Cloud DX Signs Contract with Heart Centre

Rhea-AI Summary

Cloud DX has secured a three-year contract with an Ontario healthcare organization to provide Remote Patient Monitoring (RPM) for Congestive Heart Failure (CHF) patients, replacing the current telehealth program. The contract, valued up to $171,000 CAD in the first year, aims to onboard 100 patients per month into a three-month monitoring program. This marks the seventh contract signed by Cloud DX in 2023, highlighting its ongoing expansion in the healthcare sector. The Connected Health™ platform promises improved care outcomes and reduced hospital readmission rates, leveraging peer-reviewed studies to support its efficacy.

Positive

• The contract is valued at up to $171,000 CAD in the first year.
• The company has signed seven contracts in 2023, indicating growth.

Negative

• None.

Ontario hospital will use Connected Health™ for its Congestive Heart Failure program, complementing successful Perioperative RPM deployment

News in Summary

• Three-year contract provides RPM to Congestive Heart Failure patients
• The Connected Health™ platform replaces a current CHF telehealth program
• This is the 7^th contract the Company has signed to date in 2023

KITCHENER, ON / ACCESSWIRE / March 7, 2023 / Cloud DX (TSXV:CDX)(OTC:CDXFF), a leading health data platform, announces a new contract with a prominent Ontario health care organization specializing in heart health to establish a remote patient monitoring program for congestive heart failure (CHF) patients.

The company's state of the art Connected Health™ devices and data platform will replace the organization's current heart failure telehealth program. The 3-year contract aims to enroll congestive heart failure patients in a three-month remote monitoring program with up to 100 patients onboarded per month. The contract value is expected to be up to $171,000 CAD in first year.

In Canada, heart failure is one of the top reasons for hospitalizations, per the Heart and Stroke Foundation of Canada. CHF is often referred to as a ‘revolving door' condition since one in five heart failure patients will be readmitted to hospital within a month of being discharged. By 2030, healthcare costs associated with heart failure are expected to reach $2.8 billion per year, in Canada.

Cloud DX COO and Co-founder Anthony Kaul says "At Cloud DX we work with our customers to improve healthcare delivery, provide better care outcomes, and lessen the burden on our national healthcare system. Peer reviewed studies show our Connected Health™ platform successfully lowers hospital readmission rates. Coupled with reported 97% patient satisfaction scores, the remote monitoring for congestive heart failure patients provides high level specialized treatment along with peace of mind for chronically ill patients in their homes."

This contract was initiated with Cloud DX and its exclusive national partner, a global leader in healthcare technology. This is the third contract signed together since the announcement of said partnership. It follows the recent announcement of a new cardiac program in Ontario. This cutting-edge level of care offered by the two partners stands to directly impact over 1 million Canadians with life changing support and truly modern healthcare solutions. 

About Cloud DX

Cloud DX is on a mission to make healthcare better, for everyone. Clinics and hospitals across North America use our Connected Health™ data platform to incorporate remote and virtual technology in care delivery. Our remote monitoring solutions lets care teams virtually and efficiently monitor hundreds of patients; Patients use medical devices connected to our platform to take vital sign reading at home letting the platform securely transmits the data to the care team's dashboard or EMR. Connected Health™ supports remote vital sign monitoring, behavioral medicine, telehealth, care pathways for chronic care, aging in place, palliative or perioperative hospital-at-home, and more. Our customers achieve better healthcare and patient outcomes, reduce hospitalizations and readmissions, lower care delivery costs, and grow patient panels, revenue, and more.

Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and Equitable Life of Canada.

Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by Canadian Business, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers."

For more information on Cloud DX (TSXV:CDX), visit www.CloudDX.com and follow @CloudDX on Twitter or LinkedIn.

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.

# # #

Media Contact

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

Investor Relations Contacts

Canada

Jay Bedard
647-881-8418
Jay.Bedard@CloudDX.com

USA

Gary Zwetchkenbaum
516-455-7662
IR@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 advancement of the Company's business and partnerships, the expected proceeds therefrom, regulatory approvals, 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.}

SOURCE: Cloud DX Inc.

View source version on accesswire.com:
https://www.accesswire.com/742494/Cloud-DX-Signs-Contract-with-Heart-Centre

FAQ

What is the value of the new contract for Cloud DX related to CHF patients?

The contract is valued at up to $171,000 CAD in the first year.

How many CHF patients will Cloud DX onboard each month?

Cloud DX aims to onboard up to 100 CHF patients per month.

What does the Connected Health™ platform replace?

The Connected Health™ platform replaces the current CHF telehealth program.

When was the contract with the Ontario healthcare organization announced?

The contract was announced on March 7, 2023.

How many contracts has Cloud DX signed in 2023?

Cloud DX has signed seven contracts in 2023.