Connected Health™ platform exhibits a 3X growth among existing client base
News in Summary
- 12 contracts signed to date in 2023
- YoY growth in Contract Extensions increases 150%
- Rate of growth among customers indicates a permanent shift in healthcare delivery
KITCHENER, ON / ACCESSWIRE / March 16, 2023 / Cloud DX (TSXV:CDX)(OTC:CDXFF),a leading health data platform, announces the expansion of 5 existing remote patient monitoring contracts, strengthening its reputation as a top provider of remote patient monitoring in North America.
Cloud DX makes significant progress this quarter, signing contracts with 7 new clients and expanding orders with 5 existing clients. These customers are growing their remote patient monitoring (RPM) programs to support more patients and additional healthcare conditions.
The sales growth of the company's Connected Health™ RPM solutions has been steadily increasing since 2022, with 12 new contracts and extensions executed in 2023 demonstrating a significant ‘run rate' increase from the 28 announced the preceding year.
Customers increasing their Cloud DX deployments announced today include 2 Ontario Community Paramedic programs, an Ontario Family Health Team, an Ontario Hospital and a Provincial Health Authority in Western Canada. Total contract values to date are expected to be up to $800,000 CAD in the first year, including up to $450,000 CAD in hardware purchases, with the remaining revenue assigned to subscription and services lines.
Cloud DX Founder & CEO Robert Kaul says 'The growth of remote patient monitoring is accelerating as healthcare providers put the lessons learned during the pandemic into practice. Cloud DX is pleased to be in a position to offer our customers a best-in-class virtual care platform, very high patient satisfaction and exemplary customer service, resulting in a record number of new contracts so far in 2023.'
The Connected Health™ platform allows healthcare teams to monitor their patients remotely. This approach to care results in more efficient care, fewer hospitalizations, and ultimately better patient outcomes. Using proprietary technology, Connected Health™ provides daily monitoring of patients' vital signs and notifications, making it easier for healthcare teams to take necessary actions if readings outside predetermined ranges improving the wellbeing of their patients.
Results of a national study studying the effects of remote patient monitoring (RPM) post-surgery remotely showed that RPM prevented and resolved 24% more medication errors, with patients reporting 10-14% less pain, and notable decrease in re-admissions by 5%. Follow-up studies, by third-party, also showed an industry leading satisfaction rating of greater than 97% among patients.
Cloud DX supplies virtual and remote care services to hospital-based RPM programs, provincial/territorial health authorities, and Community Paramedic services across Canada and across care organizations and clinics in several US states.
About Cloud DX
Cloud DX is on a mission to make healthcare better for everyone. Clinics and hospitals across North America use our Connected Health™ data platform to incorporate remote and virtual technology in care delivery. Our remote monitoring solutions let care teams virtually monitor hundreds of patients; Patients take vital signs at home with intelligent medical devices which transmit the data to the care team's dashboard or EMR. Connected Health™ supports remote vital sign monitoring, behavioral medicine, telehealth, care pathways for chronic care, aging in place, palliative or perioperative hospital-at-home, and more. Our customers achieve better healthcare and patient outcomes, reduce hospitalizations and readmissions, lower care delivery costs, and grow patient panels, revenue, and more.
Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and Equitable Life of Canada. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by Canadian Business, a 2021 Edison Award winner, a Fast Company 'World Changing Idea' finalist, and one of 'Canada's Ten Most Prominent Telehealth Providers.'
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SOURCE: Cloud DX Inc.
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