VANCOUVER, British Columbia, Nov. 18, 2022 (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, signs contracts adding a network of 15 Skilled Nursing Facilities to its iUGO Care Platform.
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Dr. Lisa Crossley, CEO, stated: “We are very pleased to be expanding into the Skilled Nursing Facility market in California. Reliq will be providing our iUGO Care Transitional Care Management (TCM), Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) solutions to help improve post-discharge health outcomes and reduce readmissions, while also generating new revenue streams for the facilities. The Skilled Nursing space is currently one of our fastest growing market segments and we are excited to help SNFs provide new healthcare services to their patients to drive better outcomes.”
The company will begin onboarding patients with these facilities in early 2023, and once all 15 facilities are live the company expects to onboard more than 1,000 of their newly discharged patients every month, or 12,000 new patients per year, to Reliq’s iUGO Care platform. Reliq will provide Transitional Care Management to the newly discharged patients at a rate of $60 per patient, with recurring revenue from Remote Patient Monitoring, Chronic Care Management, and Behavioural Health Integration of $65 per patient per month, at a 75% gross margin.
Skilled Nursing Facilities represent a large, and until recently, previously untapped market for Reliq’s products.
With a Skilled Nursing Facility, trained registered nurses provide the same level of nursing care you receive in a hospital, in a medical setting, under a doctor’s supervision. After an illness, injury or surgery, patients may go from a hospital to a Skilled Nursing Facility to continue recovering, where in addition to skilled nursing, the care may include rehabilitative services from licensed physical, occupational or speech therapists. A Skilled Nursing Facility provides transitional care, which is covered under Medicare for a limited time after a qualifying hospital stay.
Market research firm “Future Market Insights” states that the U.S. skilled nursing facility market is expected to grow at a compound annual growth rate of 3.32%, reaching US$252 billion by 2032. The ongoing research indicates that an increase in conditions such as diabetes, stroke, high blood pressure, and other lifestyle related diseases has resulted in an increase in Alzheimer’s, driving the U.S. skilled nursing facility market trends. In 2019, approximately 1.5 million Medicare patients received care at approximately 15,000 skilled nursing facilities.
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 $071. 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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