts to their physicians for any abnormal readings. The adult medical day cares will also be using iUGO Care’s Telemedicine module to allow adults in their care to have virtual visits with a primary care physician or specialist without having to be transported from the facility.”
Reliq Health expects to begin onboarding with these clients in May. When the more than 2,000 new patients are fully onboarded this year and generating an average of US$50 per patient per month, the company anticipates generating revenue of more than CDN$125,000 per month.
The company also announce that, as projected, its aged accounts receivable, those aged 12 months or longer as of March 31, 2022, resulting from the flexible payment terms the company extended to its clients during the pandemic have been collected. Software and professional services fees are currently collected in line with the company’s standard payment terms and are expected to remain current going forward.
Accounts receivable for hardware, such as medical monitoring devices, sold to clients on a payment plan are being collected on a monthly basis as scheduled and are expected to remain current going forward. The company only sells hardware to clients who have also signed software and services contracts; there is, therefore, corresponding recurring revenue from software and services associated with every hardware sale.
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 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 $0.85. 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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