Can we hit 60 000 patients by 2022? 2021-11-04 10:29 ET - News Release
Dr. Lisa Crossley reports
RELIQ HEALTH TECHNOLOGIES, INC. ANNOUNCES SIX NEW US CONTRACTS, NEW MANAGEMENT HIRE
Reliq Health Technologies Inc. has signed contracts with six new clients in the U.S., including three home health agencies, a nephrology practice and two primary care physician practices. The company has hired a new chief financial officer in Ontario to complete the consolidation of operations to the corporate headquarters in Hamilton.
"We continue to add new clients at an accelerating rate, with a significant percentage of our new clients coming from referrals," said Dr. Lisa Crossley, chief executive officer of Reliq Health Technologies. "The fact that so many of our new clients reached out to us after hearing about the iUGO Care platform from our existing clients is a strong testament to the compelling value proposition of our platform. We have clearly proven that using the iUGO Care platform improves health outcomes and reduces hospitalizations for chronic disease patients and generates significant new revenue for clinicians. A typical physician practice can bring in over $1-million in new payments from the Centers for Medicare & Medicaid Services (CMS) at profit margins of over 75 per cent by implementing iUGO Care. Pro-active, preventative virtual care has the potential to save CMS tens of billions of dollars a year, so using iUGO Care is a win for every constituent in the health care system -- patients, clinicians and payors. We expect to onboard over 3,500 patients with these new clients at an average revenue of over $50 (U.S.) per patient per month for Reliq. Onboarding will begin next month and is expected to be completed in Q1 calendar year 2022.
"We are also pleased to announce that we have hired a new CFO here in Ontario to complete the consolidation of our Canadian operations to the company headquarters in Hamilton," continued Dr. Crossley. "We are very excited to welcome Michael Frankel, CFA, aboard as our new CFO. Michael has worked with a wide variety of global companies ranging from members of the Fortune 100 to early-stage start-ups. He has experience on all sides of the table having worked as a CFO, venture capitalist and investment banker. As an investment banker in New York City, his clients included Google, Samsung and Microsoft. Michael's experience working with U.S. companies will be particularly helpful as Reliq prepares to uplist to the Nasdaq in 2022. As previously disclosed, Reliq will also be hiring a controller to support the anticipated growth going forward. The company would like to thank outgoing CFO Mathew Lee in Vancouver for his significant contributions to Reliq over the last year and a half."
About Reliq Health Technologies Inc.
Reliq Health Technologies is a rapidly growing global medtech company that specializes in developing innovative virtual care solutions for the multibillion-dollar health care market. Reliq's powerful iUGO Care platform supports care co-ordination and community-based virtual health care. 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 (emergency room) visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF and on the WKN as A2AJTB.
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They must extremely busy onboarding that they can't start these until next month.