Reliq Health Technologies Inc. (RHT:TSX.V; RQHTF:OTCQB; A2AJTB:WKN), which develops and provides innovative software as a service solutions to U.S. care providers, is one step closer to reaching its year-end 2021 revenue goal given that three more medical practices just signed up for its proprietary iUGO Care platform and Care Management Services, as noted in a recent news release.
This comes after their previous announcement earlier this month that they are expanding their iUGO Care system to over 1,500 patients through Rural Health Clinics (RHCs) in the U.S. Virgin Islands.
This trio of additional practices encompasses 3,800 Medicare patients, and with these new clients, Reliq will garner $40 per patient per month.
Reliq will provide its services through its partnership with Maxlink Health, a telehealth and population management firm.
"Reliq's iUGO Care platform is the right tool for the moment."
The company, which is turning a profit, expects to generate $11 million ($11M) in revenue this year and end 2021 with a revenue run rate of $24M annually with gross margins above 75% and EBITDA margins higher than 45%.
Contracting with these three new clients, located in Dallas, Texas, also expands the company's footprint in The Lone Star State. Whereas Reliq is headquartered in Hamilton, Ontario, it has offices in Texas and Florida. The company currently has about 50 clients in the U.S.
The care technology company targets three major segments: virtual care, long-term care, and big data. All are large and growing. The global healthcare big data market, for instance, is expected to reach $17 billion by 2022, according to the U.S. Department of Health and Human Services.
The COVID-19 pandemic, which officially began to change life in the U.S. in a significant way in March 2020, altered the world of medicine and healthcare, arguably forever, if not just for the foreseeable future.
"The COVID-19 pandemic altered the world of medicine and healthcare, arguably forever."
Reliq's iUGO Care platform is the right tool for the moment, and allows care providers to have virtual visits with patients, monitor patients remotely, manage the chronic care they provide, and monitor and track wound care progress. Also, the iUGO Care cloud supports the anonymization, storage, and analysis of patient data collected via iUGO Care.
The team at Streetwise Reports will keep you apprised of new developments from Reliq Health Technologies Inc. and any related implications on healthcare and patient relations.
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