Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc, a provider of virtual care and remote patient monitoring solutions, and its partner Maxwell Telecare revealed that they have secured three new contracts with US-based primary care practices in Illinois.
The North American disruptor in virtual care based in Kitchener, Ontario and Brooklyn, New York, said the three clinics will deploy Connected Health to patients for reimbursed Remote Patient Monitoring (RPM) and chronic care management. As part of its Patient-First program, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) works with physician partners to establish criteria indicating a patient will benefit from RPM to control exacerbations, improve quality of life, and avoid hospitalization and emergency hospital visits.
“These deployments follow recent agreements with seven clinical facilities in the last three months, including University of Waterloo, two previous Maxwell Telecare clinics, Hamilton Health Sciences, and an Ontario Pulmonary Rehabilitation Clinic,” said the company.
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In December 2021, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) announced an exclusive partnership with Medtronic Canada to provide virtual care services to up to 1 million available patients in Canada.
In a statement, Dr Andrew Rosenson, who is president of Maxwell Telecare said: "As a physician, preventing patients from being hospitalized or re-admitted is excellent for both patients and the healthcare system. Within the Maxwell network, we successfully prevent 80% of re-hospitalizations already and look forward to improving this rate. For chronic care patients especially, adding Connected Health into these new practices will significantly reduce exacerbations and improve patient lives significantly."
Meanwhile, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) founder CEO Robert Kaul said his company is “excited” to add new Maxwell Telecare clinical partners to its Connected Health platform.
"This important partnership continues to grow. We are making healthcare better, supporting aging in place, and providing easy and timely care escalation,” added Kaul. “As Maxwell improves patient care, Connect Health can offer Maxwell providers up to a 9.4x return on investment, meaning fewer emergency hospital visits and subsequent admissions. It is truly a win-win."
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) expects to earn approximately C$900 in annual recurring revenue (ARR) per patient under current US reimbursement codes for remote monitoring of chronic disease patients.
According to the company, it is expected to be “cash flow positive upon reaching approximately 10,000 enrolled and compliant US RPM patients”.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF)’s Connected Health platform monitors and reports on physiological data including heart and respiratory rate, blood pressure, oxygen saturation, weight, temperature, and blood glucose levels, along with condition-specific surveys, wound care and connection to the patient via two-way messaging and video visits.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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