- Reliq Health Technologies stock jumped on Wednesday on news it has expanded its contract with a large U.S. health plan
- The health plan operates accountable care organizations and health maintenance organizations in five states with more than 3,000 doctors and more than 1 million patients
- The expansion is expected to add more than 50,000 new patients to Reliq’s iUGO Care platform by the end of 2025 at an average revenue of $65 per patient per month
- Reliq Health Technologies opened at $0.22 per share
Reliq Health Technologies (TSXV:RHT) stock jumped on Wednesday on news it has expanded its contract with a large U.S. health plan.
The Hamilton, Ontario-based healthcare technology company signed the contract back in May 2023.
The health plan operates accountable care organizations (ACOs) and health maintenance organizations (HMOs) in five states with more than 3,000 doctors and more than 1 million patients. The expansion is expected to add more than 50,000 new patients to Reliq’s iUGO Care platform by the end of 2025 at an average revenue of $65 per patient per month.
“We are very pleased that our client has asked to expand their deployments to include multiple locations across Texas, the second-largest state in the U.S. by both population and size,” Chris Shields, CEO at Reliq Health Technologies Inc., said in a statement. “This client is a large U.S. health plan that takes a proactive approach to patient care in order to improve health outcomes and reduce costs. The iUGO care remote patient monitoring, chronic care management and behavioural health integration solutions Reliq will be providing will enable effective preventative care that allows the ACOs to achieve their cost and quality of care objectives. The health plan is a subsidiary of one of the nation’s largest providers of hospital and healthcare services and a Fortune 500 company.”
The iUGO Care platform integrates wearables, sensors and voice technology with mobile apps and computer software for patients, clinicians and healthcare administrators. As such, the platform provides real-time access to remote patient monitoring data that can help prevent hospital readmissions and trips to the ER.
Reliq Health Technologies specializes in developing virtual care solutions, including its iUGO Care platform.
Shares of Reliq Health Technologies are up 9.30 per cent to C$0.23 as of 10:20 am ET. In the past week, Reliq stock has grown 4.44 per cent, though it has lost 35.14 per cent in the past 30 days.
Join the discussion: Find out what everybody’s saying about this stock on the Reliq Health Technologies Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.