HAMILTON, Ontario, Dec. 06, 2022 (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, today announced that a previously disclosed client with a network of Skilled Nursing Facilities (SNFs) in Florida has added an additional 35 facilities to its contract with the Company. This addition to the existing contract is expected to add a further 3,500 new patients per month or 42,000 new patients per year to Reliq’s iUGO Care platform beginning in 2023.
“We are very pleased that our existing client has chosen to expand the deployment of our iUGO Care platform into an additional 35 of the Skilled Nursing Facilities (SNFs) in their network,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “Reliq’s rapid expansion in this market segment is a testament to the significant value we bring to Skilled Nursing Facility clients. SNFs typically operate at very low margins compared to other healthcare organizations and were one of the sectors that was hardest hit economically by COVID. The Centers for Medicare & Medicaid Services are pushing for shorter stays in Skilled Nursing Facilities which increases overhead costs for SNFs while also increasing the risk of readmissions. There are financial penalties associated with readmissions, so it is critical to the survival of the SNF sector to implement proactive, preventative solutions that will improve post-discharge health outcomes and reduce readmissions. Reliq’s iUGO Care platform generates new revenue streams for SNFs while also improving patient health outcomes post-discharge, leading to increased patient satisfaction, improved quality of life, reduced readmissions and lower healthcare costs. Reliq will provide Transitional Care Management (TCM) to newly discharged patients at a rate of $60 per patient, with recurring revenue from Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) of $65/patient per month, at 75% gross margin. We will begin onboarding patients with these additional facilities in early 2023. Once all 35 facilities are live we expect to onboard over 3,500 of their newly discharged patients every month going forward.”
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
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SOURCE: Reliq Health Technologies Inc.