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 six new contracts with physician practices, home health agencies and skilled nursing facilities, adding more than 3,500 patients to its platform. When the more than 3,500 new patients are fully onboarded and generating an average revenue of US$50 per patient per month at a 75% gross margin, the company anticipates generating additional gross revenue of more than CDN$225,000 per month.
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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 six new contracts with physician practices, home health agencies and skilled nursing facilities.
The six new contracts, with healthcare providers in California, Texas, Florida and Puerto Rico are expected to add more than 3,500 patients to Reliq’s Care platform in 2022.
When the more than 3,500 new patients are fully onboarded and generating an average revenue of US$50 per patient per month at a 75% gross margin, the company anticipates generating additional gross revenue of more than CDN$225,000 per month.
Dr. Lisa Crossley, CEO, stated: “These clients include three skilled nursing facilities. The Centers for Medicare & Medicaid Services (CMS) introduced coverage for remote patient monitoring of inpatients in long term care (LTC) and skilled nursing facilities (SNF) in 2022. Remote monitoring of these patients can reduce the cost of care and improve health outcomes by identifying patients requiring a medical intervention earlier, helping prevent complications that would require an ER visit or ICU stay. In-facility remote monitoring provides a new revenue stream for long term care and skilled nursing facilities and improves facility workflow. Prioritizing patient interventions improves clinical staff efficiency and helps address chronic staffing shortages in the LTC and SNF industries.”
Reliq recently released its consolidated financial statements for the quarter ended March 31, 2022.
The first three quarters of fiscal year 2022 were a period of rapid growth for the company, with revenues for the nine months ending March 31 increasing by more than 490% to $6,263,304 as compared to $1,060,701 for the nine months ended March 31, 2021.
Gross Margins improved to 70% for the nine-month period as compared to 47% for the comparable period in FY2021.
Management expects revenue growth to accelerate in the second half of this calendar year as previously disclosed larger clients come online and the impact of COVID-19 on operations is reduced.
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.
The 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 $0.495.
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
