Reliq Health Technologies, Inc. Announces 15 New Skilled Nursing Facility Clients in California

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced a contract with 15 Skilled Nursing Facilities (SNFs) in California, expected to onboard 1,000 new patients monthly starting in 2023. The iUGO Care platform will provide Transitional Care Management (TCM) at $60 per patient and generate recurring revenue from Remote Patient Monitoring (RPM), Chronic Care Management (CCM), and Behavioral Health Integration (BHI) at $65 per patient per month, achieving a 75% gross margin. This expansion into the Skilled Nursing market highlights Reliq's growth strategy.

Positive

• Contract signed with 15 Skilled Nursing Facilities in California, increasing patient onboarding by 1,000 per month.
• Revenue potential from TCM at $60 per patient and $65 monthly from RPM, CCM, and BHI, with a 75% gross margin.
• Expansion into a fast-growing segment within the healthcare market.

Negative

• None.

HAMILTON, Ontario, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that it has signed a contract with a network of 15 Skilled Nursing Facilities (SNFs) in California. This contract is expected to add a further 1,000 new patients per month or 12,000 new patients per year to Reliq’s iUGO Care platform beginning in 2023.

“We are very pleased to be expanding into the Skilled Nursing Facility market in California,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “Reliq will be providing our iUGO Care Transitional Care Management (TCM), Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) solutions to help improve post-discharge health outcomes and reduce readmissions, while also generating new revenue streams for the facilities. The Company will provide TCM to newly discharged patients at a rate of $60 per patient, with recurring revenue from RPM, CCM and BHI of $65/patient per month, at 75% gross margin. We will begin onboarding patients with these facilities in early 2023. Once all 15 facilities are live we expect to onboard over 1,000 of their newly discharged patients every month. The Skilled Nursing space is currently one of our fastest growing market segments and we are excited to help SNFs provide new healthcare services to their patients to drive better outcomes.”

Reliq Health
Reliq Health Technologies is a rapidly growing global healthcare technology company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’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 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 ER visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN: A2AJTB.

ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director

For further information please contact:

Company Contact
Investor Relations at ir@reliqhealth.com

US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".

We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.

Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Reliq Health Technologies Inc. (the "Company") does not intend and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.

SOURCE: Reliq Health Technologies Inc.

FAQ

What recent contract did Reliq Health Technologies sign?

Reliq signed a contract with 15 Skilled Nursing Facilities in California.

How many new patients is Reliq expected to onboard monthly from the new SNF contract?

Reliq expects to onboard 1,000 new patients per month starting in 2023.

What services will Reliq provide under the new contract?

Reliq will provide Transitional Care Management, Remote Patient Monitoring, Chronic Care Management, and Behavioral Health Integration.

What is the gross margin from Reliq's new healthcare services?

The new services are expected to generate a gross margin of 75%.

What is the ticker symbol for Reliq Health Technologies?

Reliq trades on the OTC under the symbol RQHTF.