VANCOUVER, British Columbia, Aug. 18, 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 launched a new post-discharge program for acute care hospitals and signed new hospital clients in California, Florida and Puerto Rico. The company expects to add more than 5,000 new patients per month to the platform by the end of 2024, with these contracts generating revenue of approximately $65 per patient per month at 75% gross margin.
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Dr. Lisa Crossley, CEO, stated: “We are very excited to announce our new post-discharge program aimed at acute care hospitals. This new iUGO Care program supports patients who are being discharged from an acute care hospital to a wide range of care settings, from their own homes to inpatient rehabilitation, assisted living or skilled nursing facilities. Under the Centers for Medicare & Medicaid Services (CMS) Hospital Readmissions Reduction Program (HRRP), hospitals that fail to meet readmission targets can be assessed penalties equal to up to 3% of their total Medicare reimbursement for the following year, translating to millions of dollars in lost revenue. In 2021, over 96% of all Florida hospitals were assessed financial penalties due to readmission rates.”
According to KFF Health News, formerly Kaiser Health News, preventable rehospitalization of the nation’s older adults has proved a persistent health and financial challenge for the U.S., costing Medicare hundreds of millions of dollars each year, with more than 9 out of 10 general acute-care hospitals having been penalized at least once in the past decade.
In excess of 2,300 hospitals across the US will pay a total of more than $320 Million in Hospital Readmissions Reductions Program penalties in 2023 based on penalties assessed by CMS in 2022.
Dr. Lisa Crossley added: “Our clients’ data shows that healthcare organizations using Reliq’s iUGO Care platform have been able to drastically reduce their readmissions rates by over 90%, avoiding financial penalties and improving patient health outcomes and quality of life. This program is a win-win for hospitals, clinicians, patients, and their families.”
Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multibillion-dollar healthcare market. With Reliq’s iUGO Care’s post-discharge program, patients receive targeted monitoring for the first 30 days after discharge to specifically prevent readmission to hospital and are then followed long-term using the iUGO Care Remote Patient Monitoring (RPM), Transitional Care Management (TCM) and Behavioural Health Integration (BHI) modules to improve long-term health outcomes and prevent complications that could lead to future hospitalizations.
The shares are trading at $0.48. 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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