Reliq Health Technologies, Inc. Announces New Contracts with 20 Skilled Nursing Facilities, 10 Physician Practices Contracts and 2 Home Care Agencies in CA, FL, NV and TX
Rhea-AI Summary
Reliq Health Technologies has signed new contracts with 20 Skilled Nursing Facilities (SNFs), 10 physician practices, and 2 home care agencies in California, Florida, Nevada, and Texas. These contracts are expected to add over 30,000 new patients to Reliq's iUGO Care platform by the end of June 2024, with an average revenue of $65 per patient per month.
The new clients will use iUGO Care's Remote Patient Monitoring (RPM), Chronic Care Management (CCM), and Behavioural Health Integration (BHI) modules. SNFs will also use the Transitional Care Management (TCM) module. Onboarding will begin next month, ramping up to an average of 2,500 new patients per month in 2024.
Reliq expects a 75% gross margin from these contracts. The company has already documented >70% adherence in existing post-discharge SNF patients, with expectations for improvement over time.
Positive
- Signed contracts with 20 SNFs, 10 physician practices, and 2 home care agencies
- Expected addition of over 30,000 new patients by June 2024
- Average revenue of $65 per patient per month
- Expected 75% gross margin
- >70% adherence in existing post-discharge SNF patients
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, RQHTF gained 1.32%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HAMILTON, Ontario, June 22, 2023 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion-dollar Healthcare market, is pleased to announce that it has signed new contracts with 20 Skilled Nursing Facilities (SNFs), 10 physician practices and 2 home care agencies in California, Florida, Nevada and Texas. These new contracts are expected to add over 30,000 new patients to Reliq’s iUGO Care platform by the end of June 2024, at an average revenue of
“As our shareholders know, the Skilled Nursing Facility (SNF) market has been a source of rapid growth for Reliq,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “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 >
Reliq Health
Reliq Health Technologies is a rapidly growing global healthcare technology company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based virtual healthcare. iUGO Care allows complex patients to receive high quality care at home, improving health outcomes, enhancing 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 ER visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN:A2AJTB.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
For further information please contact:
Company Contact
Investor Relations at ir@reliqhealth.com
US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".
We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Reliq Health Technologies Inc. (the "Company") does not intend and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE: Reliq Health Technologies Inc.
FAQ
How many new patients is Reliq Health Technologies (RQHTF) expecting to add by June 2024?
What is the average revenue per patient per month for Reliq Health Technologies (RQHTF) in these new contracts?
Which states are the new contracts for Reliq Health Technologies (RQHTF) located in?
What modules of iUGO Care will the new clients of Reliq Health Technologies (RQHTF) be using?
