VANCOUVER, British Columbia, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), has contracted with a current client to add an additional 30 skilled nursing facilities in Florida to its iUGO Care platform. Reliq has also signed a new contract with a large allergy and respirology clinic in Texas.
Dr. Lisa Crossley, CEO, stated: “We are excited to continue to expand our presence in the Skilled Nursing space, and to be adding a new client in the allergy and respirology field. The allergy and respirology clinic will be using the iUGO Care Remote Therapeutic Monitoring (RTM) and Principal Care Management (PCM) modules as well as other core iUGO Care modules. The SNFs will be using our Transitional Care Management (TCM), Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) modules.”
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The company has already started onboarding with the allergy and respirology clinic and expects to add more than 5,000 patients to its iUGO Care platform by the end of this year. With food allergies alone reaching epidemic levels, affecting 32 million Americans, this represents another terrific growth area for Reliq.
This addition to the existing Skilled Nursing Facilities contract is expected to add a further 3,000 of their newly discharged patients per month or 36,000 new patients per year to Reliq’s iUGO Care platform with onboarding beginning in February.
These two new contracts bring in more than 41,000 new patients, at an average revenue of $65 per patient per month, with a 75% gross margin.
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.
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 $0.56. 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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