Community Paramedicine for Long-Term Care (CPLTC) program continues to care for Ontario seniors using Cloud DX Connected Health technology.
News in Summary
- This is Cloud DX's 13th Community Paramedicine contract announced to date.
- Funding is provided through the Ontario government CPLTC program from the Ministry of Long-Term Care.
- Cloud DX overall sales are expected to approximately double in 2023.
KITCHENER, ON / ACCESSWIRE / October 4, 2023 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms announces a contract with a new Ontario Paramedic Service to bring remote patient monitoring (RPM) to seniors in the community.
This community paramedic group chose Cloud DX to provide Connected Health™ kits and remote monitoring services for an already-running RPM program after receiving additional funding through the Ontario government's Community Paramedicine for Long-Term Care program (CPLTC).
For this contract, Cloud DX Connected Health is once again replacing another vendor. The flexibility of the Connected Health platform allows the customer to continue using some legacy hardware, lowering the cost of switching to Cloud DX.
The CPLTC program is fully funded by the provincial government to provide additional care for seniors in the comfort of their own homes before admission into long-term care. Recently the province announced an additional $174 million CAD in funding to expand the CPLTC program from 2024 onwards.
Peterborough County Paramedics describe in this recent 3 min. video how effective Cloud DX Connected Health is at:
- Reducing frequency of repeat callers
- Lowering usage rates of 911
- Decreasing emergency room visits
- Improving usage rates of more cost-effective care
Since launching our Community Paramedic program Cloud DX has deployed approximately 975 Connected Health Kits, which are expected to generate about $1,000,000 CAD in combined hardware, subscription and service revenue in year 1 and a further $425,000 in recurring revenue in further years. Cloud DX's gross margin is approximately 70%.
Cloud DX CEO and Founder Robert Kaul stated, "Cloud DX is gratified to see the continued growth of the Community Paramedicine for Long-Term Care program. This new contract, on top of the recently awarded RFP wins with Mohawk Medbuy, Alberta Primary Care Network and Alberta Health Services, continues the Company's drive to deliver award-winning innovation to Canadians. As the leader in Canadian RPM, we hope to see this pioneering Community Paramedic program replicated in other provinces soon."
This is the 13th contract or extension Cloud DX has signed with 8 separate Community Paramedic Services in Ontario, and the 22nd contract / extension announced by the Company in 2023 versus 28 contracts announced in all of 2022.
LINKS:
2 https://budget.ontario.ca/2023/chapter-1b.html
3 https://www.youtube.com/watch?v=NxIMk_TrLLc
4 https://ca.finance.yahoo.com/news/cloud-dx-wins-3-million-191000876.html
6 https://ca.finance.yahoo.com/news/cloud-dx-wins-competitive-rfp-211500154.html
About Cloud DX
Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ 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, winner of "2022 Top Innovator" from Canadian Business, a 2021 "Edison Award" winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and leading hospital procurement agent Mohawk Medbuy.
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À propos de Cloud DX
Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.
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SOURCE: Cloud DX Inc.