Reliq Health Technologies Inc., a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has signed five new contracts with three primary care practices and two home health agencies in the US.
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I’m Merry Lou Proudfoot for Investmentpitch Media
Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has signed five new contracts with three primary care practices and two home health agencies in the US.
The company is also expanding its mental health care capabilities beyond Behavioural Health Integration (BHI) to also support Collaborative Care Management (CoCM).
Dr. Lisa Crossley, CEO, stated: “We are pleased to be adding these five new clients. We are also excited to be expanding our support for mental health care by adding Collaborative Care Management (CoCM) to our platform. Our CoCM module allows primary care physicians and specialists to proactively care for patients with behavioural, mental health or psychiatric conditions including addiction. CoCM is an additional level of care that can be offered to patients who aren’t responding to Behavioural Health Integration services alone. The Centers for Medicare and Medicaid Services (CMS) reimburse clinicians an average of $230 per patient per month for CoCM services, in addition to any payments the provider is receiving from CMS for other virtual care services provided to the patient including Remote Patient Monitoring (RPM) and Chronic Care Management (CCM). CoCM therefore provides a new revenue stream for clinicians while improving care for patients with the most challenging mental health and addiction issues.”
According to the American Psychiatric Association, under Collaborative Care Management, primary care and behavioral health providers collaborate using shared care plans to deliver both physical and mental health care, effectively reducing duplicate assessments.
This effective and efficient integration of services has proven to be successful in terms of controlling costs, improving access, improving clinical outcomes, reducing the stigma related to mental health, and increasing patient satisfaction.
These new providers will add more than 2,000 new patients to the company’s iUGO Care platform, with onboarding expected to begin next month.
The contracts include a one-time payment of $400,000 for medical monitoring device hardware and are expected to generate an average recurring revenue of over US$70 per patient per month.
When the 2,000 patients are fully onboarded and generating revenues of US$70 per patient per month, the company anticipates generating revenue of more than CDN$180,000 per month.
Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multi-billion dollar healthcare market.
The company’s powerful iUGO Care technology platform is a comprehensive SaaS solution that allows complex patients to receive high-quality care at home, improving health outcomes, enhancing the 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 emergency room visits.
The shares are trading at $0.78.
For more information, please visit the company’s website, www.ReliqHealth.com or email IR@ReliqHealth.com.
Investor Relations in the United States is handled by Ben Shamsian of Lytham Partners, who can be reached at 649-829-9701 or by email at shamsian@LythamPartners.com
I’m Merry Lou Proudfoot for Investmentpitch Media
