Cloud DX (TSX-V:CDX, OTCQB:CDXFF) told investors it has signed separate new contracts with two Ontario Family Health Teams (FHTs) with a combined value of approximately C$375,000.
The company, a leading North American provider of virtual care and remote patient monitoring (RPM) platforms, said the Hanover FHT and the Brockton and Area FHT will each deploy its Connected Health kits and remote patient monitoring services to patients who are enrolled in palliative care programs as part of a Grey Bruce Ontario Health Team palliative care initiative.
It said Oak Valley Health's Markham Stouffville Hospital (MSH) has also renewed and extended its contract for Cloud DX RPM products and services for an additional three years to December 7, 2026.
MSH has deployed Connected Health for community care programs since November 2017, and uses Cloud DX solutions for chronic obstructive pulmonary disease (COPD), heart failure and virtual rehabilitation patients.
In addition, The Lung Health Foundation has purchased Connected Health Kits for deployment at MSH. Many MSH patients have continuously used Cloud DX technology for over 65 months, the company said.
“Originally developed for our territorial contract with Yukon Health and Social Services, the Cloud DX Palliative Care module brings much needed support for families and caregivers assisting a loved one palliate at home,” Cloud DX co-founder and chief operating officer Anthony Kaul said in a statement.
“We are also honored to continue to work with our longest-standing Chronic Care Management program through Oak Valley Health's Markham Stouffville Hospital. The MSH COPD program is a Canadian leader in improving patient outcomes through remote monitoring of vital signs and symptom assessments and will continue to be our corporate exemplar of what is possible through the application of well-executed digital health strategies by forward-thinking care teams!"
For palliative care and chronic disease management use cases, the company noted that Canadian healthcare providers will prescribe Connected Health RPM for essentially the remainder of the patient's life.
On average Cloud DX earns approximately C$49 per patient per month for this type of deployment, along with additional fees for hardware, wound care, customizations, connectivity, and other related services.
As of September 31, 2023, Cloud DX reported gross margins of 77%.