Reliq Health Technologies, Inc. Announces New Contracts in California, Nevada and Texas

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced new contracts with two physician practices, a hospital, and a Skilled Nursing Facility in California, Texas, and Nevada. These clients will employ the iUGO Care platform's modules for effective Transitional Care Management and Remote Patient Monitoring. The company expects over 1,000 patients from these facilities to generate $50 per patient per month at a 75% gross margin. Additionally, over 1,500 patients from physician practices are projected to onboard in June, expected to generate $65 per patient per month at the same margin, enhancing overall healthcare outcomes.

Positive

• New contracts signed with two physician practices, a hospital, and a Skilled Nursing Facility.
• Expected onboarding of over 1,000 patients, generating recurring revenue of $50 per patient per month at 75% gross margin.
• Projected onboarding of over 1,500 patients from physician practices, generating $65 per patient per month at 75% gross margin.

Negative

• None.

HAMILTON, Ontario, April 21, 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 new contracts with two physician practices, a hospital and a Skilled Nursing Facility in California, Texas and Nevada.

“We are excited to be adding our first hospital client to the iUGO Care platform,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “Both the Skilled Nursing Facility and the hospital will be using the iUGO Care Transitional Care Management (TCM) module along with Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioral Health Integration (BHI) to improve health outcomes for patients who are transitioning from an inpatient facility to the community. Transitional Care Management helps ensure continuity of care for patients post-discharge, preventing complications that lead to readmissions. Under the Centers for Medicare & Medicaid Services (CMS) Value-Based programs, hospitals and SNFs are assessed penalties for high rates of readmissions and can earn bonuses for low rates of readmission. According to data published by CMS, in FY2021 over 70% of SNFs and over 80% of all hospitals governed by CMS Value-Based programs were assessed penalties due to excessive readmissions. Preventing readmissions not only provides financial benefits to these inpatient facilities but also improves quality of life and long-term health outcomes for patients. The hospital and SNF patients will be onboarded on a rolling basis beginning next month with over 1,000 patients expected to be added to the platform in 2022.  These patients are expected to generate recurring software and professional services of $50 per patient per month at 75% gross margin. The physician practices are expected to onboard over 1,500 patients in 2022, beginning in June. These patients are expected to generate an average revenue of $65 per patient per month at 75% gross margin.”

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 WKN as 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 new contracts did Reliq Health Technologies sign recently?

Reliq Health Technologies signed contracts with two physician practices, a hospital, and a Skilled Nursing Facility in California, Texas, and Nevada.

How many patients are expected to be onboarded to the iUGO Care platform?

Reliq Health expects to onboard over 1,000 patients in total from the newly contracted facilities in 2022.

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

The expected revenue generation is $50 per patient per month from the hospital and Skilled Nursing Facility, and $65 per patient per month from physician practices.

What are the benefits of the iUGO Care platform for healthcare providers?

The iUGO Care platform improves health outcomes and prevents costly hospital readmissions and ER visits.

What is the ticker symbol for Reliq Health Technologies on the OTC market?

The ticker symbol for Reliq Health Technologies on the OTC market is RQHTF.