Reliq Health Technologies, Inc. Provides Corporate Update and Overview of Expanded CMS Coverage for Remote Patient Monitoring for 2022
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
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
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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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