Reliq Health Technologies, Inc. Launches New Post-Discharge Program and Signs New Hospital Clients in CA, FL and PR

Rhea-AI Summary

Reliq Health Technologies has launched a new post-discharge program for acute care hospitals and signed new hospital clients in California, Florida, and Puerto Rico. The new contracts are expected to add 5,000 new patients to the platform every month by the end of 2024. The program aims to support patients being discharged from hospitals and prevent readmissions. Healthcare organizations using Reliq's iUGO Care platform have been able to reduce readmission rates by over 90%.

HAMILTON, Ontario, Aug. 17, 2023 (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, is pleased to announce that it has launched a new post-discharge program for acute care hospitals and signed new hospital clients in California, Florida and Puerto Rico. The new contracts are expected to add 5,000 new patients to the platform every month by the end of 2024.

“We are very excited to announce our new post-discharge program aimed at acute care hospitals,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “This new iUGO Care program supports patients who are being discharged from an acute care hospital to a wide range of care settings, from their own homes to inpatient rehabilitation, assisted living or skilled nursing facilities. Under the Centers for Medicare & Medicaid Services (CMS) Hospital Readmissions Reduction Program (HRRP), hospitals that fail to meet readmission targets can be assessed penalties equal to up to 3% of their total Medicare reimbursement for the following year, translating to millions of dollars in lost revenue. In 2021, over 96% of all Florida hospitals were assessed financial penalties due to readmission rates. According to Kaiser Health News, over 2,300 hospitals across the US will pay a total of over $320 Million in HRRP penalties in 2023 based on penalties assessed by CMS in 2022. Our clients’ data shows that healthcare organizations using Reliq’s iUGO Care platform have been able to drastically reduce their readmissions rates by over 90%, avoiding financial penalties and improving patient health outcomes and quality of life. This program is a win-win for hospitals, clinicians, patients, and their families.”

“With iUGO Care’s post-discharge program,” continued Dr. Crossley, “patients receive targeted monitoring for the first 30 days after discharge to specifically prevent readmission to hospital and are then followed long-term using the iUGO Care Remote Patient Monitoring (RPM), Transitional Care Management (TCM) and Behavioural Health Integration (BHI) modules to improve long-term health outcomes and prevent complications that could lead to future hospitalizations. The Company expects to add over 5,000 new patients per month to the platform by the end of 2024 through these new contracts, generating revenue of approximately $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 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 is the new program launched by Reliq Health Technologies?

Reliq Health Technologies has launched a new post-discharge program for acute care hospitals.

Which states have signed new hospital clients with Reliq Health Technologies?

Reliq Health Technologies has signed new hospital clients in California, Florida, and Puerto Rico.

How many new patients are expected to be added to the platform by the end of 2024?

The new contracts are expected to add 5,000 new patients to the platform every month by the end of 2024.

What is the goal of the post-discharge program?

The program aims to support patients being discharged from hospitals and prevent readmissions.

How much have healthcare organizations using Reliq's iUGO Care platform been able to reduce readmission rates?

Healthcare organizations using Reliq's iUGO Care platform have been able to reduce readmission rates by over 90%.