Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said it has secured a new contract with an Ontario Paramedic Service to advance remote patient monitoring (RPM) for seniors in the community.
The collaboration involves Cloud DX (TSX-V:CDX, OTCQB:CDXFF)'s Connected Health kits and remote monitoring services, chosen by the community paramedic group to enhance an ongoing RPM program.
The selection followed an increase in funding from the Ontario government's Community Paramedicine for Long-Term Care program (CPLTC).
The CPLTC initiative, fully backed by provincial government funding, prioritizes providing additional care to seniors within their homes, ultimately reducing the necessity for long-term care admissions. Recently, the provincial government announced an additional C$174 million in funding for the CPLTC program from 2024 onwards as part of a commitment to enhancing senior care.
Since the launch of the Community Paramedic program, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) has deployed around 975 Connected Health Kits, with anticipated combined revenue of approximately C$1 million in hardware, subscription, and service revenue in the first year. The recurring revenue for subsequent years is projected to be approximately C$425,000.
"Cloud DX is gratified to see the continued growth of the Community Paramedicine for Long-Term Care program,” CEO Robert Kaul said in a statement.
Kaul told shareholders that the recent contract adds to Cloud DX’s project wins, including other awarded projects like those with Mohawk Medbuy, Alberta Primary Care Network, and Alberta Health Services. The contract is Cloud DX's 13th Community Paramedicine contract in Ontario.
“As the leader in Canadian RPM, we hope to see this pioneering Community Paramedic program replicated in other provinces soon,” Kaul added.