With 2022 well underway, Reliq Health Technologies Inc. (RHT:TSX.V; RQHTF:OTCQB; A2AJTB:WKN) opens the year with an optimistic forecasted revenue rate and big plans to expand the company’s rapidly growing market areas.
Situated in a multi-billion-dollar healthcare marketspace, Reliq Health Technologies, Inc. offers high-tech, low-touch, virtual care solutions for patients in a community setting. From its humble beginnings offering remote monitoring software for patients with chronic disease, Reliq now occupies virtual care landscapes spanning multiple services and markets.
According to Reliq CEO Dr. Lisa Crossley, the company now reaches more patients than ever before — with the anticipation of even more growth in 2022.
As Virtual Healthcare Trends Rise, Reliq Health Markets Follow Suit
“Over the last year and a half, there's been a tremendous expansion in terms of the scope of those virtual care programs covered by Medicare and Medicaid,” said Dr. Crossley. “So we now not only provide remote patient monitoring for patients with chronic diseases like kidney disease, chronic obstructive pulmonary disease, congestive heart failure, diabetes, or hypertension, but others as well.”
Newer billing codes have allowed Reliq to address patients with other medical concerns, such as:
- Addiction support
- Anxiety, depression, and other mental health illnesses
- Osteoarthritis
- Various musculoskeletal issues
- Asthma
- Chronic bronchitis
- Emphysema
The company now also offers principal care management. The system allows Reliq teams to deliver in-home virtual care on behalf of specialists, not just for primary care physicians or home health agencies. Given this added behavioral health integration, remote therapeutic monitoring, and principal care management services, Reliq’s target markets have grown considerably since pre-pandemic numbers.
“It’s expanded our target market from 37 million Medicare and Medicaid patients who have two or more chronic diseases to close to 60 million patients with other types of medical concerns,” explained Dr. Crossley. “In 2017 and 2018, Medicare and Medicaid tried remote patient monitoring and virtual care, and it turned out to be extremely successful in reducing health care costs — and COVID-19 also drove acceptance from clinicians who were previously uncomfortable providing anything other than face-to-face, in-person care in their office.”
A recent announcement hints to even more growth, as Reliq plans to expand into the clinical trials market space. The company signed a contract with the U.S. Contract Research Organization to use its iUGO Care software and Patient Engagement services to support their oncology clinical trials.
This agreement anticipates generating recurring revenue of approximately $40 per patient per month, with an expectation to onboard 3,000 clinical trial patients in 2022.
Reliq Health Making Healthcare More Accessible, Affordable for Rural America
In rural America, where hospitals can be few and far between, virtual care solutions like Reliq Health are providing options to patients who previously experienced geographical and financial barriers to care.
“In remote and rural communities, you have patients who are traveling two and a half hours to see a physician,” explained Dr. Crossley. “It’s a huge issue.”
With higher access and engagement around care, according to Dr. Crossley, overall health outcomes improve.
“Having access to virtual daily monitoring and other virtual interactions improves their health outcomes so much,” said Dr. Crossley. “It also just makes them feel less hopeless, less abandoned by the system.”
Plans to Expand Geographically, With Revenue Figures to Reflect Growth
In 2017, Reliq Health offered services exclusively in South Texas. With the highest concentration of chronic disease patients anywhere in the United States, the company’s offerings were well situated in the Rio Grande Valley.
Now, Reliq Health software has moved into other areas, including:
- Multiple locations in Texas
- California
- Puerto Rico
- U.S. Virgin Islands
- Nevada
According to Dr. Crossley, Reliq’s history of referrals from existing clients likely means even more expansion in the future. “I think you'll see a lot of geographic expansion from us over the rest of the year,” said Dr. Crossley. “Doctors talk to other doctors across the country, so we’re starting to see a lot of business in quite a few other states.”
Reliq Health’s geographical expansion isn’t the only factor on the rise. With no need to increase capital, Reliq is on track to generate an estimated CA$40 million in revenue by the end of 2022.
“We're paid per patient per month, with an average of around $40 per patient per month that we generate in revenue,” said Dr. Crossley. “We also have a care management team that functions as an extension of the physician’s office, which provides other billable activities.”
Under the lucrative business model, gross margins are at 75 percent, up from 53 percent just one year earlier.
“We’ve seen phenomenal growth,” confirmed Dr. Crossley. “And we've got a lot of growth ahead of us this year.”
Disclosures
1) Brittany Dick compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee. They or members of their household own securities of the following companies mentioned in the article: None. They or members of their household are paid by the following companies mentioned in this article: None. Their company has a financial relationship with the following companies referred to in this article: None.
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