Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc has announced a new program in the US that aims to identify, qualify, and enroll selected patients with chronic conditions in Illinois, New Jersey, and Florida for reimbursed remote patient monitoring (RPM) programs. It said other states may also be targeted.
The company said it is partnering with Prizm Media on the new ‘patient-first program to improve patient access to RPM in a uniquely scalable way. It said the contract gives Cloud DX (TSX-V:CDX, OTCQB:CDXFF) and physician partners immediate access to thousands of patients with chronic illnesses in the initial rollout states through Prizm's extensive patient database.
On launch, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) plans to connect up to 2,000 eligible US seniors to its Connected Health platform. Once fully deployed this equates to approximately US$1.4 million (C$1.8 million) per year in revenue at an expected gross margin of 75%.
"Our mission is to make healthcare better for everyone, and that includes accessibility,” Cloud DX CEO Robert Kaul said in a statement.
“Many patients can benefit from RPM, but often due to implementation challenges, these individuals are unable to access remote monitoring to manage their disease symptoms and progression,” he added.
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Prizm Media specializes in compliant omnichannel marketing for healthcare firms and has relationships with over 1,000,000 US patients diagnosed with one or more chronic conditions. Cloud DX and Prizm will launch a marketing program that will aim to identify up to 2,000 patients with late-stage chronic obstructive pulmonary disease (COPD) in states with large senior populations. Patients will be onboarded to a Connected Health RPM plan, optimized to work for them, deployed by their primary care provider or a Cloud DX partner.
When a patient enrolls in an RPM program deployed by Cloud DX, the company earns a per-patient-per-month fee up to US$60 per month, or US$720 a year.
Under a contract executed on September 15, 2021, Cloud DX will pay Prizm an initial US$30,000 per month for three months in marketing fees with the option to extend and scale-up. No minimum or maximum number of patients is specified under the Safe Harbor and fair market value arrangement. Prizm has specialized in outreach to US patients with chronic illness since 2001.
Cloud DX said the new patient-first approach augments its previously announced programs marketing Connected Health services directly to clinics and hospitals.
"With this program, we're giving power back to the patient,” Kaul said.
“We intend to dramatically expedite access to RPM services for patients with a high degree of need by working with a highly compliant firm like Prizm, that has vast experience in identifying and engaging those most likely to benefit.”
Cloud DX’s 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.
Contact the author at stephen.gunnion@proactiveinvestors.com