Vancouver, British Columbia--(Newsfile Corp. - November 5, 2021) - Reliq Health Technologies (TSXV: RHT) (OTC Pink: RQHTF) (WKN:A2AJTB), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market, signs contracts with six new clients in the U.S. and hires a new CFO. These new clients include 3 home health agencies, a nephrology practice and 2 primary care physician practices.
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Dr. Lisa Crossley, CEO, stated: "We continue to add new clients at an accelerating rate, with a significant percentage of our new clients coming from referrals. 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. 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. We are very excited to welcome Michael Frankel, CFA, aboard as our new CFO. Michael's experience working with US 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."
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.
A typical physician practice can bring in more than $1 Million in new payments from the Centers for Medicare & Medicaid Services at profit margins of more than 75% by implementing iUGO Care. Proactive, preventative virtual care has the potential to save the Centers for Medicare & Medicaid Services tens of billions of dollars a year, making iUGO Care a win for every constituent in the healthcare system - patients, clinicians and payors.
According to Statista, a leading provider of market and consumer data, home healthcare spending in the US alone, by Medicare and Medicaid exceeded US$80 billion in 2019 and has been growing at approximately 10% annually.
Management expects to onboard more than 3,500 patients with these new clients at an average revenue exceeding US$50 per patient per month for Reliq. Onboarding will begin next month and is expected to be completed in Q1 Calendar Year 2022.
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 chronic disease patients to receive high-quality care in the home or other community-based setting thereby 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 $0.96. 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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