This agreement is the 4th Provincial Health Authority contract for Cloud DX remote patient monitoring (RPM) services, alongside Alberta, the Yukon and Prince Edward Island.
KITCHENER, ON / ACCESSWIRE – Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms is pleased to announce the execution on April 23, 2024 of a Remote Patient Monitoring Agreement for Cloud DX RPM Services with a Canadian Provincial Health Authority.
The contract has a term of 36 months with 2 extensions of 12 months each for a total of 60 months. The average contract value of each individual patient subscription is expected to be approximately $1,520 CAD per year which covers the cost of the Connected Health Kit prescribed to each patient, software, and connectivity. Certain additional fees, including customizations and integrations can be added on an as-needed basis. In the most recent financial statements Cloud DX reported a gross margin of 71%.
In addition to contracts at the clinic, hospital, institute and municipal government level, Cloud DX has now secured 4 Provincial level contracts for RPM including Alberta Health Services, Yukon Health and Health PEI. The Company also announced a contract with Alberta Primary Care Networks, and on June 21, 2023 it announced a Master Services Agreement to supply members of the Mohawk Medbuy shared services organization, which manages procurement for over 100 Hospital Systems and provincial authorities across Canada. In addition to these large contracts the Company supplies RPM to 11 Ontario Community Paramedic Services and hospital systems including Hamilton Health Sciences, The Ottawa Hospital, the Ottawa Heart Center, Kingston Health Sciences and several more. Further details of this agreement will be released by the client upon publication of the contract award as per provincial regulations.
News in Summary
· After a successful competitive RFP process, on April 23, 2024 the Company executed a Province-wide contract for Remote Patient Monitoring (RPM) products and services.
· The contract has a term of 36 months with 2 extensions of 12 months each. The average contract value of each individual subscription is expected to be approximately $1,520 CAD per year which covers the cost of the Connected Health Kit prescribed to patients, software and connectivity.
· The Company now supplies Connected Health remote patient monitoring products and services across Canada with 4 Provincial-level contracts including Alberta, Yukon, PEI and a Master Services Agreement with Mohawk Medbuy, the country’s largest hospital procurement agency.
· In the 4 months to April 30, 2024 Cloud DX has announced 26 new contracts with hospitals, paramedic services, US clinics and now 2 Canadian Provinces indicating an inflection point in the company’s growth.
Cloud DX has now announced 26 new contracts and/or contract renewals so far in 2024. Notable announcements include new contracts with Ontario Paramedics, Ottawa University Research Institute, VHA Home HealthCare and Health PEI.
Cloud DX Founder and CEO Robert Kaul stated: “This new Provincial-level agreement cements Cloud DX as the most trusted supplier of remote patient monitoring services in Canada. Connected Health RPM will now become available to many more Canadians for critical conditions including chronic obstructive pulmonary disease, congestive heart failure, post-surgical monitoring, and even palliative care. Published studies have demonstrated that Cloud DX RPM improves health outcomes, reduces the average length of stay in hospital, and drives high levels of both patient and provider satisfaction. These benefits are now available to Canadians from coast-to-coast, and even as far north as the Yukon, delivering much needed efficiency to the whole Canadian healthcare system.”
About Cloud DX
Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, winner of “2022 Top Innovator” from Canadian Business, a 2021 “Edison Award” winner, a Fast Company “World Changing Idea” finalist, and one of “Canada’s Ten Most Prominent Telehealth Providers.” Cloud DX is an exclusive partner to Medtronic Canada and Teladoc Health Canada.
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Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management’s objectives, strategies, beliefs and intentions.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company’s the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.
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