Reliq Health Technologies, Inc. Announces 50 New Skilled Nursing Facilities Clients in Florida

Rhea-AI Summary

Reliq Health Technologies has expanded its existing contract with a client in Florida, adding 50 Skilled Nursing Facilities (SNFs). This expansion is set to bring an additional 5,000 patients per month to the iUGO Care platform, expected to begin in 2023. The company will charge $60 for Transitional Care Management per patient and $65 monthly for ongoing services like Remote Patient Monitoring, targeting a gross margin of 75%. This move taps into the substantial US SNF market, which consists of over 15,000 facilities and 1.5 million Medicare patients.

Positive

• Expansion of contract with client adds 50 Skilled Nursing Facilities, increasing patient intake by 5,000 monthly.
• Projected revenue of $60 per patient for Transitional Care Management and $65 monthly for additional services.
• 75% gross margin on services contributes to strong profitability potential.
• Entry into a large market with over 15,000 SNFs in the US.

Negative

• None.

HAMILTON, Ontario, Nov. 04, 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 50 facilities to its contract with the Company. This addition to the existing contract is expected to add a further 5,000 new patients per month or 60,000 new patients per year to Reliq’s iUGO Care platform beginning in 2023.

“We are very excited that our existing client has chosen to expand the deployment of our iUGO Care platform into an additional 50 of the Skilled Nursing Facilities (SNFs) in their network,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “As with the previously announced 40 facilities, we 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. Reliq 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 additional facilities in early 2023. Once all 50 facilities are live we expect to onboard over 5,000 of their newly discharged patients every month going forward. Skilled Nursing Facilities represent a large and previously untapped market for Reliq’s products. There are over 15,000 SNFs in the United States and over 1.5 million Medicare patients received care in a SNF setting in 2021 (www.cms.gov). We are very pleased that we are gaining significant traction in this space.”

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 recent development for Reliq Health Technologies related to Skilled Nursing Facilities?

Reliq Health Technologies has announced an expansion of its existing contract, adding 50 Skilled Nursing Facilities to its network, expected to increase patient onboarding significantly.

How many new patients does Reliq Health expect from the SNF expansion?

The expansion is expected to add approximately 5,000 new patients per month, totaling around 60,000 patients annually.

What are the financial implications of the new contract for Reliq Health?

Reliq will earn $60 per patient for Transitional Care Management and $65 per month for ongoing services, with an anticipated gross margin of 75%.

When will Reliq Health begin onboarding patients from the new facilities?

Patient onboarding from the additional facilities is expected to start in early 2023.

How many Skilled Nursing Facilities are there in the US?

There are over 15,000 Skilled Nursing Facilities in the United States.