Reliq Health Technologies, Inc. Announces 35 New Skilled Nursing Facilities Clients in Florida

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced a significant expansion of its contract with a Florida network of Skilled Nursing Facilities (SNFs), adding 35 facilities. This is projected to onboard an additional 3,500 patients monthly, totaling 42,000 annually, via its iUGO Care platform starting in 2023. The company emphasizes that its platform improves patient outcomes and generates new revenue streams for SNFs. Each patient will generate $60 for Transitional Care Management and $65 for ongoing monitoring, with expected gross margins of 75%. Onboarding begins early 2023.

Positive

• Expansion of contract with Florida SNFs adds 35 facilities, increasing patient capacity significantly.
• Expected onboarding of 3,500 new patients monthly, leading to 42,000 patients annually.
• Revenue generation of $60 per patient for Transitional Care Management and $65 per patient for ongoing monitoring with 75% gross margin.

Negative

• None.

HAMILTON, Ontario, Dec. 06, 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 a previously disclosed client with a network of Skilled Nursing Facilities (SNFs) in Florida has added an additional 35 facilities to its contract with the Company. This addition to the existing contract is expected to add a further 3,500 new patients per month or 42,000 new patients per year to Reliq’s iUGO Care platform beginning in 2023.

“We are very pleased that our existing client has chosen to expand the deployment of our iUGO Care platform into an additional 35 of the Skilled Nursing Facilities (SNFs) in their network,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “Reliq’s rapid expansion in this market segment is a testament to the significant value we bring to Skilled Nursing Facility clients. SNFs typically operate at very low margins compared to other healthcare organizations and were one of the sectors that was hardest hit economically by COVID. The Centers for Medicare & Medicaid Services are pushing for shorter stays in Skilled Nursing Facilities which increases overhead costs for SNFs while also increasing the risk of readmissions. There are financial penalties associated with readmissions, so it is critical to the survival of the SNF sector to implement proactive, preventative solutions that will improve post-discharge health outcomes and reduce readmissions. Reliq’s iUGO Care platform generates new revenue streams for SNFs while also improving patient health outcomes post-discharge, leading to increased patient satisfaction, improved quality of life, reduced readmissions and lower healthcare costs. Reliq will provide Transitional Care Management (TCM) to newly discharged patients at a rate of $60 per patient, with recurring revenue from Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) of $65/patient per month, at 75% gross margin. We will begin onboarding patients with these additional facilities in early 2023. Once all 35 facilities are live we expect to onboard over 3,500 of their newly discharged patients every month going forward.”

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 is the latest update from Reliq Health Technologies regarding their contract expansion?

Reliq Health Technologies announced the addition of 35 Skilled Nursing Facilities (SNFs) in Florida to its existing contract, enhancing its iUGO Care platform patient capacity by 3,500 new patients monthly.

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

Reliq Health is expected to onboard approximately 3,500 new patients each month, amounting to around 42,000 patients annually from the expanded contract.

What revenue does Reliq Health expect from the new patients?

Reliq Health expects to generate $60 per patient for Transitional Care Management and $65 per month from ongoing services for each new patient.

What is the gross margin for Reliq Health's services according to the latest press release?

The gross margin for Reliq Health's services is expected to be around 75%.

When will Reliq Health start onboarding patients from the newly added facilities?

Reliq Health plans to begin onboarding patients from the additional facilities in early 2023.