Reliq Health Technologies, Inc. Announces New Contracts to Onboard over 8,000 New Patients

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced the signing of four new contracts with three physician practices in Texas and California, and a health network in Nevada. These agreements are expected to add over 8,000 new patients to Reliq’s iUGO Care platform. The new clients will generate an average revenue of over $60 per patient per month at a 75% gross margin. The increasing market demand for remote patient monitoring and chronic care management is allowing physicians to collect over $400 per patient monthly, contributing to improved health outcomes and reduced healthcare costs.

Positive

• Signed contracts expected to add 8,000 new patients to iUGO Care.
• Contracts projected to generate over $60 average revenue per patient per month.
• 75% gross margin anticipated from new contracts.
• Market demand for remote patient monitoring and chronic care management increasing.

Negative

• None.

HAMILTON, Ontario, April 27, 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 four new US contracts with three individual physician practices in Texas and California and a health network in Nevada that includes 10 family physician practices. Together these providers are expected to add over 8,000 new patients to Reliq’s iUGO Care platform this year.

“Onboarding of both new clients and new patients continues to accelerate this quarter,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “Market demand for Reliq’s Remote Patient Monitoring (RPM), Chronic Care Management (CCM), Behavioural Health Integration (BHI) and additional specialized virtual care solutions is rapidly increasing as physicians and payors recognize the benefits of proactively managing at-risk patients in the home to prevent complications. Both the scope of the virtual care programs funded by the Centers for Medicare & Medicaid Services and the level of reimbursement have increased dramatically over the last several years. Our physician clients can now collect over $400 per patient per month in new, high profit revenue by deploying Reliq’s iUGO Care platform. Preventative care enabled by iUGO Care can help payors reduce the average cost of care per patient by over 80% by enabling early interventions by the patient’s primary care physician, preventing costly and disruptive hospitalizations and ER visits. Patients using iUGO Care benefit from improved health outcomes and better quality of life, as well as increased patient-reported satisfaction with care. We are very pleased to be adding 8,000 new patients through these contracts and expect to begin onboarding next month. The contracts are expected to generate an average revenue of over $60 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 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 new contracts has Reliq Health Technologies Inc. signed?

Reliq Health signed four new contracts with three physician practices in Texas and California, and a health network in Nevada.

How many new patients will Reliq's contracts add?

The new contracts are expected to add over 8,000 new patients to the iUGO Care platform.

What is the expected revenue per patient from Reliq's new contracts?

The new contracts are projected to generate over $60 in average revenue per patient per month.

What is the gross margin anticipated from the new contracts?

Reliq Health expects a gross margin of 75% from the new contracts.

What market trends are affecting Reliq Health Technologies Inc.?

There is an increasing market demand for remote patient monitoring and chronic care management solutions.