VANCOUVER, British Columbia, June 23, 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 contracts with 20 Skilled Nursing Facilities, 10 physician practices and 2 home care agencies in California, Florida, Nevada and Texas.
These new contracts are expected to add more than 30,000 new patients to Reliq’s iUGO Care platform by the end of June 2024, at an average revenue of $65 per patient per month, with an expected 75% gross margin. Onboarding with these clients will begin in July and will ramp up to a monthly average of 2,500 new patients per month in 2024.
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Dr. Lisa Crossley, CEO, stated: “As our shareholders know, the Skilled Nursing Facility (SNF) market has been a source of rapid growth for Reliq. SNFs are excellent partners for Reliq as they provide training on the iUGO Care system to their patients prior to discharge, which helps ensure high adherence levels for this patient population. We have already documented >70% adherence in our existing post-discharge SNF patients, and we expect their adherence to improve over time. All of the new clients will be using the iUGO Care Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) modules, and the Skilled Nursing Facilities will also be the Transitional Care Management (TCM) module.”
Skilled nursing facilities provide 24-hour medical support to patients, mostly seniors, requiring transitional care following a qualifying hospital stay for illness, injury, or surgery. Without the care that these facilities provide, patients may be at risk of facing post-discharge complications and hospital readmission. As of March 2023, there were more than 18,700 active skilled nursing facilities in the U.S., a number exceeding the number of hospitals. Texas, with 1,530, has by far the most skilled nursing facilities in the country, followed by California with 1,367. Reliq, with less than 250 SNFs signed up to date across the US, has been successfully adding facilities in these two biggest markets in the US.
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 $0.51. 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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