December 16, 2019 09:00 ET | Source: eWellness Healthcare Corp
Ft. Lauderdale, Florida, Dec. 16, 2019 (GLOBE NEWSWIRE) -- eWellness Healthcare Corporation (“EWLL”, the Company”), a provider of the state of the art PHZIO platform for the physical therapy (“PT”) and telehealth markets announced today that its FY2020 revenue ramp focuses on the current 16 provider agreements, of which 14 are currently based in Canada with our partner company Bistromatics, Inc. Based upon our current provider agreements and anticipating a very low initial utilization rate of approximately 0.5% of an employee base of approximately 6 million individuals, we anticipate approximately 30,000 new patients or 2,500 new patients per month for FY2020. Moving into FY2021 and beyond the utilization rates could move from 0.5% to over 3%. Assuming a low reimbursement rate of US$300.00 per patient for an average of 6 patient treatments (1 initial evaluation and 5 monitored therapeutic exercise sessions). Thus, we anticipate averaging US$50.00 per session in gross revenue and providing approximately 180,000 individual digital treatments. Therefore, based upon the assumption that this business develops as anticipated, gross sales would equal approximately US$9 million in FY 2020 for both Bistromatics, Inc. and EWLL. Based upon our revenue sharing agreement between EWLL and Bistromatics, Inc., we could expect approximately US$1.5 million in EWLL net earnings in FY2020. This forecast is based on existing provider agreements only and does not include any additional prospective provider agreements in negotiation or that may be executed in 2020 and thereafter.
