Reliq Health Contracts with Current Large Healthcare Network Client in Florida Adding Additional 34 New Hospital Clients to its iUGO Care platform – Video on InvestmentPitch Media

Rhea-AI Summary

Reliq Health Technologies Inc. (OTCPink:RQHTF) has expanded its partnership with a large healthcare network in Florida, adding 34 new acute and long-term care hospital clients to its iUGO Care platform. This addition is projected to bring over 20,000 new patients annually, generating approximately $1.56 million in annual revenues based on $65 per patient per month. The company emphasizes that its platform helps reduce hospital readmissions, potentially lowering financial penalties under the Hospital Readmissions Reduction Program.

Positive

• Projected annual revenue increase of $1.56 million from new patient additions.
• The iUGO Care platform demonstrates potential to significantly reduce hospital readmission rates.

Negative

• None.

VANCOUVER, British Columbia, Jan. 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 contracted with a current client to add an additional 34 new acute and long-term care hospital clients to its iUGO Care platform.

This addition to the existing contract with a large healthcare network in Florida is expected to add approximately 1,700 patients per month or more than 20,000 patients per year to the iUGO Care platform, with revenues of $65 per patient per month at a 75% gross margin.

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Dr. Lisa Crossley, CEO, stated: “The biggest risk to profit margins for acute and long term care hospitals is the potential for patient readmissions within the first 30 days after discharge. The Centers for Medicare & Medicaid Services (CMS) assess financial penalties to hospitals under the Hospital Readmissions Reduction Program (HRRP) based on rates of readmission. In 2021, 96% of all hospitals in Florida received a financial penalty due to readmission rates (www.cms.gov). We have consistently demonstrated that patients who are monitored using our iUGO Care platform have better health outcomes and lower rates of hospital admissions and readmissions, which can significantly reduce or eliminate HRRP penalties for our clients. We are excited to be working with these hospitals which specialize in cardiac and orthopedic patients to help improve post-discharge outcomes for patients who have experienced cardiac events (acute myocardial infarction, heart failure), cardiac surgery (“bypass”) or orthopedic surgery (hip or knee replacement).

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 supports care coordination and community-based virtual healthcare.

iUGO Care allows complex patients to receive high quality care at home, improving health outcomes, enhancing quality of life for both patients and families while reducing the cost of care delivery. The platform 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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FAQ

What is the significance of Reliq Health's latest contract expansion as of January 2023?

The expansion adds 34 new hospital clients, expected to increase patient volume and revenue substantially.

How much revenue is Reliq Health anticipating from the new clients added to the iUGO Care platform?

Reliq Health expects approximately $1.56 million in annual revenues from the new clients.

How does the iUGO Care platform benefit hospitals in relation to patient readmissions?

The platform helps decrease hospital readmission rates, potentially leading to reduced penalties under the HRRP.

What is the current trading price of Reliq Health's stock (RQHTF)?

Reliq Health's shares are currently trading at $0.53.