These contracts cap a record first quarter at Cloud DX, which has announced 10 new contracts and 14 contract renewals, valued at $4.75M CAD so far in 2024.
News in Summary
- On March 26, 2024, Cloud DX signed new 24-month Master Deployment Agreements with both the Beausoleil First Nation Paramedic Service and another Ontario County Paramedic Service.?
- In Ontario, Remote Patient Monitoring (RPM) services are offered in the community under the Community Paramedicine for Long-Term Care program (CPLTC).
- Cloud DX Connected Health RPM products and services allow Community Paramedics to monitor seniors where they live, extending the time they can stay at home and reducing pressure on nursing home waiting lists. ?
- These clients are the 9th and 10th Ontario Paramedic Services to contract with Cloud DX to date.
KITCHENER, ON / ACCESSWIRE / April 9, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms is pleased to announce the execution on March 26, 2024 of new Master Deployment Agreements for Cloud DX RPM Services with Beausoleil First Nation Paramedic Service and an Ontario County Paramedic Service.
In Ontario, Community Paramedic Services offer Remote Patient Monitoring to seniors who can benefit from daily monitoring of vital signs, physical symptoms and in many cases, chronic conditions such as COPD* and congestive heart failure. Patients can interact with the Paramedics via the Cloud DX mobile app, allowing for close oversight and empowering patients to help manage their own care.
The Community Paramedicine for Long-Term Care (CPLTC) program is fully funded by the Ontario provincial government to provide additional care for seniors 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.
In comments published by CBC News, on the impact of the CPLTC program, Renfrew County Paramedic Chief Michael Nolan said "Community paramedics can lower the likelihood that those higher-use populations will call 911 or go to the emergency department by up to 70%. Community paramedics can visit and support vulnerable populations without adding more strain on emergency providers - something that can be done in the patient's own home, not in a hospital bed."
The agreements announced today have a term of 24 months. Including the purchase of products, subscriptions and bundled services, the aggregate value of these contracts is approximately $140,000 CAD. In their most recent financial statements Cloud DX reported gross margins of approximately 77%.
Cloud DX Co-founder and COO Anthony Kaul stated: "Cloud DX is pleased to continue supporting the very effective Community Paramedicine for Long-Term Care program in Ontario. Especially in rural areas, patients with chronic conditions, or patients recovering from surgery may be a long distance from the nearest hospital, which puts additional pressure on paramedics. Home monitoring both keeps patients safer and makes the job of the paramedics easier."
*COPD = Chronic Obstructive Pulmonary Disease
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 and Teladoc Health Canada.
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Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.
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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.
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