Cloud DX (TSX-V:CDX, OTCQB:CDXFF) has announced a contract with a Maxwell primary care clinic in Northbrooke, Illinois, which it said will strengthen its position in the United States.
The virtual healthcare company said the clinic will use its platform and its Connected Health kits to support patients with chronic conditions, representing approximately 350 of its 2,000 patient load.
"We've doubled our adoption rate across the US clinic from last year, in just a few months,” the company’s founder and CEO Robert Kaul said in a statement. “As the world navigates returning to normalcy, remote and virtual care is one good thing that came out of the (coronavirus) pandemic.”
READ: Cloud DX strikes second contract with paramedic service provider in Ontario to provide remote patient monitoring
Cloud DX said the latest contract is the sixth with Maxwell so far in 2022, taking the total since the companies announced a partnership in March 2021 to 12. The Maxwell clinics serve more than 25,000 patients who qualify for remote physiological monitoring reimbursable or chronic care management by Medicare and/or private insurance.
“The evidence is clear and irrefutable. For providers, lowering hospitalizations and re-admissions offloads systematic pressures and reduces care penalties,” Kau; continued. “For patients, it means better lifestyles and outcomes. Virtual care and remote patient monitoring is truly a win-win for the healthcare industry. Working with partners like Maxwell that understand the clear benefits for all means we can make healthcare better, more quickly, and for more people. We're thrilled to see the exponential growth across their US network.”
Cloud DX said it expects to earn approximately C$900 in annual recurring revenue (ARR) per patient under the US reimbursement codes.
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 in the home.
Contact the author at stephen.gunnion@proactiveinvestors.com