VANCOUVER, British Columbia, April 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 new contracts in California, Texas and Nevada, with two physician practices, a hospital and a Skilled Nursing Facility.
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Dr. Lisa Crossley, CEO, stated: “We are excited to be adding our first hospital client to the iUGO Care platform. Both the Skilled Nursing Facility and the hospital will be using the iUGO Care Transitional Care Management (TCM) module along with Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioral Health Integration (BHI) to improve health outcomes for patients who are transitioning from an inpatient facility to the community. Transitional Care Management helps ensure continuity of care for patients post-discharge, preventing complications that lead to readmissions. Under the Centers for Medicare & Medicaid Services (CMS) Value-Based programs, hospitals and SNFs are assessed penalties for high rates of readmissions and can earn bonuses for low rates of readmission. According to data published by CMS, in FY2021 over 70% of SNFs and over 80% of all hospitals governed by CMS Value-Based programs were assessed penalties due to excessive readmissions. Preventing readmissions not only provides financial benefits to these inpatient facilities but also improves quality of life and long-term health outcomes for patients.”
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.
The hospital and Skilled Nursing Facility patients will be onboarded on a rolling basis beginning next month with more than 1,000 patients expected to be added to the platform in 2022. These patients are expected to generate recurring software and professional services of $50 per patient per month at 75% gross margin. The physician practices are expected to onboard more than 1,500 patients in 2022, beginning in June. These patients are expected to generate an average revenue of $65 per patient per month at 75% gross margin.
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 $0.78. 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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