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, BC, August 23, 2023 – 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.”
Karen Adams, Chief Executive Officer of CloudMD added, “Our team has created and refined a differentiated Remote Patient Monitoring program, and this hospital system contract is a testament to that. I am proud of the work we have accomplished and the impact we will have on patients using our technology enabled healthcare. We will continue to invest in Remote Patient Monitoring and add proprietary technologies such as iCBT and our in-pilot Glucose Monitoring System. This is foundational for our strategy of U.S. expansion as we continue to build a pipeline of opportunities and innovate to drive health outcomes and evidenced based treatment.”
The contract has access to 25,000 eligible Medicare patients and once scaled, has the potential to be a material contract for the Company. It is also a strategic step towards expansion of pipeline and introduction of new services to support healthcare navigation and health risk management.
About CloudMD Software & Services
CloudMD is an innovative North American healthcare service provider focused on empowering healthier living by combining leading edge technology with an exceptional national network of healthcare professionals. Every day, our employees and health care providers live our values of delivering excellence, collaboration, connected communication and accountability to solve complex health problems. CloudMD’ s industry leading workplace health and wellbeing solution, Kii, supports members and their families with a personalized and connected healthcare experience across mental, physical and occupational health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, government, and insurers. CloudMD is also a market leader in workplace absence management through data-driven prevention, intervention and return to work programs.
In addition, the Company sells health and productivity tools to hospitals, clinics, and other healthcare service providers to empower them to deliver better care. Visit www.cloudmd.ca to learn more about the Company’s comprehensive healthcare offerings.
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Forward Looking Statements
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws, including statements about the Company’s growth strategy and profitability. These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A (which is filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
1 Grand View Research