HAMILTON, Ontario, May 16, 2023 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) ("Reliq" or the "Company"), a rapidly growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, is pleased to announce that it has signed a new contract with a large US Health Plan. The health plan operates Accountable Care Organizations (ACOs) in five States with over 3,000 doctors and more than 1,000,000 patients. Onboarding with this new client will begin in July with one of their ACOs in Texas, which is expected to add over 10,000 new patients to Reliq's iUGO Care platform by the end of March 2024 at an average revenue of $65 per patient per month.
"We are very pleased to have signed our first contract with a US Health Plan," said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. "This new client is a proactive healthcare organization that works to improve health outcomes while also reducing healthcare spending. The client operates large Accountable Care Organizations (ACOs), which are groups of healthcare providers who work together under a value-based care model to reduce healthcare costs and improve quality of care. The ACOs in this client's network include over 3,000 physicians and serve more than a million patients. The Remote Patient Monitoring, Chronic Care Management and Behavioral Health Integration solutions Reliq will be providing using our iUGO Care platform will support critical preventative programs to assist the ACOs in achieving their cost and quality of care objectives. The client is a subsidiary of one of the nation's largest providers of hospital and healthcare services and a Fortune 500 Company, and is focused on community-based primary care, post-acute and specialty care. We will initially begin deploying our iUGO Care platform with one of the plan's ACOs in Texas. We expect to add over 10,000 patients from this ACO to the iUGO Care platform by the end of March 2024, at an average of $65 per patient per month with an expected 75% gross margin. This new contract is further validation of Reliq's unique value proposition in the US healthcare market and clearly demonstrates our rapidly accelerating traction with large, multi-state US healthcare organizations."
Reliq Health
Reliq Health Technologies is a rapidly growing global healthcare technology company 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 Frankfurt Stock Exchange under the WKN:A2AJTB.
ON BEHALF OF THE BOARD
"Dr. Lisa Crossley"
CEO and Director
For further information please contact:
Company Contact
Investor Relations at ir@reliqhealth.com
US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com
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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.
