Cloud DX Signs Clinic in Illinois Strengthening Position in the US

Rhea-AI Summary

Cloud DX has signed a new contract with a Maxwell clinic in Northbrooke, Illinois, marking the sixth clinic onboarding in 2022 and bringing the total to 12. Cloud DX's platform will support approximately 350 patients with chronic conditions, benefiting from reimbursable remote monitoring under US programs. The company anticipates earning around $900 CAD in annual recurring revenue per patient. This growth reflects a doubling of clinic partnerships compared to last year, emphasizing the rising demand for virtual care solutions.

Positive

• Total of 12 clinics onboarded, reflecting strong demand.
• Annual recurring revenue expected to be $900 CAD per patient under reimbursement codes.
• Doubling of Maxwell clinic partnerships in the first 4 months of 2022 compared to 2021.

Negative

• None.

Cloud DX Signs Clinic in Illinois Strengthening Position in the US
Growing its partnership, Cloud DX welcomes the sixth Maxwell clinic this year

News in Summary

• Total of 12 clinics onboarded as part of Cloud DX's partnership with Maxwell Telecare
• Cloud DX has doubled its Maxwell clinic growth from 2021, only 4 months into 2022
• Reimbursed US Medicare and Medicaid programs can impact 33% of adults¹

KITCHENER, ON / April 27, 2022 / Cloud DX (TSXV:CDX) (OTC:CDXFF), a leading Virtual Care platform, announces a contract with a Maxwell primary care clinic in Northbrooke, Illinois, USA. The clinic will use Cloud DX's platform and its Connected Health™ kits to support patients with chronic conditions, representing approximately 350 of its 2000 patient load.

As part of the partnership, this latest contract is the sixth Maxwell contract this year (2022), bringing the partnership total to 12 since signing last year (March 2021). The Maxwell clinics serve more than 25,000 patients who qualify for remote physiological monitoring reimbursable or chronic care management by Medicare and/or private insurance. Cloud DX expects to earn approximately $900 CAD in annual recurring revenue (ARR) per patient under said US reimbursement codes.

Robert Kaul, CEO and Founder of Cloud DX, states "We've doubled our adoption rate across the US clinic from last year, in just a few months. As the world navigates returning to normalcy, Remote and Virtual Care is one good thing that came out of the pandemic. The evidence is clear and irrefutable. For providers, lowering hospitalizations and re-admissions offloads systematic pressures and reduces care penalties. For patients, it means better lifestyles and outcomes. Virtual care and remote patient monitoring is truly a win-win for the healthcare industry. Working with partners like Maxwell that understand the clear benefits for all means we can make healthcare better, more quickly, and for more people. We're thrilled to see the exponential growth across their US network."

_{1. Hajat, C., & Stein, E. (2018). The global burden of multiple chronic conditions: A narrative review. Preventive medicine reports, 12, 284-293. https://doi.org/10.1016/j.pmedr.2018.10.008}

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.

Cloud DX Investor Site https://ir.clouddx.com/overview/default.aspx

_{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.}

Social Links

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For media inquiries please contact:

Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com

For investor inquiries 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/699094/Cloud-DX-Signs-Clinic-in-Illinois-Strengthening-Position-in-the-US

FAQ

What recent clinic partnership did Cloud DX sign in April 2022?

Cloud DX signed a contract with a Maxwell clinic in Northbrooke, Illinois, bringing its total partnerships to 12.

How many patients will benefit from Cloud DX's platform at the new clinic?

Approximately 350 patients with chronic conditions will benefit from Cloud DX's platform.

What is the expected annual recurring revenue per patient for Cloud DX?

Cloud DX expects to earn approximately $900 CAD in annual recurring revenue per patient.

How has Cloud DX's partnership growth changed in 2022 compared to last year?

Cloud DX has doubled its Maxwell clinic partnerships in the first four months of 2022 compared to the same period in 2021.