Cloud DX Wins $3 Million Contract for Remote Patient Monitoring

Company is awarded a multi-year contract by Mohawk Medbuy on behalf of its Member hospitals and healthcare providers across Canada.

News in Summary

• Mohawk Medbuy awards innovative remote patient monitoring services contract to Cloud DX after competitive request for proposal (RFP).
• Mohawk Medbuy provides procurement and other supply chain services to hundreds of hospitals and Health Authorities across Canada.
• The contract has a term of 3 years with up to 2 extensions of 2 years each; overall contract value announced is $3,040,000 CAD.
• This is the 17th contract or contract extension announced by Cloud DX in 2023, versus 28 announced contracts in FY2022.

KITCHENER, ON / ACCESSWIRE / June 21, 2023 / Cloud DX (TSXV:CDX)(OTC:CDXFF), a leading North American provider of remote patient monitoring services announces that they have won a competitive RFP to supply remote monitoring technology and services to two health organizations. Mohawk Medbuy Corporation (MMC) led the procurement process, in collaboration with these member health care providers, using Broader Public Sector Procurement Directives. The award, which was announced on the procurement portal Biddingo on June 20, 2023, is also available to MMC's other members.

Mohawk Medbuy is a national, not-for-profit, shared services organization trusted by hundreds of Canadian hospitals and health care providers to drive value, efficiencies and cost savings on the supplies and services they use.

Under the terms of the contract award announced on June 20, 2023, Mohawk Medbuy will serve as the master contractor for the two members, who can order RPM products and services from Cloud DX with assured pricing and terms. Other Mohawk Medbuy members can leverage the agreement without having to issue separate requests for proposals (RFPs), reducing the cost and complexity of procuring best-in-class RPM services.

The initial contract runs from July 1, 2023 to June 30, 2026 with option for a further 2 extensions of 2 years each, to June 30, 2030. The total estimated awarded contract valuation for the full term of the agreement including option periods is $3,040,000 CAD.

For Cloud DX, winning this competitive award further cements the Company's status as a leader in remote patient monitoring delivery in Canada. This is the 17th contract or extension announced by the Company in 2023 versus 28 contracts announced in all of 2022, showing that the demand for RPM continues to increase across the Canadian healthcare landscape.

Cloud DX CEO and Founder Robert Kaul stated, "We are very excited to win this competitive contract award and continue to deliver life-changing remote patient monitoring, virtual care and telemedicine products and services to Canadian patients and providers".

About Mohawk Medbuy Corporation

Mohawk Medbuy is a national, not-for-profit, shared services organization that supports hundreds of health care providers across Canada, as well as child welfare agencies and other public sector organizations. MMC provides value-driven contracting and procurement solutions for medical/surgical supplies, pharmaceutical products, local sourcing, capital equipment (FF&E) and food/nutrition solutions. MMC also provides data analytics, in-hospital services, warehousing/logistics, technology services, procure-to-pay services, accounts payable and linen services.

With an emerging focus on sustainability and reconciliation with Indigenous Peoples, MMC is actively supporting the creation of a resilient value chain that incorporates environmental, social and economic wellbeing. The Burlington, ON-based organization also has offices in Toronto, Thunder Bay, Kingston, Brantford and London, a distribution centre in Oakville and a linens facility in Hamilton.

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

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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