Respiri secures a second order from United States Remote Patient Monitoring partner mTelehealth
• mTelehealth to provide paying customers with devices for evaluation, testing and pilot programs, the first steps in seeking to secure reimbursement for wheezo®.
• Targeted senior medical decision makers from over 600 of mTelehealth target customers will be provided with wheezo® devices to allow for internal review, testing and pilot programs.
• The institutions targeted are Health Management Organisations (HMOs/Payors) and Health System with 1,000+ total beds and a minimum $1B in revenue that fund the delivery of reimbursed Remote Patient Monitoring (RPM), Telehealth and Chronic Care Management (CCM) to patients across the USA.
• These customers provide health insurance and care to 128 million Americans across the entire country which equates to about 19 million asthma and Chronic Obstructive Pulmonary Disorder (COPD) patients.
• mTelehealth is a premier provider of RPM services based in Florida
Respiri Limited (ASX:RSH)(“Respiri” or the “Company”), an eHealth SaaS Company supporting respiratory health management is pleased to announce that it has been working with our first partner mTelehealth to undertake action to convert the high levels of interests expressed in the wheezo® RPM solution. As a result, mTelehealth has placed a second order for additional wheezo® devices representing revenues of approximately US$24k on top of the US$150K order received on 23rd December 2021 as part of the signed agreement with mTelehealth as announced to ASX1. This additional order is not considered to be of a material financial nature to the Company. However, this strategic initiative by mTelehealth is expected to educate senior medical decision makers on the benefits of wheezo®, which in turn may result in increased adoption of the device by mTeleheath customers and associated monthly subscriptions, although an estimate of this potential revenue to Respiri cannot be reliably estimated, given future sales are subject to internal review, testing and pilot study outcomes.
Devices will be immediately air freighted and will be provided by mTelehealth to key decision-makers within their targeted customers base to allow for the critical review, testing and evaluation required to expedite the piloting of wheezo® which are the first and most difficult steps in seeking to secure reimbursement for wheezo® RPM services and inclusion of wheezo® in management protocols.
The over 600 customers have been targeted with many of them already requesting wheezo® devices following negotiations already had. The customers provide health insurance cover and healthcare delivery for approximately 128 million Americans across the country and roughly 19 million with asthma and COPD suffer based on local
epidemiology. These customers are broad from progressive smaller payor groups typically insuring 500,000 lives to large premier organizations insuring upwards of 4 million lives and all HMO types have expressed interest in evaluating the wheezo® RPM solution the first critical step to reimbursement approval.
CEO and Managing Director of Respiri, Mr. Marjan Mikel said “Our partnership with mTelehealth has developed quickly with mTelehealth and the progress they have made with customers in only 2 months of customer engagement has exceeded all our expectations. This mTelehealth funded initiative to engage with decision-makers and expedite the payor reimbursement approval process speaks volumes for the relationship Marc and his team have developed over 11 years of business. This is a key step in seeking to get reimbursed wheezo® devices into the hands of patients that need it.”
President and CEO of mTelehealth, Mr. Marc Poulshock said “We have seen an unprecedented positive response to our customer engagement activities to wheezo® and this acted as a catalyst for our investment in accelerating wheezo® evaluation with our customers. Things normally take time to change in the US health market but these
rules seem to not apply to wheezo® which we are pleased about.”
RPM is the use of digital technologies deployed in the collection and analysis of patient physiologic data that are used to develop and manage a treatment plan related to a chronic and/or acute health illness or condition. RPM systems improve patient health and device compliance, which leads to a reduction in hospital admissions and reduced healthcare costs. In parallel, RPM generates new revenue streams for healthcare providers while improving patient care and associated medical information outside the clinic for evaluation and management purposes.
The overall RPM market is expected to show annual growth exceeding 30% to 2026 to US$85 billion, driven by the increase in the occurrence of chronic diseases (including asthma), demand for wireless and portable systems, the presence of sophisticated reimbursement structures, and a move to more cost-effective medical expenditure.
For further information, investors and media please contact:
Mr. Marjan Mikel
CEO & Managing Director
P: +61 408 462 873
Mr. Nicholas Smedley
P: +61 447 074 160
This ASX announcement dated 4 February 2022 has been authorized for release by the Board of Directors of Respiri Limited.
About Respiri Limited
Respiri is an e-Health SaaS company supporting respiratory health management. Its world-first technology detects wheeze, a typical symptom of asthma, COPD and respiratory disease to provide an objective measure of airway limitation. wheezo®, Respiri’s innovative technology, comprises an eHealth app combined with a simple, easy to use, handheld device. wheezo® is the first smart device to help improve asthma management by monitoring wheeze and documenting symptoms, signs, triggers, weather conditions and medication use. The asthma management platform also facilitates the sharing of data with caregivers, physicians and other health care professionals.
Respiri’s mission is to help improve quality of life for hundreds of millions of children and adults around the world and dramatically reduce hospital admissions and the economic burden of asthma. Respiri Limited’s operations are based in Melbourne, Australia.
For additional information about Respiri and its products, please visit www.respiri.co
Developed in Australia, with the support of respiratory specialists and other healthcare professionals, the innovative wheezo® device analyses breath sounds for wheeze, and the eHealth App assists patients with managing their asthma by tracking symptoms, triggers, medication use, and geo-specific weather conditions. The platform has been designed to extend asthma management beyond the clinic and make it easy to share information with doctors and make appropriate adjustments to asthma action plans. Better active management may lead to better outcomes and improved quality of life for the asthma patient.
For further information about wheezo®, follow the online link https://wheezo.com
wheezo® is a registered trademark of Respiri Limited.
mTelehealth, LLC, founded in 2010 and based in Delray Beach, FL, United States, is a premier provider of Remote Patient Monitoring (RPM), Remote Therapeutic Monitoring (RTM), Telemedicine, Chronic Care Management (CCM), Virtual Exam, Video Visit, and related Telehealth solutions. mTelehealth’s Remote Health Monitoring System, Powered by a TouchAway™, provides a complete solution to remotely collect, store, and report timely and accurate health information anywhere. The company connect patients with their families and care providers through an easy-to-use, affordable, remote health monitoring kit. For more information about mTelehealth, please visit our website: https://mtelehealth.com.
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Respiri current expectations, estimates, and projections about the industry in which Respiri operates, and its beliefs and assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance” and similar expressions are intended to identify forward-looking statements and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those risks or uncertainties inherent in the process of developing technology and in the endeavor of building a business around such products and services. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the control of Respiri, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Respiri cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Respiri only as of the date of this release. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. Respiri will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.