Reliq Health Technologies, Inc. Announces Three New Contracts with Physician Practices in Dallas, TX

Rhea-AI Summary

Reliq Health Technologies has announced new contracts through its partnership with Maxlink Health to provide its iUGO Care platform to three physician practices in Dallas, TX. The company expects to onboard over 1,800 Medicare patients starting this month, generating an average of $40 USD per patient monthly. Reliq forecasts achieving a revenue run rate of approximately $2 Million per month by December 2021, supported by strong market demand. With anticipated gross margins over 75% and EBITDA margins over 45%, Reliq does not expect to require additional funding.

Positive

• New contracts signed to provide iUGO Care to three physician practices in Dallas.
• Expected revenue from new contracts of $40 USD per patient per month.
• Projected revenue run rate of approximately $2 Million per month by December 2021.
• Strong market demand for iUGO Care solutions, supporting organic growth.
• Forecasted gross margins of over 75% and EBITDA margins over 45%.

Negative

• None.

HAMILTON, Ontario, Sept. 14, 2021 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that through its partnership with Maxlink Health it has signed new contracts to provide its iUGO Care platform to three physician practices in Dallas, TX.

“We are excited to continue our expansion in the Dallas, TX area,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “Working with Maxlink Health has given us access to new clients in North Texas and we expect to see continued growth in this region. Through these contracts Reliq will be providing our iUGO Care software platform to over 1,800 Medicare patients. Onboarding with these clients will start this month. Reliq expects to receive an average of $40 USD per patient per month for these deployments.”

“As previously disclosed, the Company expects to achieve a revenue run rate of approximately $2 Million per month by the end of December 2021,” continued Dr. Crossley. “Reliq is growing organically and very rapidly in response to strong market demand for our solutions. Since Medicare introduced its first billing code for Remote Patient Monitoring (RPM) in 2018, the average reimbursement that our clients can receive from the Centers for Medicare and Medicaid Services (CMS) has increased by over 500%, from $59 USD per patient per month to over $372 USD per patient per month. The number of eligible virtual care services clinicians can provide to patients through our iUGO Care platform has also increased dramatically from 1 to 18 with additional billing codes to be added in 2022, creating significant market pull for our products and services. Using iUGO Care allows clinicians to provide high quality virtual care to their at-risk patients, improving health outcomes, reducing hospitalizations, and decreasing healthcare costs. With our strong organic growth and forecasted gross margins of over 75% and EBITDA margins of over 45% by the end of calendar year 2021, we do not expect to need to raise additional funds going forward to achieve our revenue targets.”

About Maxlink Health
Maxlink Health is a Tele Healthcare and Population Management Company providing Business Process Outsourcing (BPO) services for effective Care Management and Telehealth Solutions. Maxlink Health also offers preventive services through meaningful and engaged communication methods with targeted population to promote preventive screenings, vaccinations, diagnostic tests and participation in wellness programs with a team of dedicated Registered Nurses (RNs) and Certified wellness experts. Learn more at https://maxlinkhealth.com.

Reliq Health
Reliq Health Technologies is a rapidly growing global telemedicine that specializes in developing innovative Virtual Care solutions for the multibillion-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 announce on September 14, 2021?

Reliq Health Technologies announced new contracts to provide its iUGO Care platform to three physician practices in Dallas, TX.

How many Medicare patients will Reliq Health serve with the new contracts?

Reliq Health will provide services to over 1,800 Medicare patients.

What is the expected revenue per patient for Reliq Health's iUGO Care platform?

Reliq Health expects to receive an average of $40 USD per patient per month.

What is Reliq's projected revenue run rate by December 2021?

Reliq expects to achieve a revenue run rate of approximately $2 Million per month by December 2021.

What are Reliq's forecasted gross and EBITDA margins for 2021?

Reliq forecasts gross margins over 75% and EBITDA margins over 45% by the end of 2021.