Reliq Health Technologies, Inc. Announces Five New Contracts to Onboard over 10,000 Patients

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced five new contracts with healthcare agencies across various states, expected to add over 10,000 patients to its iUGO Care platform. With an average revenue of $65 per patient per month, this expansion aims to enhance remote monitoring, especially in Kentucky, where Medicaid coverage has increased. The company targets onboarding over 100,000 patients by the end of 2022 and over 200,000 by mid-2023, significantly bolstering its market presence and improving healthcare access in rural communities.

Positive

• Contracts with two home health agencies, two physician practices, and a multi-state wound care practice will onboard over 10,000 new patients.
• Average revenue expected is $65 per patient per month, contributing positively to financials.
• Expansion into Kentucky benefits from increased Medicaid coverage for remote monitoring.

Negative

• None.

HAMILTON, Ontario, Aug. 19, 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 five new contracts with two home health agencies, two physician practices and a multi-state wound care practice that provide care to patients in Kentucky, California, Florida, Nevada and Texas. The contracts are expected to add at least 10,000 new patients to Reliq’s iUGO Care platform over the next three quarters.

“We are excited to be expanding in Kentucky, where the state Medicaid program has significantly increased its coverage for remote patient monitoring,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “There are over 1.2 Million adults covered by Medicaid in the state of Kentucky (Medicaid.gov). According to the Chronic Care Policy Alliance, approximately 22% of the population in Kentucky or roughly 1 Million residents are in Poor to Fair health. The expanded scope of Kentucky’s Medicaid program will allow patients with heart disease, Congestive Heart Failure (CHF), Chronic Obstructive Pulmonary Disease (COPD), diabetes, hypertension, cancer, stroke, mental health issues or who are pregnant to be monitored remotely by their healthcare providers. Over 50% of Kentucky residents live in rural communities. Using Reliq’s iUGO Care solution improves access to care for these patients, improving health outcomes and quality of life.”

“We are also very pleased to be adding four new clients with patients in California, Florida, Nevada and Texas, including a multi-state wound care practice. According to the Wound Care Education Institute (wcei.net), over 15% of Medicare patients are being treated for chronic wounds. Remote monitoring of these patients with iUGO Care allows care providers to track wound healing progress and intervene early as needed to prevent complications that can lead to amputations, sepsis and even death. Altogether these five contracts are expected to add over 10,000 patients to our platform in the next nine months at an average revenue of $65 per patient per month (at 75% gross margin). Onboarding of these patients is expected to begin next month. The Company remains on track to onboard over 100,000 patients by the end of calendar year 2022 and over 200,000 patients by the middle of calendar year 2023.”

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 contracts did Reliq Health Technologies sign recently?

Reliq Health signed five new contracts with two home health agencies, two physician practices, and a multi-state wound care practice.

How many patients are expected to be added to Reliq's iUGO Care platform?

The contracts are expected to add over 10,000 new patients to the iUGO Care platform.

What is the average revenue per patient for Reliq Health?

The average revenue expected is $65 per patient per month.

When does Reliq plan to onboard more than 100,000 patients?

Reliq plans to onboard over 100,000 patients by the end of calendar year 2022.

What impact does the expansion into Kentucky have on Reliq Health's operations?

The expansion allows for improved remote monitoring, benefiting from increased Medicaid coverage for various health conditions.