Cloud DX (TSX-V:CDX, OTCQB:CDXFF) announced that it has signed a new two-year Master Deployment Agreement valued at approximately C$230,000 with Dr Lee Freedman who operates an internal medicine clinic in Highland Park, Illinois.
Dr Freedman’s clinic is affiliated with the MDVIP, a concierge medical group with more than 1,000 clinics across the US specializing in care for adults, including those with complex chronic conditions, the company highlighted.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) will work with Dr Freedman and his staff to enroll approximately 125 patients who could benefit from remote monitoring using its Cloud DX Connected Health platform, specifically patients with chronic obstructive pulmonary disease, congestive health failure, diabetes, hypertension, and related co-morbidities.
The company noted that it typically earns about US$700 per patient per year for US deployments of its Connected Health platform at a gross margin of 77%.
Dr Freedman’s is the second MDVIP-affiliated practice in Illinois to deploy Cloud DX’s Connected Health platform, with this deployment expected to launch in March 2024.
"These newly announced contracts indicate that the Cloud DX Connected Health platform is achieving our goal of bringing the benefits of virtual care and remote patient monitoring to the patients who need it the most,” Cloud DX COO Anthony Kaul commented.
“Clinicians like Dr Freedman are on the front lines of the battle against chronic disease that generate over 80% of all healthcare spending in North America. Cloud DX automates the collection of at-home patient data, enabling early detection of complications and creating a closer and richer doctor-patient relationship while improving health outcomes.”
Dr Freedman added: “There is no question in my mind that remote monitoring of patients with chronic diseases improves care and lowers overall costs to the system.”
Cloud DX also highlighted that it has reported new contracts, renewals or orders valued at C$2.8 billion so far this year, outpacing its 2023 growth.
Cloud DX is on a mission to make healthcare better for everyone. Its 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.