Reliq Health Technologies, Inc. Files Quarterly Financial Statements, Provides Corporate Update
HAMILTON, Ontario, March 03, 2020 (GLOBE NEWSWIRE) — Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare announced that the annual audited consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended December 31, 2019, are now available on the Company’s profile on SEDAR (www.sedar.com). The Company is also pleased to provide the following corporate update.
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 WebinarHighlights from Q2 FY2020 Financial StatementsReview of key new contractsReview of Behavioral Health billing codesReview of Call Center support servicesUpdate on GuidanceDate for next quarterly call
1. Q2 FY2020 Financial StatementsThe quarterly financial statements for Q2 FY2020 (quarter ending December 31, 2019) have been filed on SEDAR under the Company’s profile.Highlights:Revenues increased by 56% over the previous quarter.The Company came within $77,000 of cashflow positive, with one-time expenses including payment of outstanding legal fees from the litigation concluded in July, 2019 and payment for outstanding contract development fees accounting for the higher than projected expenditures.Subsequent to the quarter ending December 31, 2019, the Company received gross proceeds of $998,925 from option exercises by employees and consultants.The Company does not expect to need to raise funds to reach profitability in 2020.2. Review of New ContractsAs 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:Comprehensive Partners – Over 25,000 eligible Medicare patients across Florida to be onboarded onto the iUGO Care Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) platform. Go-live was March 2, 2020.MaxMD – Reliq has partnered with MaxMD, a leading US provider of secure healthcare information technology and interoperability solutions. MaxMD has customers in all 50 States and Puerto Rico, including hospitals, outpatient facilities, health departments, commercial payors and Medicare & Medicaid. The partnership allows MaxMD to offer their clients new options to expand access to care, improve health outcomes and reduce healthcare costs by using Reliq’s iUGO Care Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) platform, and enables Reliq to “plug and play” with multiple complex legacy clinical information systems using MaxMD’s powerful interoperability technology.Blum Telehealth – Over 50,000 eligible Medicare patients receiving care through more than 150 Rural Health Clinics (RHCs) and Federally Qualified Health Centers (FQHCs) throughout Louisiana to be onboarded onto the iUGO Care CCM and BHI platform. Go-live scheduled for April 2020.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 CodesBehavioral 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:CPT 99492: Initial psychiatric care management (70 minutes) o Approximately $162 USD per patientCPT 99493 – Ongoing psychiatric care management (60 minutes per month) o Approximately $129 USD/patient/monthCPT 99494 – Additional 30 minutes/month of psychiatric care management o Approximately $67 USD/patient/monthCPT 99484 – General BHI care management services (20 minutes per month) o Approximately $48 USD/patient/month4. Review of Call Center Support ServicesAs 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 GuidanceGoing 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 WebinarThe 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 DirectorAbout Reliq HealthReliq 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 [email protected]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 InformationCertain 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.