InvestmentPitch Media Video Discusses Reliq Health and its Contract to Add 40 New Skilled Nursing Facility Clients bringing approximately 48,000 New Patients

Rhea-AI Summary

Reliq Health Technologies has announced the signing of 40 new Skilled Nursing Facility clients, primarily in California, Florida, and Pennsylvania. By the end of 2023, these clients are expected to contribute over 4,000 new patients monthly to the iUGO Care platform, totaling approximately 48,000 patients. With an average revenue of US$65 per patient per month and a 75% gross margin, this expansion significantly enhances revenue potential. Moreover, adherence rates post-discharge are currently greater than 70%, projected to exceed 80% as patients gain more experience with the system. The US skilled nursing facility market is anticipated to grow to US$252 billion by 2032.

Positive

• Signed 40 new Skilled Nursing Facility clients.
• Expected addition of 48,000 patients to the iUGO Care platform by end of 2023.
• Projected average revenue of US$65 per patient per month at a 75% gross margin.
• Adherence rates post-discharge currently >70%, expected to exceed 80%.

Negative

• None.

VANCOUVER, British Columbia, March 09, 2023 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global healthcare technology company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has signed 40 new Skilled Nursing Facility clients. These clients, located in California, Florida and Pennsylvania, are expected to add more than 4,000 new patients per month to Reliq’s iUGO Care platform by the end of 2023. That will add another 48,000 patients to the iUGO platform by the end of the year, with an average revenue of US$65 per patient per month at a 75% gross margin.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional news about the company along with video comments from Dr. Crossley. The video is available for viewing on “InvestmentPitch” or on “YouTube”. If the link is not available, please visit www.InvestmentPitch.com and enter “Reliq” in the search box.

Dr. Lisa Crossley, CEO, stated: “We continue to see tremendous growth in Reliq’s business in the Skilled Nursing Facility (SNF) space. SNFs are very attractive clients for the Company because the facilities’ staff along with Reliq’s implementation team are able to train patients on the system prior to discharge from the SNF. This helps ensure that patients are comfortable and confident in their use of the iUGO Care platform before they even leave the facility. As a result, we have already documented >70% adherence in these patients post-discharge, with adherence expected to reach an average of >80% over time as patients gain further experience with the platform.”

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 a doctor’s supervision. After an illness, injury or surgery, patients may go from a hospital to a Skilled Nursing Facility to continue recovering, where in addition to skilled nursing, the care may include rehabilitative services from licensed physical, occupational or speech therapists.

Market research firm “Future Market Insights” states that the U.S. skilled nursing facility market is expected to grow at a compound annual growth rate of 3.32%, reaching US$252 billion by 2032.

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 healthcare integrates wearables, sensors, voice technology with intuitive mobile apps and desktop software for patients, families, clinicians, and healthcare administrators, allowing complex patients to receive high-quality care at home, improving health outcomes, enhancing the quality of life for patients and families, and reducing the cost of care delivery. iUGO Care provides real-time access to remote patient monitoring data, allowing for timely interventions by the care team to prevent costly hospital readmissions and emergency room visits.

The shares are trading at $0.53. For more information, please visit the company’s website, www.ReliqHealth.com or email IR@ReliqHealth.com. Investor Relations in the United States is handled by Ben Shamsian of Lytham Partners, who can be reached at 649-829-9701 or by email at shamsian@LythamPartners.com.

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Disclaimer

The information in this InvestmentPitch Media Ltd video is for the viewers information only. Reliq Health Technologies has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

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FAQ

What is the recent announcement by Reliq Health Technologies regarding Skilled Nursing Facilities?

Reliq Health Technologies announced the signing of 40 new Skilled Nursing Facility clients, which will lead to the addition of approximately 48,000 patients to its iUGO Care platform by the end of 2023.

How many new patients are expected to join Reliq's iUGO Care platform?

Reliq expects to add over 4,000 new patients per month, totaling approximately 48,000 patients by the end of 2023.

What is the expected average revenue per patient for Reliq Health Technologies?

The expected average revenue is US$65 per patient per month.

What is the current adherence rate of patients using Reliq's iUGO Care platform?

The current adherence rate is over 70%, with expectations to reach more than 80%.

What is the projected growth of the US skilled nursing facility market?

The US skilled nursing facility market is projected to grow to US$252 billion by 2032.