Over the last year, we have highlighted Reliq Health Technologies (RHT.V) (RQHTF) as an attractive investment opportunity and we have been spot on with this call.
The healthcare technology company has been executing on all cylinders and has significant advanced and improved its fundamental story. Over the last few months, Reliq has announced several developments that have strengthened its balance sheet, grown revenues, and improved its management team.
Recently, we had the opportunity to sit down with Lisa Crossley, CEO Reliq Health Technologies, and asked questions regarding the recent developments.
- Reliq Health offers a unique and effective solution. The platform has gained significant traction so far this year. Can you provide some insight into the unique capabilities of the platform?
Reliq’s iUGO Care Software as a Service solution provides remote patient monitoring, telemedicine and care collaboration solutions to the US$30 Billion Community Care market. Specifically, Reliq is focused on the front line care providers in the space, including home care agencies, family practices and assisted living facilities. The iUGO Care platform consists of mobile applications and server software that provide biometric monitoring, coaching, reminders and education to patients in the home or assisted living facility setting through a Virtual Assistant, which was built on the Amazon Alexa open source automated voice software. Our platform allows the clinical care team and the patient’s family to view real-time patient health data and receive automated alerts if the patient’s health status begins to decline, allowing them to intervene early to prevent complications that could lead to a costly and disruptive ER visit or hospital admission.
- Explain Reliq’s monetization strategy.
Our revenue model is subscription-based. Our clients (homecare agencies, family practices, assisted living facilities) are charged between $50-$200/patient/per month, depending on which features they request. Our fees are covered by Medicare/Medicaid and private insurers through existing billing codes so the patient never has to pay anything out of pocket, and our clients can generate new revenue streams and increased profits by implementing our system.
- When it comes to bringing on new users, do you encounter any roadblocks during the initial onboarding process that should no longer be expected? Are there any hurdles with scaling user growth?
For us the level of effort required to onboard a client is the same whether that client has 100 patients or 100,000. We use a “train the trainers” approach, so we train a selected group of staff at the client’s site and then they train the rest of the staff, who then go on to install the system in patients’ homes and to train the patients on how to use it. Once we’ve helped a client onboard the first group of patients, the client is then able to move forward with onboarding the rest of their patients on their own at an increasingly rapid rate as they become more proficient in installation and training over time.
One of the key benefits of our recent financing is that it will allow us to hire additional resources for implementation, which will allow us to add more new clients faster.
- Reliq offers a robust solution that has a massive and rapidly growing addressable market. How it is different from the competition and how do plan to sustain growth?
Reliq’s unique iUGO Care platform technology specifically addresses the unmet needs of front-line care providers in the community, including home care agencies, family practices and assisted living facilities. Historically companies in the remote patient monitoring and telemedicine space have focused on hospitals as the key clients, but selling to hospitals involves very long sales cycles with countless layers of approvals needed and high after-sales support requirements. Our strategy is to focus on the front line care providers and to specifically target underserved, remote and rural communities. In the US, 37 Million Medicare/Medicaid patients have at least two chronic conditions (COPD, congestive heart failure, diabetes, hypertension, etc.), and a new billing code has been approved (CPT 99490) to support remote patient monitoring for these patients. Front line care providers who implement Reliq’s iUGO Care platform can generate new revenue through this billing code, and our solution will help improve health outcomes for their patients which will help our clients avoid penalties assessed by Medicare/Medicaid on organizations whose patients frequently visit the ER or are admitted to hospital.
- Could you please run us through the entire ecosystem of iUGO Care products that make it a truly comprehensive home healthcare solution?
Reliq’s iUGO Care system uses automated voice as the exclusive user interface for patients, which means patients with visual acuity issues, cognitive impairments, literacy challenges and non-English speakers (our voice technology is automatically available in 133 languages) can use the system without any outside support. Our system provides ongoing coaching throughout a patient’s typical day, reminding them to feed their cat and turn off the burner on the stove as well as take their medications and collect their vitals. Our sensors placed throughout the home allow us to detect falls and summon emergency services if needed, and they allow family members to log on and see that, while Grandma said she was feeling fine when they called, she actually hasn’t left her bedroom in 24hrs, hasn’t opened the fridge in two days and hasn’t left her apartment in three days, so she probably isn’t fine and needs someone to go over and check on her.
Reliq’s platform can work with communities that are lower income and have limited infrastructure (no internet, no phone lines, no smartphones). Our two way interactive voice works without a tablet or smartphone and both it and the monitoring devices we use can operate over the cellular network to reach under-served and truly remote communities. Home care agencies, assisted living facilities and family practices that deploy our solution will generate new revenue and profits using existing Medicare, Medicaid and private insurance billing codes, even with the cost of our system. These customers typically have limited IT infrastructure and need a system like Reliq’s that doesn’t require intensive technical support and can be implemented quickly with limited resources.
Reliq is also unique in that we collect and anonymize the patient health data we handle, which will ultimately be a significant revenue driver for us as we license that unqiue, complex anonymized data to pharma companies, governments and research institutions.
- Earlier this year, Reliq signed deals with Paz Home Health and Rio Grande. What is the status of these contracts and how much revenue are you generating on a recurring basis? What do you expect to be generating by year end?
We expect to onboard at least 500 patients per month per client, so 1,000 patients total per month going forward.
Source: Technical 420