Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said that it has been selected by Medtronic Canada ULC - a subsidiary of Medtronic PLC (NYSE:MDT)- for providing virtual healthcare to patients across Canada.
The Brampton, Ontario-based company said that the partnership advances Medtronic's commitment to improving patient outcomes and lowering overall costs along the care continuum.
Under the agreement, a typical deployment would involve the enrollment of chronic care or surgical patient onto the Connected Health platform, generating recurring revenue, depending on the length of the monitoring program.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) generates revenue upfront for kits prescribed to patients for use at home, and then a monthly subscription fee per patient for software, services, and support.
READ: Cloud DX delivers on expansion plans into Indiana as it reports Q3 results
"This partnership with Medtronic Canada is an ideal fit; both our companies are taking the lead in our commitments to innovating and creating improved healthcare delivery. This collaboration means remote care will be widely available across Canada,” said Robert Kaul, CEO of Cloud DX (TSX-V:CDX, OTCQB:CDXFF).
He added: “This cutting-edge level of care can directly impact over 1 million Canadians with life-changing support and truly modern healthcare solutions.”
Cloud DX's remote patient monitoring (RPM) technology and services are exclusive to Medtronic and its Canadian client base, the company said. Medtronic Canada delivers care in a broad range of clinical areas, including spinal and cardiac surgeries, cardiology, critical care, diabetes, vascular and renal care.
"Medtronic Canada is dedicated to responding to the needs of our Canadian healthcare system, and we are committed to enabling equitable access to care and patient empowerment and reducing the burden on our precious health human resources,” said Jessica Rudd, National director of new partnerships and solutions at Medtronic Canada.
Accelerating virtual healthcare, Cloud DX is focused on making 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.
Contact Ritika at ritika@proactiveinvestors.com