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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Reliq Health Technologies Inc | TSXV:RHT | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.215 | 0.21 | 0.22 | 0 | 01:00:00 |
As previously announced, Reliq will be hosting a webinar today, March 3rd at 9:00am EST at http://bit.ly/39LtXMy. For those who are not able to attend the webinar, a recording of the webinar will be available on the Company’s website immediately following the session. A written summary of the material updates to be presented in the webinar is also provided below.
Agenda for Webinar
1. Q2 FY2020 Financial Statements
The quarterly financial statements for Q2 FY2020 (quarter ending December 31, 2019) have been filed on SEDAR under the Company’s profile.
Highlights:
2. Review of New Contracts
As previously disclosed, the Company has signed several significant new contracts, in keeping with its strategy to expand throughout the US and to focus on clients with larger patient populations. The new clients include:
In order to secure these larger scale contracts and prepare for go-lives in March and April, the Company redirected many of its resources away from Texas for the past few months. Normal operations are expected to resume in Texas in early Q4 FY2020.
3. Review of Behavioral Health Billing Codes
Behavioral Health Integration (BHI) enhances standard primary care by adding two key services: care management support for patients receiving behavioral health treatment and regular psychiatric inter-specialty consultation. Integrating behavioral health care with primary care can improve outcomes and reduce healthcare costs associated with ER visits and inpatient admissions for the millions of Americans with mental or behavioral health conditions. Reliq’s new iUGO Care BHI module allows clinicians to leverage the Centers for Medicare & Medicaid Services (CMS) billing codes for General BHI Services and Psychiatric Collaborative Care Model Services (CoCM) to improve patient care and generate substantial new revenues for their practices. These billing codes include:
o Approximately $162 USD per patient
o Approximately $129 USD/patient/month
o Approximately $67 USD/patient/month
o Approximately $48 USD/patient/month
4. Review of Call Center Support Services
As previously disclosed, the Company opened a US Sales Office and Call Center in Port St Lucie, Florida to provide paid support services for its clients, including onboarding, training, patient engagement and case management. The services Reliq is able to offer through the Call Center are a key differentiator for the Company and were critical to securing the large-scale contracts the Company recently announced (as described in Section 2 above), and will generate up to $52 per patient per month in revenue for services, which is in addition to the standard monthly subscription fees for the iUGO Care Software as a Service.
5. Update on Guidance
Going forward the Company will provide guidance in terms of revenue and margins instead of patient numbers since the revenue generated per patient varies significantly depending on the payor (Medicare, Medicaid or private insurer) and the products and services provided. As larger scale deployments using the Call Center are part of a new business model for the Company, management will provide detailed guidance for the rest of calendar 2020 early next quarter (Q4 FY2020 / Q2 CY2020) after the first few large clients have gone live. Generally, the Company expects revenues to increase by 50-100% each quarter through fiscal year 2020, with revenue growth accelerating significantly in fiscal year 2021 (July 1, 2020 - June 30, 2021).
6. Date for Next Quarterly Update Webinar
The Company’s Q3 FY2020 financial statements are due to be filed on or before June 1, 2020. The Q3 FY2020 corporate update webinar will be scheduled on or before June 2, 2020.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
About Reliq Health
Reliq Health Technologies is a healthcare technology company that specializes in developing innovative software solutions for the Community Care market. Reliq’s powerful iUGO Care platform supports care coordination and community-based 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 and on the OTCQB as RQHTF.
For further information please contact:
Investor Relations at ir@reliqhealth.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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