VANCOUVER, British Columbia, March 09, 2023 (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 signed 40 new Skilled Nursing Facility clients. These clients, located in California, Florida and Pennsylvania, are expected to add more than 4,000 new patients per month to Reliq’s iUGO Care platform by the end of 2023. That will add another 48,000 patients to the iUGO platform by the end of the year, with an average revenue of US$65 per patient per month at a 75% gross margin.
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Dr. Lisa Crossley, CEO, stated: “We continue to see tremendous growth in Reliq’s business in the Skilled Nursing Facility (SNF) space. SNFs are very attractive clients for the Company because the facilities’ staff along with Reliq’s implementation team are able to train patients on the system prior to discharge from the SNF. This helps ensure that patients are comfortable and confident in their use of the iUGO Care platform before they even leave the facility. As a result, we have already documented >70% adherence in these patients post-discharge, with adherence expected to reach an average of >80% over time as patients gain further experience with the platform.”
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.
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.
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 $0.53. 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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