Cloud DX and partner Maxwell Telecare sign three new clinics for Remote Patient Monitoring (RPM) deployment, expanding on its Maxwell partnership
News in Summary
- Expansion of Cloud DX's Patient-First™ program within the Maxwell network
- Reimbursed RPM programs have the potential to impact 33% of American adults1
- New contracts strengthen partnership, bringing Maxwell projects to five clinics in three months
Cloud DX (TSXV:CDX)(OTC:CDXFF), Cloud DX, a leading Virtual Care platform in North America, and partner Maxwell Telecare announce three new contracts with US based Primary Care practices in Illinois. These three clinics will deploy Connected Health™ to patients for reimbursed Remote Patient Monitoring and Chronic Care Management. As part of its Patient-First™ program, Cloud DX works with physician partners to establish criteria indicating a patient will benefit from RPM to control exacerbations, improve quality of life, and avoid hospitalization and ER visits. These deployments follow recent agreements with seven clinical facilities in the last three months, including University of Waterloo, two previous Maxwell Telecare clinics, Hamilton Health Sciences, and an Ontario Pulmonary Rehabilitation Clinic. In December 2021, Cloud DX announced an exclusive partnership with Medtronic Canada to provide virtual care services to up to 1 million available patients in Canada
Dr. Andrew Rosenson, President of Maxwell telecare states: "As a physician, preventing patients from being hospitalized or re-admitted is excellent for both patients and the healthcare system. Within the Maxwell network, we successfully prevent 80% of re-hospitalizations already and look forward to improving this rate. For chronic care patients especially, adding Connected Health™ into these new practices will significantly reduce exacerbations and improve patient lives significantly."
"We're excited to add new Maxwell Telecare clinical partners to our Connected Health™ platform," says Robert Kaul, CEO and Founder of Cloud DX. "This important partnership continues to grow. We are making healthcare better, supporting aging in place, and providing easy and timely care escalation. As Maxwell improves patient care, Connect Health™ can offer Maxwell providers up to a 9.4x return on investment2, meaning fewer emergency hospital visits and subsequent admissions. It is truly a win-win."
Cloud DX expects to earn approximately $900 CAD in annual recurring revenue (ARR) per patient under current US reimbursement codes for remote monitoring of chronic disease patients. The company aims to be cash flow positive3 upon reaching approximately 10,000 enrolled and compliant US RPM patients.
- Hajat, C., & Stein, E. (2018). The global burden of multiple chronic conditions: A narrative review. Preventive medicine reports, 12, 284-293. https://doi.org/10.1016/j.pmedr.2018.10.008
- Return on invlmaestment calculations are based upon Maxwell Telecare internal financial estimates.
- Forward looking statement. Please see disclaimer in the current Investor Presentation available at ir.clouddx.com
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM 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. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." In 2021, Cloud DX became an exclusive partner of Medtronic Canada.
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SOURCE: Cloud DX Inc.
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