VANCOUVER, British Columbia, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), has signed new contracts with three Assisted Living Facilities and three physician practices in Pennsylvania and California. The company expects to onboard more than 3,000 new patients to its iUGO Care platform through these contracts by the end of the year, at an average revenue of $65 per patient per month at 75% gross margin.
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The Assisted Living Facilities (ALFs) will be using Reliq’s iUGO Home solution to provide in-facility emergency alerts, fall detection and geofencing, along with a secure portal for family members to monitor their loved one’s condition while in the ALF. The geofencing feature allows staff to receive alerts if a patient with cognitive issues attempts to leave the facility on their own. The facilities will also be using Reliq’s patient monitoring and telemedicine modules to track medication compliance, monitor vitals, and facilitate virtual visits for their residents with primary care providers and specialists such as cardiologists.
Dr. Lisa Crossley, CEO, stated: “We are very pleased to be expanding into Pennsylvania as well as continuing to grow our business in California. Since many ALF residents have significant heath and mobility issues, virtual visits allow them to receive high quality care in the facility without the cost, inconvenience and risk of falls or exposure to COVID, RSV and influenza associated with being transported to their physician’s office. We’re often asked how we can use Artificial Intelligence (AI) in our iUGO Care platform to improve patient health outcomes. The use case described above is a good example of a potential application of AI in iUGO Care. The fall detection data collected in Assisted Living Facilities along with the data on patients’ medications, clinical conditions and vital signs can be used with AI to create predictive algorithms that identify those patients who are most at risk of falls. This allows facilities to implement appropriate fall prevention measures for these at-risk patients, reducing falls and the resulting complications and hospitalizations. The combination of our comprehensive patient dataset with AI technology enables clients to provide proactive, preventative patient care to further safeguard their patients’ health and safety.”
According to Grand View Research, the U.S. Assisted Living Facility market was $91.8 billion in 2022 and is expected to grow to $140.8 billion by 2030. The rise in the geriatric population due to increased life expectancy is expected to grow rapidly in the future, with those over 85 years of age accounting for the largest market share at 52.35% in 2022.
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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