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Cloud DX Signs 12th Paramedic Service Contract

6/6/2023
June 6, 2023 - 6:30 AM PDT
Cloud DX Signs 12th Paramedic Service Contract

Ontario Community Paramedics granted an additional $174 million for the successful Community Paramedicine for Long-Term Care (CPLTC) program.

News in Summary

  • This is Cloud DX's 12th Community Paramedicine contract announced to date.
  • Funding is provided through the Ontario government CPLTC program.
  • Cloud DX sales continue to grow on a quarter-over-quarter basis in 2023.

KITCHENER, ON / ACCESSWIRE / June 6, 2023 / Cloud DX (TSXV:CDX)(OTC:CDXFF), a leading North American provider of virtual care platforms announces a new contract with another 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 replacing another vendor. The flexibility of the Connected Health platform allows the customer to continue using some legacy hardware, including tablets and pulse oximeters, lowering the cost of switching to Cloud DX. The new contract will begin with 35 Connected Health™ subscriptions and has an estimated value of up to $35,000 CAD, running through May 2024.

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.

In comments published by CBC News, 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."

Cloud DX CEO and Founder Robert Kaul stated, "Cloud DX is excited to see continued growth in new contracts, contract extensions and expanded sales orders from the Community Paramedicine for Long-Term Care program. Caring for seniors in their own homes not only results in fewer ER visits, fewer hospital admissions and better health outcomes, but patients appreciate the chance to stay at home, stating they are very satisfied with Cloud DX Connected Health™. We hope to see this pioneering program replicated in other provinces soon."

This is the 12th contract Cloud DX has signed with 8 separate Community Paramedic Services in Ontario, and the 16th contract or extension announced by the Company in 2023 versus 28 contracts announced in all of 2022.

1 https://news.ontario.ca/en/release/1001022/ontario-expands-community-paramedicine-for- long-term-care-program

2 https://budget.ontario.ca/2023/chapter-1b.html

3 https://www.cbc.ca/news/canada/ottawa/hospital-closures-emergency-rooms-community-paramedics-1.6550183

About Cloud DX

Accelerating digital 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, 2022 Top Innovator by 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 Equitable Life of Canada.

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Forward Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.

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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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Source: ACCESSWIRE (June 6, 2023 - 6:30 AM PDT)
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