Reliq Health Technologies, Inc. Announces Expansion of Mental Health Services

HAMILTON, Ontario, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, is pleased to announce that it has expanded its mental health services portfolio and expects to add 10,000 new mental health patients to its platform in 2024.

“We are very pleased to be adding cognitive assessments to our portfolio of mental health services,” said Chris Shields, CEO at Reliq Health Technologies, Inc. “Many of our existing and potential clients have requested that Reliq offer additional products and services in the mental healthcare area, particularly for patients in Skilled Nursing and Assisted Living Facilities. Providing cognitive assessments to our patient populations, will allow clinicians to identify patients with previously undiagnosed mental health needs. Cognitive assessments are typically performed twice a year and are billed to CMS under a unique billing code. It is estimated that 1 in 4 Medicare recipients have a mental health condition but up to half of those patients are not currently receiving treatment. Our clients are committed to providing comprehensive care to their patients to achieve both physical and mental wellness. Medicare has increased the reimbursement rate for Behavioral Health Integration (BHI) by 25% in 2024 as part of their ongoing commitment to improving mental health in at-risk patient populations. The Company will initially roll out its expanded mental health services to existing Skilled Nursing and Assisted Living Facilities as well as Alzheimer and Dementia Care (Memory Care) Facilities. The Company expects to add over 10,000 additional mental health patients in 2024 at an average of $48 per patient per month with an expected 70% gross margin. The strong customer/patient demand for the expansion of our mental health care services further demonstrates our existing clients’ high levels of satisfaction with the usability and efficacy of our products, and with the resulting cost savings and new anticipated revenue streams.”