InvestmentPitch Media Video discusses Reliq Health, a rapidly growing global health technology company, and its contract with a current client to add 50 additional skilled nursing facilities to its iUGO care platform
VANCOUVER, British Columbia, Nov. 07, 2022 (GLOBE NEWSWIRE) — Reliq Health Technologies Inc. (TSXV: RHT) (OTCPink: RQHTF) (FSE: MHN2), a growing global health technology company developing innovative virtual care solutions for the multi-billion dollar healthcare market, has contracted with a current customer to add 50 additional skilled nursing facilities to its iUGO Care platform.
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Dr Lisa Crossley, CEO, said: “We are very pleased that our existing customer has chosen to expand the deployment of our iUGO Care platform to another 50 Skilled Nursing (SNF) facilities in their network. As with the 40 facilities previously announced, we will provide our iUGO Care Transitional Care Management (TCM), Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioral Health Integration (BHI) solutions to help improve post-discharge health. . results and reduce readmissions, while generating new sources of revenue for institutions. Reliq will provide TCM to newly discharged patients at a rate of $60 per patient, with recurring revenue from RPM, CCM and BHI of $65/patient per month, at a gross margin of 75%. We are very happy that we are gaining significant traction in this space..”
Reliq will begin onboarding patients with these additional facilities in early 2023 and once all 50 facilities are operational, the company expects to onboard over 5,000 new patients per month or 60,000 new patients per year to its iUGO Care platform. . Skilled nursing facilities represent a large and 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 the supervision of a physician. After illness, injury or surgery, patients may move from a hospital to a skilled nursing facility to continue their recovery, where, in addition to skilled nursing care, care may include rehabilitation services provided by licensed physiotherapists, occupational therapists or speech therapists. A skilled nursing facility provides transitional care, which is covered by Medicare for a limited time after a qualifying hospital stay.
Market research firm “Future Market Insights” indicates that the US skilled nursing facilities market is expected to grow at a compound annual growth rate of 3.32%, reaching US$252 billion by 2032.
Ongoing research indicates that an increase in conditions such as diabetes, stroke, high blood pressure and other lifestyle diseases has led to an increase in Alzheimer’s disease, driving the trends in the US market for skilled nursing facilities. In 2019, about 1.5 million Medicare patients received care at about 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 care integrates wearables, sensors, voice technology with intuitive mobile apps and desktop software for patients, families, clinicians and health care administrators.
The technology platform is a complete SaaS solution that enables complex patients to receive high-quality care at home, improve health outcomes, improve the quality of life for patients and families, and reduce the cost of care delivery. iUGO Care provides real-time access to remote patient monitoring data, enabling rapid care team interventions to avoid costly hospital readmissions and emergency room visits.
The shares are trading at $0.67. For more information, visit the company’s website, www.ReliqHealth.com or email [email protected]. Investor Relations in the United States is handled by Ben Shamsian of Lytham Partners, who can be contacted at 649-829-9701 or by email at [email protected].
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