Respiri partners with Hawaiian care facilities in remote patient monitoring deal
Medical technology specialist Respiri (ASX: RSH) has once again displayed the diversity of its business offering by reaching agreements to provide remote nursing support to care facilities in Hawaii.
The company has entered into two individual remote patient monitoring (RPM) agreements with Liliha and The Care Centre of Honolulu skilled nursing facilities (SNF) in deals the company estimates will generate around $1.5 million annually.
Approximately 1,000 patients are discharged to home care from the two facilities every year and the Respiri RPM solution will support the transition to ensure continuity of care is maintained in the home setting.
Improved revenue profile
“There are three major healthcare assets that work in concert to optimise healthcare delivery in the USA: providers, hospitals, and SNF; we now partner with all three in Hawaii,” chief executive officer Marjan Mikel said.
The agreements will involve the use of Respiri’s unique Clinic in Cloud (CiC) business solution—for which per patient per month revenues will range from around $190 to $322, well above the company’s target of around $100 to $145.
“This is a testament to the quality of our services and our growing reputation as a reliable Beyond the Clinic patient partner.”
“Our growing footprint will allow us to positively impact the health of patients, which is the primary reason we exist as a business.”
Scalable model
There are 42 SNFs in Hawaii discharging approximately 5,000 patients every year, all with similar management requirements.
Respiri is in discussions to expand the model to a significantly larger proportion of these clinical facilities.
“There is great interest in this SNF program and the outcomes it can deliver across the islands,” Mr Mikel added.
The new patients will be in addition to the 8,000 qualified patients Respiri has received from existing clients that the company’s onboarding team is currently recruiting into programs.
Capital raising
Respiri received firm commitments to raise $3m in late July via a placement to support the expansion of CiC in the US.
A new patient recruitment team and process was launched in late August and is having an immediate and significant impact.
Mr Mikel said additional scaling is planned for 1Q25, when other major new contracts are forecast to commence.
He said Respiri continues to make significant progress across the US and is in advanced discussions with several other potential clients that it hopes to finalise in the coming months.