- Reliq Health Technologies, a telehealth solutions company, will now provide cognitive assessments as part of its mental health services to improve early detection
- The company plans to onboard more than 10,000 mental health patients to its iUGO Care platform in 2024
- Reliq Health Technologies is a global healthcare technology company developing virtual care solutions
- Reliq stock is down by more than 62 per cent year-over-year
Reliq Health Technologies (TSXV:RHT), a telehealth solutions company, will now provide cognitive assessments as part of its mental health services to improve early detection.
The addition is in response to a high number of inquiries from existing and potential clients looking to enhance their identification of undiagnosed mental health issues.
Reliq will roll out cognitive assessments, which are typically performed twice per year, at client facilities specializing in skilled nursing, assisted living, Alzheimer care and dementia care.
The company expects to add more than 10,000 mental health patients in 2024, each of which will yield an average of $48 per patient per month at an estimated 70 per cent gross margin. The expansion coincides with Medicare increasing the reimbursement rate for behavioral health integration by 25 per cent in 2024 to minimize mental health in at-risk populations.
“It is estimated that 1 in 4 Medicare recipients have a mental health condition, but up to half of those patients are not currently receiving treatment,” Chris Shields, chief executive officer at Reliq Health Technologies, said in a statement. “Our clients are committed to providing comprehensive care to their patients to achieve both physical and mental wellness. The strong customer-patient demand for the expansion of our mental health care services further demonstrates our existing clients’ high levels of satisfaction with the usability and efficacy of our products, and with the resulting cost savings and new anticipated revenue streams.”
Wednesday’s news follows a major contract expansion with a large U.S. health plan announced last month. The contract will see Reliq onboard approximately 50,000 patients to its flagship iUGO Care platform, which provides real-time access to remote patient monitoring data, medical records and demographic information, in an effort to increase timely medical interventions and reduce hospital readmissions.
Reliq Health Technologies is a global healthcare technology company developing virtual care solutions.
Reliq Health Technologies (TSXV:RHT) last traded at C$0.215 per share. The stock is down by more than 62 per cent year-over-year.
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