Reliq Health Technologies Inc. (TSXV:RHT) (OTCQB:RQHTF) (“Reliq” or the “Company”), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare, is pleased to provide an update on operations to current and future shareholders.
“This has been an extraordinarily busy and productive three months for Reliq Health,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies. “We’ve been very internally focused this quarter, working to evolve from a start up to a mature organization with the necessary infrastructure to support the growth we anticipate going forward. We have now successfully built a strong foundation that will allow the Company to ramp up client acquisition and patient enrollment to address the significant opportunities in our pipeline. The Company has undertaken major new initiatives including hiring an experienced Sales team, implementing new CRM and Accounting systems, moving our code in house, opening a US office and expanding our Implementation, Technical Leadership, Finance and IR teams. We’ve continued to execute on our business plan and meet our milestones as forecast, including our go-live with Sioux Lookout Meno Ya Wen Health Centre in Ontario and ongoing patient enrollment at our customer sites in Texas, despite the intense effort required by our internal corporate initiatives. I’d like to thank my entire team for all of the hard work and long hours they’ve put in over the past three months, and thank our shareholders for their patience while we completed this critical work. We’re pleased to share the progress we’ve made this quarter through the following corporate update.”
Patient Enrollment
The Company has now onboarded over 12,000 patients and is continuing to add at least 2,000 new patients per month to the platform.
Company Evolution and Expansion
Reliq has undergone significant positive internal change over the last three months to enable accelerated growth going forward. This quarter the Company:
Hired an experienced Sales team consisting of three senior sales staff with a proven track record of generating more than $200M in sales of healthcare IT solutions. The Sales team will be in place by mid-April, allowing the Company to accelerate growth through both the existing pipeline leads and new opportunities.
Implemented a new Custom Relationship Management (CRM) system to improve lead tracking and reduce sales cycles.
Expanded the Implementation team to support new client deployments.
Migrated the iUGO Care platform code from a Toronto-based contract development provider to assume full ownership and control over the Company’s proprietary source code.
Built an internal Technical Leadership team to own and manage the Company’s code and direct all future Development efforts.
Expanded the Development team substantially while simultaneously reducing Development costs by engaging a highly respected, experienced contract development firm in Costa Rica.
Expanded the Finance team and is in the process of engaging new auditors.
Hired an Investor Relations resource to start in April to improve shareholder access to company information. To contact Investor Relations please email IR@reliqhealth.com.
To streamline the customer acquisition, client onboarding and patient enrollment processes the Company:
Opened a US office in McAllen, Texas to provide a base for the Sales team.
Added practice management and workflow support tools to the platform to provide clients with a turnkey solution for their organizations.
Created off-the-shelf training materials for new clients and patients including videos, online tutorials and printed materials.
Implemented automated claims submission to Medicare, Medicaid and private insurers.
Financial Position
On January 9th, 2018 the Company successfully closed an oversubscribed private placement led by Canaccord Genuity Corp and Gravitas Securities Inc. with gross proceeds of approximately $10,000,000.
Reliq currently has $13 Million CAD in cash and cash equivalents.
Upcoming Events
2018 ATA Conference
Reliq Health will be exhibiting at the American Telemedicine Association (ATA) Conference in Chicago, IL April 29 - May 1st, 2018. Come visit us at Booth #1428!
Reliq Health AGM
The Company will hold its Annual General Meeting (AGM) on May 15th at 10:00am PDT / 1:00pm EDT. Shareholders will receive the AGM materials in mid to late April.
Company Overview
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. The iUGO Care platform integrates wearables, sensors, voice technology and intuitive mobile apps and desktop user interfaces for patients, clinicians and healthcare administrators. 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. Our platform 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.
