CLOUD DX Announces Contract Extension With Canadian Provincial Health Authority

Rhea-AI Summary

Cloud DX (OTCQX:CDXFF) has announced the extension of its remote patient monitoring contract with a large Canadian Provincial Health Authority, originally established in May 2021. This agreement continues until September 30, 2023, allowing Cloud DX to provide its Connected Health platform to monitor vital patient data.

The platform aims to enhance patient engagement and reduce healthcare costs through improved care outcomes and early interventions. Cloud DX receives upfront payments for each kit and monthly fees for active accounts, solidifying its revenue stream in virtual healthcare.

Positive

• Contract extension until September 30, 2023, ensuring continued revenue.
• Upfront payments for Connected Health Kits enhance initial cash flow.
• Monthly service fees from active patient accounts provide ongoing revenue.
• Improved patient outcomes may lead to reduced healthcare costs.

Negative

• None.

KITCHENER, ON / ACCESSWIRE / March 31, 2022 / Cloud DX (TSX.V:CDX) (OTCQX:CDXFF) a leading Canadian provider of virtual care and remote patient monitoring solutions is pleased to announce the extension of its remote patient monitoring and virtual care contract with a large Canadian Provincial Health Authority.¹

This new agreement extends Cloud DX's original contract, from May 2021, with the Provincial Health Authority to provide remote patient monitoring to patients throughout the province until September 30, 2023.

The award-winning Cloud DX Connected Health platform monitors and reports on physiological data including heart and respiratory rate, blood pressure, oxygen saturation, weight, temperature and blood glucose levels, along with condition-specific surveys and connection to the patient via two-way messaging and video visits.

Remote patient monitoring and virtual care are used to better engage patients in their care. Cloud DX software issues notifications to a care team if a patient's vital signs, symptoms or adherence to scheduled readings changes. The care team can then trigger a telemedicine video visit to determine the best next step. Early intervention can result in reduced ER visits, avoided hospital admissions and better care outcomes, resulting in a lower overall cost to the healthcare system.

Under the terms of the contract and extension with the province, Cloud DX receives an upfront payment for each Connected Health Kit delivered to a patient, and then charges a monthly connectivity, software and service fee for each active patient account.

About Cloud DX

Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and was named a "New Innovator 2022" by Canadian Business magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1Under the terms of this contract the name of the client is confidential.

Media please contact:
Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com

Investors please contact:
Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com

SOURCE: Cloud DX Inc.

View source version on accesswire.com:
https://www.accesswire.com/695560/CLOUD-DX-Announces-Contract-Extension-With-Canadian-Provincial-Health-Authority

FAQ

What is the significance of Cloud DX's contract extension with the Provincial Health Authority?

The extension allows Cloud DX to continue providing its remote patient monitoring services until September 30, 2023, ensuring stable revenue.

How does Cloud DX generate revenue from the Provincial Health Authority contract?

Cloud DX receives upfront payments for each Connected Health Kit delivered and charges monthly service fees for each active patient account.

What benefits does the Cloud DX Connected Health platform provide?

The platform monitors vital signs and engages patients in their care, potentially leading to better health outcomes and reduced healthcare costs.

What is the duration of the original contract with the Provincial Health Authority?

The original contract was established in May 2021.

What is the stock symbol for Cloud DX?

The stock symbols for Cloud DX are TSX.V:CDX and OTCQX:CDXFF.