Hello, everyone. Look at this. A cast of millions. It's fantastic. Ben, can you put your or Pedro, can you put your thumbs up if you can hear me? Sensational. Just waiting on a few more minutes. Then I'll get the presentation on board, and we'll take it from there. I trust everyone's well and getting ready for the Easter break and what have you. It's kind of strange talking to you and not expecting a response. Anyway. No. Okay. Yeah. Pedro, can you see my screen, mate? Okay, fantastic. Thank you. Every time I do this in the past, it freezes on me. Let's hope it doesn't this time around. We'll just give it a few more minutes. Thanks, ladies and gentlemen. It's just ticked over 11:00 A.M.
I might give it just one more minute, and then we'll kick off in earnest. Hopefully I'll be able to provide you with a bit of an update on where we're at and what we've achieved over the last few months. Exciting times for the organization that I'd love to share with you all. We'll give it another minute, and then we'll kick off. Someone needs to put on mute, please. Thanks. Hang on. Hi, something needs to be put on mute. Thank you. Andrew, can you put everyone on mute, please? Okay. Well, good morning, everybody. I think we'll kick off now. This shouldn't take too long. Thank you very much for joining me this morning. What we're gonna do today is basically provide a couple of things.
One is an update on the last few months that we've been operating in the U.S. A lot of things have happened, and there's been a lot of progress made, and I wanna share that with you. I also wanna revisit some of the reasons why we're in the U.S. and importantly, what we have achieved to date, since we launched in the U.S. just over a year ago. Reminding everyone that we launched in the U.S. essentially at beginning of last year. Everything that we'll be talking about today happened in just over a month. Sorry, a month. A year. I do apologize. I've also received a few questions that I'll answer at the end of the presentation. As always, you've all got my contact details.
If there is, or if there are, sorry, further questions that you'd like to pose to me, please don't hesitate to email or ring me. I can't promise that I will answer them immediately, but I will answer them, I promise you that. What I thought I'd do now is just kick off the meeting. I wanted to preface the whole meeting by saying one thing, and that is, what I'm talking to you about today are not aspirations. What I'm talking to you about today is what's actually happening with your Respiri team and your Respiri business in the U.S. [crosstalk] . If we could... Yeah. That's... Sorry, people are still not on mute. If you could help me out there, please. Thank you.
Do apologize. Really what we're talking about today is not what we hope to achieve, it's what we have achieved and what we achieved in a very short period of time, and what the Respiri team has achieved through our partners and customers in the United States. As always, our business is all around providing care to patients once they leave the care of their physician in the clinics. Today, we're delivering a scalable, reimbursed Remote Patient Monitoring solution that we know from studies that we've done in Australia and what we've seen in the U.S., improve health outcomes and reduce, importantly, the cost of healthcare to the payers and all the stakeholders. That's what's happening today. What I thought I'd do is basically provide you with a summary of where we're at with the U.S. business. We're business ready right now.
We are commercializing in the United States right now. This is, again, not what I hope to achieve. This is what is happening. A reminder, I apologize to those who know the full story, but I think it's important to reinforce this because a lot of time and effort and investment's gone into where we are today. From a clinical and regulatory perspective, we have FDA approval. Okay? Sorry, guys, someone's still not on mute. Thanks. We know the device works, we know it works at least as well as a doctor with a stethoscope. We know that the platforms and applications that we've got have a desired impact on it, what it is to get patients to comply and to get the health outcomes that we want.
We have a Remote Patient Monitoring program that's been designed and tested in Australia, which we know. Patients are highly compliant. 83% of patients continue to use Wheezo every single day. As an ex-pharmaceutical guy, if I still had half the patients swallowing their tablets in six months' time that they were put on, I'd be a very happy camper. Compliance rates are very, very difficult in healthcare. Our compliance rates with the RPM program we've developed, which is a combination of Wheezo, systems and people, is highly effective in keeping patients compliant. Important to note, unlike Australia, this is a physician-led market. All the Wheezo patients that we have on product at the moment, and those in the future, will be prescribed or recommended by a physician.
We know, as I said, from the studies that we've done, that our program has a desired impact on reducing or improving, I should say, the lead indicators that are likely to result in hospitalizations or exacerbation. We know that we improve those. We know that that's an important part of any decision-making process for any stakeholder in healthcare. We know by improving those that we have definite cost benefits to insurers and hospitals, and the doctors and hospitals get paid for doing it. Remembering now, again, this is not what we hope. CMS, that is the Centers for Medicare & Medicaid Services, reimburse Remote Patient Monitoring, and Wheezo is part of that right now. The services have been paid for. Remembering it's not us that gets paid for the services, it's the doctor that gets paid for the service or the institution.
Why is that important? Apart from the clinical need to be able to provide a Remote Patient Monitoring service that gives doctors greater transparency around how well their patients are tracking once they leave the surgery, the doctor gets rewarded for providing this important service. That's a really important point to make. Further, doctors and institutions can outsource the entire program to a third party. They don't have to actually undertake the machinations of Remote Patient Monitoring. The people that they outsource it to are our RPM marketing and sales partners. That's all done. That's ready to go. It's important to note also today, as of the last trip, there are now eight healthcare organizations that are our clients. Wheezo RPM is being rolled out as I speak. Patients are being onboarded as I speak.
We have an imminent deals that have come out of the last few months of work. It's important to note that the customers that we're dealing with through our partners have a broad specialist type. It's not just respiratory people, it's primary care, it's cardiology, it's intensivists. Although our target group are the pulmonologists, the appeal of Respiri RPM is much broader than just that specialty. Important to note that it's also not restricted to a particular geographic part of the U.S., but importantly right across the country. We're now with the new deals in about 12 states across U.S.A.
We're also working right now with a number of other additional healthcare partners, not like Access, but organizations that have got established clients with healthcare organizations, providing them with services, whether they be telehealth or practice management solutions, that want to expand their services to their existing clients to include Remote Patient Monitoring. We're in a very good position and in very advanced discussions with people like that. Reminder, we make $58 from every device we sell through our partners, and then we get a fee for service per patient per month. For every patient that's put on Wheezo RPM, and that's somewhere between $10-$20, depending on the scope of what's being outsourced to our partners. Our pipeline remains very strong.
We have a very strong pipeline of new customers, as I said, a number of those are imminently going to be signed, there are quite a number of others that are well down the pathway. It's important to know that you've also got a team here that's proven to be able to execute these sorts of things. Remote Patient Monitoring is not a new horse for me. I've done this in the past. As you know, my last company, Healthy Sleep Solutions, was built on providing Remote Patient Monitoring solutions to patients with Sleep apnea, a respiratory disorder. We went on to become Australia's largest provider of those sort of services. The parallels between Respiri in the U.S. and the Healthy Sleep Solutions model are very, very close. We've got patients being onboarded and are onboarded right now.
We know the program's working. We know that the reimbursement covers what it is that's being delivered to patients through doctors and being paid. We're scale ready. We're ready for the 30,000-40,000 patients right now, through the tests that we've done. Now, you never really know until you've got 30,000 or 40,000 patients, but everything that we've done now, leads us to believe that we're very well-placed for scale. Important to note, today we've got, 20,000 units of Wheezo in inventory and componentry for another 12,500 to be able to be built very, very quickly from order to inventories, about four to six weeks. That should more than adequately handle the demand that we're forecasting over the next year to 18 months.
Really, as I look at the situation that we find ourselves in, a lot's come together to get us where we are at the moment. I have absolutely no problems sleeping at night when it comes to where our new patients are gonna come from with regards to new customers or have we got enough product to be able to handle the scale. Our sole focus this year is to scale and accelerate patient onboarding with existing clients onto the RPM program. How do we speed that up? That's the thing that is really taking most of my attention at the moment. How do we speed up the process to make sure that we get patients on Remote Patient Monitoring for Wheezo faster?
That's not to say we're not getting patients on now, but I'm a very impatient person, and my challenge to your team, that's the Respiri team, is: How do we accelerate that with our existing clients? That's just a snapshot of where we're at. We've been in the U.S. for the last two months, and what I'd like to share with you now is what we've achieved over that period of time. Our report card, we've got the full Wheezo RPM program, patient onboarding commencing with Michigan Children's Hospital. Reminder, they're part of the New York Stock Exchange-listed Tenet group, ticker code THC. They have over 60 hospitals across the country and more than 120 outpatient clinics. They're a big group. Michigan kids, they see up to 8,000 new patients every single year.
That's new patients, and they deal with many, many more patients. The full rollout of their program, which has already commenced, but this is the full rollout, is in April this year. It'll commence with the hospital clinics, which run every day out of the hospital there. In late April, early May, that'll move into the outpatient clinics. We had an extensive kickoff meeting with Access and from Michigan over the last week. The plans are in place now. The protocols are in place. The onboarding's in place for this to get rolled out in a week. That's just reinforcing patients that are already on product and RPM at Michigan, but it rolls out in earnest in a week's time. We've also got full Wheezo RPM patient boarding was commenced with Arkansas and also the North Carolina Healthcare Organization.
They've got patients on Wheezo right now, but we're now rolling to a full-blown rollout of Remote Patient Monitoring in respiratory patients with Wheezo. We've increased Our patients on Wheezo right now to about 100. Although that may sound modest, it is an increase over the 20 that we had about three or four weeks ago. We anticipate this number growing very, very quickly given the points that I discussed prior to that. Whilst I was there, we also secured a contract with a major new home and transition care provider in another state of the United States. I'm not at liberty to discuss those particular.
Those details at the moment, because they're in the final throes of negotiating a contract with a major insurance company in the United States to provide exclusively their Remote Patient Monitoring and transition care activities on an ongoing basis. That's a really big deal, and I'll be able to share more information with you about that once I get the go-ahead when the contract negotiations between the customer and the insurance company are completed. We're very close to finalizing an agreement with a major respiratory clinic group that has over 100 clinics across the United States. They are a group that is growing through clinic acquisitions. This group is likely to get much larger than it already is. It's important to note that they specialize in Respiratory Care. That's what they look at.
Every patient that walks into these clinics has a lung problem. They have in the vicinity of 1 million patients that they look after on an ongoing basis. They see about 250,000 lung patients in a patient sense every single. They are huge, and we're hopeful that. [crosstalk] . Oh. If you could please put yourselves on mute, please. [crosstalk] . Someone's just said, He's told me all about it. If we could stop that'd be great. It's important to note that we've also got four new clinical services companies as potential partners. With their existing clientele across a number of additional state auditing. These companies have agreed, we've agreed in principle how we'll work together, now we're just in the process of finalizing contracts.
They have existing clients. They want to add Remote Patient Monitoring to their portfolio of services. As I said, it's an exciting time because Sorry, broadens the number of existing clients that our customers or contacts have at this moment in time. This isn't about necessarily business developing further, but adding Remote Patient Monitoring and Wheezo to the existing clients that these four major institutions have got. It'll also involve potentially a new school Asthma program in Atlanta and surrounding states. One of them is also a telehealth practice management provider, and as I said, it's wanting to expand their services. They have clients they're dealing with right now and doctors they're dealing with right now with telehealth.
The other is a has an existing nursing home care team of about 150 staff that are currently delivering chronic care to their customers. Adding Remote Patient Monitoring to that is a relatively simple thing to do, and that would be something that would be a very quick win for us when it comes to. We're in some advanced discussions on Remote Patient Monitoring with two private health insurers. One of them is a Nasdaq-listed third-party administrator. They basically work with employer-funded healthcare plans to make sure that they're delivering a cost-effective solution for those organizations. They also have a clinical care nursing support team whose sole purpose in life is to improve health outcomes and in doing so, reduce costs and improve savings.
They are very interested in adding Remote Patient Monitoring to customers that they currently manage. The other is a major national insurer, one of their state offices, who are particularly interested, as is the Nasdaq-listed organization, in introducing and funding Remote Patient Monitoring to minimize cost. We're also in discussions with the latter about a possible risk-sharing arrangement where we get paid for the services that we do, but we also share in the spoils of the reduced expenses and costs that they've incurred with a group of patients who have respiratory disorders on the back of the Remote Patient Monitoring solution that we would be providing them. That's a big deal for us. These are the first times that we've had entered such advanced discussions with insurers, and it's an exciting time for us.
We're not in a place where we've got a contract in, but these discussions are very, very encouraging and all parties are very excited about being able to support each other in achieving these goals. I'm pleased to be able to announce, given the progress we make when we are there on the ground in the United States, whether that be myself or our Chief Commercial Officer, Theo, we've employed a head of U.S. operations. This is the culmination of extensive executive search. The gentleman has extensive Remote Patient Monitoring, MedTech and healthcare institution experience, and a track record in getting things done in the United States. He will be commencing in mid-April, and I will send out more information about the gentleman in due course.
Basically, we wanna make sure that the momentum that we generate when we're there on the ground working with our customers, our partners, and their customers is maintained 24/7. That's an exciting thing for us, and it's a milestone for us. They'll be our first U.S. employee. That's really a big step in the right direction to make sure that we maintain the momentum that we. I thought I'd also just take the opportunity to remind people about the size of the opportunity that we're chasing in the United States. A respiratory disease like every like, is a major healthcare burden into the U.S. like it is everywhere else in the world. There are 50 million Americans with COPD and asthma in the United States right now. About 17% of them are difficult to treat.
Today, when they leave the care of their doctors, that doctor's got no idea what's happening with them in the real world. It's in the real world that we experience or they experience the complications and exacerbations that lead to obviously, hospitalizations and the high cost healthcare provision. The market is huge. It's twice the size of the total population of Australia, and it's underserved. Today, as I said before, Wheezo, there was nothing available for them to be able to use to monitor patients. Sorry, I might just keep hearing feedback from someone. Important to note that the actual situation at the moment isn't being managed as well as it should be, and that COPD and respiratory disorders are a significant financial burden to the system.
In fact, to the point where Medicare, their CMS, has imposed fines to more than half the hospitals in the United States for readmitting too many patients too quickly. I have spoken to some of you about one of our clients who basically told us that they were fined $1.3 million for CMS for breaching these re-admission rates. It's important to note also that only about 3% of providers have actually tapped into RPM of any sort. Most of them have only done it in a very short, in small number of patients.
There is a huge opportunity for us to take the model that we know works and the model that we know delivers, and use that as a motivation for institutions to gain the benefits of Remote Patient Monitoring, make money out of it, but also, reduce their own costs on the back of that sort of provision of service. I just wanted to make sure that we understood the size of the market that we are addressing, sorry, approaching in the United States, and why only the USA matters to us at this moment. Nothing else is a priority for us. All resources and all hands are on deck for the United States and will remain that way. As I said, Remote Patient Monitoring has been reimbursed in the U.S. Since 2019. It is moving towards becoming more mainstream.
The reality, as I said previously, is there are a number of only a few that have really taken it on board. It's important to note, again, that the Centers for Medicare & Medicaid Services, CMS, reimburse RPM across all the U.S. From my discussions, you would have remembered the discussions that we had with insurers just recently. Private health insurers understand the value of preventative medicine, right? Because of the impact that it has on moving healthcare from expensive provision sites, such as hospitals, to less expensive sites, much less expensive sites like the home.
Again, important to note, doctors get paid for doing this. They can outsource the entire program to a third party and only be advised by that third party for those patients that are exceptions to the rules and are not being controlled, if you will, in the real world. That's what we do. That's really important to note. Just a reminder, these are the numbers around what it is that our doctors utilizing remote patient monitoring can claim back from the CMS. If they add Chronic Care Management to the portfolio of CPT codes, they can make up to $2,500 per patient per year. You don't need to be a rocket scientist to work out that $2.5 million for 1,000 patients is a lot of money.
As I said again, and I reinforce this, they can outsource the entire program to a third party. They don't have to invest upfront. They don't need to employ additional people. The people that they've got don't do any more work than what they're currently doing. Unless they get a reimbursable event from us, they don't pay us. It really is a de-risked situation for institutions. If you add to that, the fact that ACOs and hospitals can get paid under this system and reduce their CMS fine likelihood, it's pretty much a no-brainer. I've gone through this.
As I said, RPM is still underutilized. In respiratory, we are really the only easy-to-use solution that's there. I have yet to meet a doctor, hospital insurer that hasn't said, That is great. I love the idea. Which is part of the problem, because we then need to make sure that that love translates into patient onboarding and a process be put in place to make sure that that's seamless, integrated into how the ... I could say that that just happens overnight. It doesn't. We're getting much better at the length of time it took. Anthony, you're on mute, mate. Where was I? Yes. I wish I could say it happened overnight. It just happens. It doesn't. We're getting much better at the time it takes for us to... from signing contract to getting programs in place. That will continue to improve.
As I said previously, we've got three major institutions now that have started patients on Wheezo RPM, that are rolling out now and as of next week, full-blown onboarding of RPM patients in Wheezo program. In the case of Michigan Kids, most of the children they see are potential candidates for this particular service. It's really exciting times for us. As I said, we're at a place now where the catchcry at Respiri is how do we scale and how do we do it quickly? Not where are our new customers coming from, even though they're coming. I'm in a very good place understanding that headache that I have. As you know, we've got. I won't go through this, but there's a turnkey solution here that allows us to deliver what a doctor needs to be able to claim the RPM code.
It's really easy to use. One of the physicians said to me, he used an oxymoron to describe Wheezo. He said it was sophisticated simplicity. Sophisticated in the transparency and data that it provided him about his patients when they're in the real world. Simple, because it's easy to use. The notion he said to me of a patient taking a spirometer home and using it for Remote Patient Monitoring every single day is laughable. That's me quoting physician, not just him, but quite a number of physicians. We're in a really good place. The important thing is it's a low touch program that we've built around Wheezo. It's very scalable. It's very doable. What we need to make sure is that we actually work with our partners customers to ensure that they follow our hymnbook.
We know what it takes to make this work. I know what it takes to make this work from my time in pharmaceuticals and also in Healthy Sleep Solutions. We need to be able to provide our partners customers with a rollout plan that's easy, low touch, low involvement, that allows them to focus on what they're good at, and that is looking after patients. We believe that we've got that hymnbook sorted and ready to roll, and the proof will be in the pudding when it comes to the rollout of the RPM full-blown programs at Michigan and the other two institutions that I described previously. I thought I'd scare you with photographs of your team. The leadership team here has a track record in healthcare, but also in Remote Patient Monitoring execution and MedTech and IT solutions in healthcare.
These people have done it all before. They've been on board for some time now. They understand the business, they understand the customers, and they understand the issues. You're in very, very good hands. I'm in very, very good hands when I look at the team that I have working with us. In closing, what I've described here today is not what we hope to do. It's what's currently happening. We are ready for business. We're open for business right now. We are delivering. There are patients on Wheezo. We have customers who are now rolling RPM out in a full-blown sense. That will lead to increasing patient numbers as we move forward. Although modest, we're up to about 100 patients already in a month. That, I hope, will explode moving forward with what I've described to you today.
Respiri really is well-positioned to continue to take advantage of the opportunities that the U.S. marketplace provides us. We're working closer than ever with our partners to making sure that we deliver a turnkey solution to our customers with a full, fully underwritten, if you will, solution that leaves all the thinking about Remote Patient Monitoring to us and lets our customers focus on what they do well, which is look after their patients. That's it from my perspective. I trust it's given you an insight into the great progress we've made over the last few months. The details of some of the stuff that we've achieved will be forthcoming over the coming weeks as we finalize contracts and as contracts between our customers and their insurers get finalized.
I have never been in a happier place, and remembering I don't get happy, and I'm never satisfied, than I am at the moment with where we're at and what the opportunity or the size of the opportunity moving forward. Remember, I don't stay awake at night wondering where my new clients are coming from. We know that we're gonna get those, including insurers. What keeps me up late at night is how do I accelerate the current rates of patient onboarding to a level that I'll be happy with? I'll never be happy, but you know what I'm trying to say. Thank you very much for your time today, and I will speak to some of the questions that... Hang on. I was sent. Okay. There was a question from...
A question relating to what are the company's plans to attract new investors, both here and in the U.S., that will move share price? Something that I didn't speak to during my presentation is my first week and last week in the U.S. was spent exclusively talking to institutions, family offices, investment banks, whilst I was in the U.S. The interest in what it is we're doing is very, very high. I mean, I was even surprised given that in the United States, a company of AUD 50 million market cap, which is what $35 U.S. is a penny stock. Many of these institutions' mandates don't even wanna talk to organizations like us, but they wanted to talk to us. There is a strong level of interest in Remote Patient Monitoring and what we're trying to do.
The size of the marketplace makes us very attractive, as does the fact that we really have no competition when it comes to Remote Patient Monitoring in lungs. We have some very interested parties that have already sent us term sheets about how it is that they would like to support us moving forward. They are some investment banks on Park Street in New York, and Park Avenue, I should say, in New York. Really, we're already discussing a likely roadmap to a Nasdaq, potential Nasdaq listing moving forward, because it seems to us that that is a natural fit for us as an organization if we continue to focus on the United States. It's early days yet, but it's certainly something that we are very committed to, and it's something that attracts many of the investors in the United States.
Suffice to say that I have since been back, of course, I've continued with those discussions via Zoom and what have you. Progress is very, very positive, and I hope to be able to make some announcements over the coming weeks as to our progress in that space. What dedicated resources at board and company level are being allocated to attract new institutional investors and investment banks? That's half of my life, I guess, is what I am, what I'm saying, and certainly half of, probably more of Nick's life. That's our Chairman, Nick Smedley. I think I've already answered that. That's certainly something that we are progressing and pursuing with rigor. Another question was, I wanna know when Respiri will provide financial projections, including revenue and profit. CEO mentioned challenges of me...
I'm reading this out verbatim. You guys know me well enough to know that I don't crap around, this is exactly what's being asked. The CEO mentioned challenges to meet the demand of 30,000-40,000 patients. How does that translate into a P&L? I fully expect this to be highly positive. Okay. First and foremost, we're not going to be putting out any revenues until we've gone through the full rollout of the RPM programs with our customers that I've just described. I don't want to be putting out any wet finger in the air projections until I've got more facts that I can base those around, then I can use those facts to project what new customers are likely to generate for us moving forward.
I think you'd all appreciate that would be the prudent way to move forward when it comes to guidance on revenues. 30,000-40,000 patients. The number that everybody's got tattooed on their foreheads in the Respiri team is 30,000. When we get to 30,000 patients, the recurring revenues make us cash positive. Just the recurring revenues, and that's working at about $15 on average per patient per month. Now, we anticipate that happening in late 2024, but as I said, I'll have a better understanding when all that happens once I get a clearer understanding of how our full rollout of the Remote Patient Monitoring programs in the customers that I described earlier pans out. It is an exciting time. 30,000 is our breakeven number at current burn rates.
As I said, I won't be putting out any guidances with regards to financials, until I get a better understanding around some of the facts that are governing how quickly patients are going to be onboarded with the clients that I've currently described in this particular presentation. They were three of the questions that we received. To avoid any issues around the presentation, what I'd like to do is basically... Who's that? No, that's not me. is basically, thank you all for listening to me today. Reinforce that everything you've heard today is not what we hope to do, it's what is currently happening. We have patients on device right now from many clients who are generating dollars and cents for us. Right now.
Not enough patients, but right now, it's a growing number. The opportunity in the U.S. remains as big as it ever has been. The progress that we've made with new potential partners and with insurance company is very, very pleasing and holds us in very good stead for potential risk-sharing arrangements where, as I said, we get paid for what it is we do, but we also share in the spoils of the money we save organizations. We're spending quite a bit of time there on building our team over there to make sure that we have the necessary competencies on the ground to move our business forward at an accelerated rate and not rely on myself or any of the Australian team to be there for that to be the case.
That's not to say that I won't be spending most of my life in the United States. I will be. We'll have a team of people that will be able to deliver a more scalable solution and supporting our partners in supporting their patients. Ladies and gentlemen, thank you very much for that. I do apologize for me, but it was a little difficult with some people's devices not put on mute, so I was hearing stuff left, right, and center. I hope that that's given you a good understanding of where we're at. As I said, for anyone who wants any additional information about these exciting developments, feel free to give me a call or send me an email.
As I said, I may not answer straight away, I promise you that I will get back to you. Thank you very much, I hope to hear from you soon. I hope to give you more updates over the coming weeks. Thank you, everybody.