CloudMD Secures Contract for Remote Patient Monitoring Program with a Major United States Hospital System

• CloudMD has signed a material contract with a large U.S. Hospital System to support patients with comorbidities using its technology-enabled healthcare program.
• This program will monitor, manage, and intervene on behalf of those patients using nurse interaction and vital measurement to provide convenient and proactive care.
• The global remote patient monitoring market size is valued at US$4.4 billion dollars and is forecasted to have a compound annual growth rate of 18.5% over the next seven years.¹

VANCOUVER, British Columbia, Aug. 23, 2023 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), an innovative health services company transforming the delivery of care, today announced a contract to provide Remote Patient Monitoring (“RPM”) for a major U.S. regional hospital system’s (“Hospital Partner”) eligible patient population. The Hospital Partner will leverage RPM to remotely monitor, manage, and proactively intervene on behalf of patients with chronic diseases, such as diabetes, heart disease, or respiratory illnesses. The RPM is delivered through a combination of the proprietary HealthyLYF patient app and portal that connects with care providers.

The CloudMD Remote Patient Monitoring Program was chosen to deliver services to the Hospital Partner’s 115 healthcare providers and their over 25,000 Medicare patients. This sole sourced contract will be an important chronic condition management tool for healthcare providers. The remote patient monitoring platform seamlessly integrates with existing technology systems to empower healthier living. This program helps patients better manage their conditions and access proactive preventive care to live healthier lives. It also helps to avoid costly emergency department visits.

“Our Hospital Partner has a long-standing reputation for providing exceptional patient care, and their commitment to excellence is reflected in their decision to add Remote Patient Monitoring. The incorporation of remote monitoring greatly enhances the potential for timely intervention, ultimately lowering healthcare expenses, providing piece of mind, and enhancing healthcare outcomes,” said Nathan Lane, EVP, Health and Productivity Solutions at CloudMD. “We are thrilled to be chosen to extend care beyond the hospital for 25,000 eligible Medicare patients. This is a major contract and further proof of our ability to grow our Remote Patient Monitoring business and deliver health outcomes.”