Cloud DX Signs Contract with Health PEI to Provide Remote Patient Monitoring

Rhea-AI Summary

Cloud DX (TSXV:CDX)(OTCQB:CDXFF) secures a new 3-year contract with Health PEI valued at $1,340,000 CAD to provide Remote Patient Monitoring services, supporting primary care, home care, and rehabilitation. This is the second contract under the Mohawk Medbuy Master Agreement, making Cloud DX the sole vendor of RPM services in 4 Provincial-level agreements.

Prince Edward Island will deploy Cloud DX Connected Health™ to Support Three Key Healthcare Priorities: Primary Care, Home Care and Rehabilitation.

News in Summary

• This deployment falls under the Mohawk Medbuy (MMC) Master Agreement announced on June 21, 2023 and is the second contract confirmed through MMC.

  
  
• Cloud DX is now the sole vendor of Remote Patient Monitoring services under 4 Provincial-level agreements, with Alberta Health Services, Alberta Primary Care Network (PCN), Yukon Health and Health PEI.

  
  
• The contract has a term of 3 years with up to 2 extensions of 2 years each; the overall contract value announced is $1,340,000 CAD.


KITCHENER, ON / ACCESSWIRE / January 2, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms announces a new contract with Health PEI, the Provincial Health Authority for Prince Edward Island.

This agreement is the second contract to be executed by Cloud DX after winning a competitive RFP to become the sole vendor of RPM services through Mohawk Medbuy, a national, not-for-profit, shared services organization trusted by hundreds of Canadian hospitals and health care providers to drive value, efficiencies and cost savings on the supplies and services they use. The Cloud DX - MMC master agreement was announced on June 21, 2023.

Health PEI is deploying Cloud DX Connected Health RPM to patients through 3 high-priority use cases within the province.

1. Primary Care patients with chronic diseases such as congestive heart failure (CHF) and chronic obstructive pulmonary disease (COPD) will be prescribed Connected Health to help improve outcomes.
   
   
2. Home Care patients with chronic conditions, receiving geriatric care or palliative care will receive Connected Health kits and services to reduce ER visits and hospital admissions.
   
   
3. Rehabilitation patients will enjoy better care at home with targeted nursing care via Cloud DX Connected Health telemedicine and vital sign monitoring features.
   
   

In this deployment, Cloud DX Connected Health is replacing a previous vendor.

This new contract for Connected Health Kits and remote care monitoring services will help PEI Health support up to 300 new patients annually and is valued at approximately $1,340,000 CAD over the full extended contract. Approximate costs to deliver the Kits and services over that term are expected to be around $295,000 CAD.

The Information Management Agreement with Health PEI was fully executed on November 8, 2023, and this press release was approved on December 13, 2023.

Health PEI's Executive Director of Community Health and Seniors Care Andrew MacDougall said, "Health PEI evaluated the Cloud DX Connected Health platform as part of the Mohawk Medbuy Request for Proposal (RFP) process prior to awarding this contract. We found that the Connected Health kit delivered to patients, and the Clinical portal used by our providers were both very user-friendly and intuitive. Some features of Cloud DX Connected Health that really stood out and differentiated the solution include Cloud DX's support for ease of deployment, patient onboarding, compliance to care instructions and patient technical support. These services are expected to increase efficiencies in delivering care throughout the province."

Cloud DX CEO and Founder Robert Kaul stated, "Cloud DX is thrilled to add Prince Edward Island to our list of Provincial & Territorial Health Authority customers. Health PEI joins Alberta Health Services (AHS), Alberta PCN and Yukon Health & Social Services (YHSS) in deploying our award-winning Connected Health RPM platform to improve health outcomes and reduce costs for an entire Province. As Canadian Provincial Health Authorities commit to fully deploying home-grown, highly innovative technology platforms like Cloud DX Connected Health, Canada is becoming a world-wide leader in 21st Century healthcare delivery. We are proud to be part of this growing movement to make healthcare better for all Canadians".


About Cloud DX

Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ 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, winner of "2022 Top Innovator" from Canadian Business, a 2021 "Edison Award" winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada.

About Health PEI

Health PEI is responsible for the delivery of publicly funded health services in Prince Edward Island. The organization operates hospitals, health centres, public long-term care nursing facilities and community-based programs and services. Health PEI's primary goals are to provide Islanders with safe, quality, person-centered care and services; provide access to appropriate care by the right provider in the right setting; and, optimize resources and processes to sustain a viable health care system

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For media inquiries please contact:

Marketing Enquiries
Phone 888-543-0944
marketing@clouddx.com

For investor inquiries please contact:

Jay Bedard
Cloud DX Investor Relations
Phone 647-881-8418
investors@clouddx.com

Officer responsible for this Press Release:

Robert Kaul
Chief Executive Officer
Phone 888-543-0944
ceo@clouddx.com

Forward Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

À propos de Cloud DX

Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.

Site des relations avec les investisseurs de Cloud DX https://ir.clouddx.com/overview/default.aspx

La Bourse de croissance TSX et son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'assument aucune responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.

Tous les énoncés prospectifs sont assujettis à des risques et à des incertitudes, tels que ceux décrits dans les rapports périodiques de Medtronic déposés auprès de la Securities and Exchange Commission. Les résultats réels peuvent sensiblement différer des résultats anticipés.

SOURCE: Cloud DX Inc.

View the original press release on accesswire.com

FAQ

What is the new contract announced by Cloud DX (TSXV:CDX)(OTCQB:CDXFF)?

Cloud DX has secured a new 3-year contract with Health PEI valued at $1,340,000 CAD to provide Remote Patient Monitoring services, supporting primary care, home care, and rehabilitation.

How many extensions does the contract with Health PEI have?

The contract with Health PEI has a term of 3 years with up to 2 extensions of 2 years each.

What is the overall contract value announced by Cloud DX for the contract with Health PEI?

The overall contract value announced is $1,340,000 CAD.

What are the high-priority use cases for the deployment of Cloud DX Connected Health RPM in Prince Edward Island?

The high-priority use cases include primary care patients with chronic diseases, home care patients with chronic conditions, and rehabilitation patients receiving care at home.

What did Health PEI's Executive Director of Community Health and Seniors Care say about Cloud DX Connected Health platform?

Health PEI's Executive Director praised the user-friendly and intuitive features of the Connected Health kit and Clinical portal, highlighting Cloud DX's support for ease of deployment, patient onboarding, compliance to care instructions, and patient technical support.

What did Cloud DX CEO and Founder Robert Kaul say about the new contract with Health PEI?

Robert Kaul expressed excitement about adding Prince Edward Island to Cloud DX's list of Provincial & Territorial Health Authority customers, emphasizing the commitment to improving health outcomes and reducing costs for an entire Province through the deployment of award-winning Connected Health RPM platform.