Reliq Health Technologies, Inc. Provides Corporate Update and Overview of Expanded CMS Coverage for Remote Patient Monitoring for 2022
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HAMILTON, Ontario, July 28, 2021 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, is pleased to provide the following corporate update and overview of the proposed 2022 expansion of Medicare coverage for remote patient monitoring programs.
“We are very excited to have achieved our target revenue run rate for the end of June 2021 of $1.5 Million per quarter, which equates to profitability,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “The current quarter (ending September 30, 2021) will be our first full profitable quarter - a major milestone for Reliq. Momentum is strong and patient onboarding is accelerating significantly as the US healthcare sector continues its recovery from the global pandemic. We remain on track to generate $11 Million in revenue this calendar year, with gross margins of over 75% and EBITDA margins of over 45%. We expect to exit December 2021 at a revenue run rate of $2 Million per month or $24 Million annually. The Company is well positioned to uplist to the NASDAQ as planned in early 2022. With our current clients we have over 200,000 patients under contract to be onboarded over the next 18-24 months, representing over $120 Million in recurring annual revenue at full deployment.”
“Customer demand for our platform continues to accelerate in response to the Centers for Medicare & Medicaid Services’ (CMS) continued expansion of coverage and reimbursement amounts for virtual care services,“ said Dr. Crossley. “In its recently released proposed 2022 Physician Fee Schedule, CMS introduced 5 new billing codes for an expanded form of Remote Patient Monitoring (RPM) called Remote Therapeutic Monitoring (RTM). The new RTM codes provide more opportunities for healthcare providers using iUGO Care to receive reimbursement for remotely monitoring their patients. The RTM codes also allow physical therapists and nurses to bill for virtual care services that were previously only reimbursable for physicians. The RTM codes expand coverage beyond the currently eligible chronic conditions such as hypertension, diabetes, congestive heart failure, COPD and kidney disease to also include respiratory system status, musculoskeletal system status, therapy adherence and therapy response. This significantly expands the number of potential clients for Reliq as well as the size of the eligible patient population.”
Highlights for the First Half of Calendar Year 2021 In the six months ending June 30, 2021, the Company:
- Signed contracts with three new US primary care physician practices.
- Signed three new contracts with home health agencies in Texas.
- Signed a new contract with a large regional health clinic in Nigeria.
- Signed four new Skilled Nursing Facility clients in the Southern United States and expanded its Care Management team in response to significant demand for the Company’s Care Management Services.
- Resumed onboarding at its Remote Health Clinic (RHC) clients as US COVID cases drop. The Company expects to onboard 27,000 patients over the next 12 months through these clients.
- Signed new contracts with three US Orthopedic Practices to provide remote patient monitoring (RPM), chronic care management (CCM), principal care management (PCM) and behavioural health integration (BHI) software and services to chronic orthopedic patients (e.g. those living with rheumatoid arthritis, osteoarthritis, osteoporosis, etc.) and post-operative patients.
- Signed a new contract with a physician practice in Florida to provide iUGO Care to over 25 skilled nursing facilities.
- Signed three new contracts with US Nephrology practices to use Reliq’s proprietary iUGO Care platform to monitor Chronic Kidney Disease (CKD) patients, demonstrating the flexibility of iUGO Care and its ability to help clinicians and patients manage virtually any complex chronic condition(s).
- Signed a new contract with a Care Management Network in California that includes 50 Clinics and over 500 physicians. The network delivers culturally customized, technology-enabled health care to senior citizens in the Asian-American community across California and will leverage Reliq’s customizable, multilingual iUGO Care and iUGO Home solutions to meet the needs of their patients.
- Signed its first contract to deploy its proprietary iUGO Home solution with a US client.
- Launched a new multilingual Interactive Voice Recognition product, iUGO Voice, and signed a new contract with a physician practice in Maryland to use iUGO Voice with both their English- and Russian-speaking patients.
The Company is currently undergoing the annual audit for Fiscal Year 2021 (12 months ending June 30, 2021) and expects to issue the audited annual financial statements in October.
Reliq Health Technologies is a rapidly growing global telemedicine that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based virtual healthcare. 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 visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF and on the WKN as A2AJTB.
ON BEHALF OF THE BOARD“Dr. Lisa Crossley”CEO and Director
For further information please contact:
Company ContactInvestor Relations at firstname.lastname@example.org
US Investor Relations ContactInvestor RelationsLytham Partners, LLCBen ShamsianNew York | Phoenix646email@example.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".
We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Reliq Health Technologies Inc. (the "Company") does not intend and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE: Reliq Health Technologies Inc.
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