Viemed Healthcare, Inc. (the "Company" or "Viemed") (TSX: VMD.TO and NASDAQ:VMD), a home medical equipment supplier that provides post-acute respiratory care services in the United States, announced it has acquired a 5% interest in VeruStat, Inc, a newly created company focusing on remote patient monitoring ("RPM"), for approximately $600,000 using cash on hand.
The investment is part of the Company's launch into the healthcare technology sector, and will immediately allow the Company's salesforce to offer a new revenue source to its physician network around the country. RPM platforms allow physicians to bill for safely monitoring patients inside of the home that are struggling with chronic diseases. The VeruStat RPM solution will be placed in the home in conjunction with Viemed's existing patient engagement platform ("PEP"). Preliminary data indicates that the use of Viemed's internally developed PEP results in better patient compliance along with labor and workflow efficiencies. The Company is currently expanding the number of patients utilizing the PEP technology.
"The pandemic has revealed a great demand by physicians and patients to safely use technology to provide patient care inside of the home," said Casey Hoyt, Viemed CEO. "We are excited to be partnering with VeruStat in the RPM space, as their unique solution will fit well with our physician network. While the RPM space is new, it complements our mission of interacting more frequently with chronically ill patients across multiple disease states, even beyond respiratory illnesses. We fully expect the RPM platform to add incremental revenue in 2021 on a standalone basis, while driving new adjacencies and adding to our core respiratory business."
ABOUT VIEMED HEALTHCARE, INC.
Viemed, through its indirect wholly-owned subsidiaries Sleep Management, L.L.C. and Home Sleep Delivered, L.L.C., is a home medical equipment supplier that provides post-acute respiratory care services in the United States. Sleep Management, L.L.C. focuses on disease management and improving the quality of life for respiratory patients through clinical excellence, education, and technology. Its service offerings are based on effective home treatment with respiratory care practitioners providing therapy and counseling to patients in their homes using cutting edge technology. Home Sleep Delivered, L.L.C. focuses on providing in-home sleep testing for sleep apnea sufferers. Visit our website at www.viemed.com.
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Chief Operating Officer
Viemed Healthcare, Inc.
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