VANCOUVER, British Columbia, March 17, 2023 (GLOBE NEWSWIRE) — Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global healthcare technology company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has signed a new contract with a large healthcare system with more than 1,200 care centers in the U.S. This client’s care centers are spread across New York, Ohio, Maryland, Virginia, Florida, Kentucky and South Carolina and include Skilled Nursing Facilities, hospitals, home health agencies, hospice agencies and primary care clinics.
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With these first 20 facilities alone, which are Skilled Nursing Facilities, management expects to add more than 2,000 patients per month to its iUGO Care platform at an average revenue of US$60 per patient for the first 30 days post-discharge and US$65 per patient per month for every subsequent month, at an expected 75% gross margin. When you consider these first 20 facilities will be adding more than 2,000 patients per month, represent less than 2% of the 1,200 care centres included in this new contract, it is hard to imagine the full revenue potential from this one contract.
With a Skilled Nursing Facility, trained registered nurses provide the same level of nursing care you receive in a hospital, in a medical setting, under a doctor’s supervision. After an illness, injury or surgery, patients may go from a hospital to a Skilled Nursing Facility to continue recovering, where in addition to skilled nursing, the care may include rehabilitative services from licensed physical, occupational or speech therapists.
Market research firm “Future Market Insights” states that the U.S. skilled nursing facility market is expected to grow at a compound annual growth rate of 3.32%, reaching US$252 billion by 2032. 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 platform for care coordination and home healthcare integrates wearables, sensors, voice technology with intuitive mobile apps and desktop software for patients, families, clinicians, and healthcare administrators, allowing 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 $0.52. 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.
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