Reliq Health Technologies, Inc. Announces Six New Contracts in Texas, Nevada and Maryland; Collection of Aged Receivables
Reliq Health Technologies Inc. (OTC:RQHTF) announced new contracts with physician practices, a home health agency, and adult medical day care facilities in Texas, Nevada, and Maryland. These contracts are expected to onboard over 2,000 new patients, generating an average revenue of $50 per patient per month. Additionally, Reliq reported successful collection of aged accounts receivable from pandemic payment terms, with ongoing timely collections anticipated. The iUGO Care platform aims to enhance patient care through remote monitoring and telemedicine, supporting the growing needs in healthcare.
- New contracts expected to onboard over 2,000 patients.
- Average revenue projected at $50 per patient monthly.
- Successful collection of aged accounts receivable.
- Ongoing timely collections anticipated.
- None.
HAMILTON, Ontario, April 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 new contracts with two physician practices, a home health agency and three adult medical day care facilities in Texas, Nevada and Maryland.
“We are excited to be adding new adult medical day cares, physician practices and a home health agency to our platform,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “Adult medical day cares provide medically supervised care to seniors with chronic conditions and other eligible individuals during daytime hours in an outpatient facility environment. These facilities will use the iUGO Care platform to monitor biometric data for these individuals while they are in the facility and automatically deliver alerts to their physicians for any abnormal readings. The adult medical day cares will also be using iUGO Care’s Telemedicine module to allow adults in their care to have virtual visits with a primary care physician or specialist without having to be transported from the facility. We expect to begin onboarding with these clients next month. The contracts are expected to add over 2,000 new patients to the platform this year and generate an average revenue of
The Company is also pleased to announce that, as projected, its aged accounts receivable (aged 12 months or over as of March 31, 2022) resulting from the flexible payment terms the Company extended to its clients during the pandemic have been collected. Software and professional services fees are currently collected in accordance with the Company’s standard payment terms and are expected to remain current going forward. Accounts receivable for hardware (medical monitoring devices) that was sold to clients on a payment plan are being collected on a monthly basis as scheduled and are expected to remain current going forward as well. The Company only sells hardware to clients who have also signed software and services contracts; there is, therefore, corresponding recurring revenue from software and services associated with every hardware sale.
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
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