Reliq Health Technologies, Inc. Announces 34 New Acute and Long-Term Care Hospital Clients and Upcoming Shareholder Update Webinar

Rhea-AI Summary

Reliq Health Technologies (OTC:RQHTF) announced the addition of 34 new clients from a Florida healthcare network, expected to bring over 20,000 patients annually to its iUGO Care platform. This project is anticipated to generate average monthly revenue of $65 per patient at a gross margin of 75%. CEO Dr. Lisa Crossley highlighted the platform's effectiveness in reducing hospital readmission rates, addressing financial penalties under CMS programs. A shareholder webinar is scheduled for January 11, 2023, to discuss operational updates and company outlook for the year.

Positive

• Addition of 34 new hospital clients, increasing patient base by over 20,000 annually.
• Expected monthly revenue of $65 per patient at a 75% gross margin.
• Platform shown to reduce hospital readmission rates, minimizing potential penalties for clients.

Negative

• None.

HAMILTON, Ontario, Jan. 06, 2023 (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, is pleased to announce that it has added 34 new acute and long-term care hospital clients to a previously disclosed contract with a large healthcare network in Florida. These new clients are expected to add over 20,000 patients per year to Reliq’s iUGO Care platform at an average revenue of $65 per patient per month. The Company also wishes to invite shareholders to attend a webinar on Wednesday, January 11, 2023 at 9:00am PST / 12:00pm EST, where the Company will provide an update on operations and discuss the outlook for 2023.

“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,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “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). We expect to add approximately 1,700 patients per month to our platform from these clients, or over 20,000 patients per year with revenues of $65 per patient per month at 75% gross margin.”

“We are also pleased to invite shareholders to attend a webinar on Wednesday, January 11^th to discuss the outlook for 2023 and provide a detailed update on operations,” continued Dr. Crossley. “Log-in details for the webinar are provided below.”

Webinar Login Information:

	Date:	January 11, 2023
	Time:	9:00am PST / 12:00pm EST
	URL:	www.reliqhealth.com/webinar

For those who are not able to attend the webinar, a recording will be available on the Company’s website (www.reliqhealth.com) shortly after the webinar concludes.

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 announcement did Reliq Health Technologies make regarding new clients?

Reliq Health Technologies announced the addition of 34 new acute and long-term care hospital clients from a Florida healthcare network.

How many patients is Reliq Health expected to add annually with the new clients?

Reliq Health is expected to add over 20,000 patients annually to its iUGO Care platform.

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

The average revenue per patient is projected to be $65 per month.

When is the shareholder webinar for Reliq Health Technologies scheduled?

The shareholder webinar is scheduled for January 11, 2023, at 9:00am PST / 12:00pm EST.

What are the benefits of using the iUGO Care platform according to Reliq Health?

The iUGO Care platform improves health outcomes and reduces hospital admissions and readmissions, which can lower financial penalties for hospitals.