Reliq Health Technologies Inc. Announces New Contract in Florida to Onboard over 50,000 Patients

Rhea-AI Summary

Reliq Health Technologies (OTC:RQHTF) has signed a significant contract with a Florida physician practice network to onboard over 50,000 patients onto its iUGO Care platform by the end of 2023. This initiative aims to enhance health outcomes and reduce costs for Medicare patients with chronic conditions. Reliq anticipates generating an average revenue of $60 per patient per month, yielding a 75% gross margin. The onboarding process is underway and expected to be completed within five quarters, marking a notable expansion in Reliq's client base and reinforcing its position in the virtual healthcare market.

Positive

• Contract signed to onboard 50,000 patients, indicating strong market demand.
• Expected revenue of $60 per patient per month at a 75% gross margin.
• Onboarding to be completed over five quarters, showcasing operational capacity.

Negative

• None.

HAMILTON, Ontario, Sept. 07, 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 new contract with a physician practice network in Florida to onboard over 50,000 patients to its iUGO Care platform by the end of 2023.

“We are very pleased to be working with our new client in Florida to improve health outcomes and reduce healthcare costs for over 50,000 Medicare patients with chronic conditions,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies Inc. “Reliq will be providing the full suite of iUGO Care software along with care management services as needed, and expects to generate an average revenue of $60 per patient per month at 75% gross margin. Onboarding of these patients has already begun and is expected to be completed over the next five quarters, by the end of 2023. Our iUGO Care platform is proven to reduce hospitalizations, improve patient quality of life and generate significant new revenues for clinicians. Being selected by a large client like this is a testament to the Company’s strong and growing reputation as a leader in the virtual care 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 recent contract did Reliq Health Technologies sign related to RQHTF?

Reliq Health Technologies signed a contract with a physician practice network in Florida to onboard over 50,000 patients to its iUGO Care platform by the end of 2023.

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

Reliq Health Technologies expects to generate an average revenue of $60 per patient per month from the new contract.

How long will the onboarding process take for the new contract with Reliq Health Technologies?

The onboarding process for the 50,000 patients is expected to be completed over five quarters.

What is the gross margin expected from the new patient onboarding at Reliq Health Technologies?

Reliq Health Technologies anticipates a 75% gross margin from the new patient onboarding.

What benefits does the iUGO Care platform provide according to Reliq Health Technologies?

The iUGO Care platform aims to reduce hospitalizations, improve patient quality of life, and generate significant revenues for clinicians.