Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said it has expanded its contracts with two existing clients, adding additional vital sign devices and software services to each remote patient monitoring (RPM) program.
In a statement, the Ontario-based health data platform technology company said that the contracts follow successful initial deployments of its Connected Health by Cloud DX (TSX-V:CDX, OTCQB:CDXFF) for remote monitoring programs within the last two years.
One customer, a community health organization, is set to grow its remote patient monitoring program by nearly 50% generating expected revenue of nearly C$168,000, according to Cloud DX (TSX-V:CDX, OTCQB:CDXFF).
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The company told investors that the expansion will allow the organization to provide Connected Health kits to more chronic care patients in the rural community.
Separately, the paramedicine contract expansion supports the customer's three-fold growth of its RPM program, which Cloud DX noted was a milestone achieved within four months since implementing Connected Health DX in November 2022. Cloud DX will deliver Connected Health kits, paid up front, with additional revenue expected for software subscription and service fees, it noted.
The contract is set to deliver up to C$90,000 in revenue, between hardware and subscription revenues, the company said.
Cloud DX CEO Robert Kaul told shareholders that the company is “thrilled” to see Connected Health thrive in these communities.
“The growth in RPM demand our customers are experiencing indicates the success and acceptance of evidence-based virtual care in Community Paramedicine and rural communities, where chronically ill patients may have limited access to healthcare services,” Kaul said. “Patients report over 97% satisfaction with our patient-centred RPM platform and best-in-class vital signs devices."
Published studies have shown that Connected Health reduced hospital readmissions, reduced anxiety and pain, and established a closer connection between patient and care team, according to Cloud DX.
Connected Health supports remote vital sign monitoring, behavioral questionnaires, telehealth, care pathways for chronic care, aging in place, palliative or perioperative hospital-at-home, and more.
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