Vancouver, British Columbia--(Newsfile Corp. - July 29, 2021) - Reliq Health Technologies Inc. (TSXV: RHT) (OTC Pink: RQHTF) (WKN: A2AJTB), a rapidly growing global telemedicine company, has provided a corporate update and overview of its proposed expansion for 2022. Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions which target the greater than $100 billion virtual care/chronic disease management market.
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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.
Dr. Lisa Crossley, CEO, stated, "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. 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 the company's platform continues to accelerate in response to the Centers for Medicare & Medicaid Services or CMS's continued expansion of coverage and reimbursement amounts for virtual care services. In its recently released proposed 2022 Physician Fee Schedule, CMS introduced 5 new billing codes for an expanded form of Remote Patient Monitoring called Remote Therapeutic Monitoring.
These new codes provide more opportunities for healthcare providers using iUGO Care to receive reimbursement for remotely monitoring their patients, while allowing physical therapists and nurses to bill for virtual care services that were previously only reimbursable for physicians. These Remote Therapeutic Monitoring codes expand coverage beyond the currently eligible chronic conditions such as hypertension, diabetes, congestive heart failure, COPD and kidney disease, where in the US it is estimated that 37 million Medicare/Medicaid patients have 2 or more chronic conditions. It will now include respiratory system status, musculoskeletal system status, therapy adherence and therapy response, thereby significantly expanding the number of potential clients for Reliq as well as the size of the eligible patient population.
There have been too many highlights during the first half of the calendar year to mention here, so please refer to today's news release by the company for more details of specific contracts. However, the company signed three new contracts with US Nephrology practices to use Reliq's proprietary iUGO Care platform to monitor Chronic Kidney Disease patients, demonstrating the flexibility of iUGO Care and its ability to help clinicians and patients manage virtually any complex chronic condition.
It also 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.
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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91547