MIAMI, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. (RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, announces over $1.7 million in net revenues on nearly 21,000 prescriptions filled in November 2017.
PharmCo, LLC filled just under 21,000 prescriptions during the month of November, generating approximately $1.7 million in net revenues. Prescriptions filled increased by nearly 13% over the same month last year. The company also filled over $400,000 worth of prescriptions for 340B entities, generating fees to the pharmacy of just over $17,000. PharmCo has achieved much of its growth through targeted marketing to new doctor’s offices and clinics.
The pharmacy is expecting to achieve increased growth through the remainder of the year, with momentum propelling the company into the New Year. This is based on feedback from current and prospective health care providers looking to improve their performance rating with insurance carriers. Medicare and commercial insurance companies are elevating the performance requirements that all providers must adhere to in order to achieve bonuses. Adherence to medication therapies are a significant portion of these performance measures, which necessitates relationships with pharmacies who have high performance ratings in adherence and medication therapy management (MTM).
“We are closing out the year strong,” stated S. Parikh Mars, CEO. “Over the past 2 weeks, we have been receiving numerous calls from primary care physicians who are recognizing the difference that PharmCo makes for their practice. Those patients not using PharmCo as its pharmacy are struggling with adherence and are having a negative impact on the performance rating of the doctor. We believe that providers who currently work with us and those who are getting to know us are going to highly recommend PharmCo to their patients in 2018 in order to realize the benefits that using our company has on patient health outcomes and their bottom lines. It is clear that PharmCo’s level of service and business model lowers health care costs for all participants in the health care system.”
The Progressive Care and PharmCo team would like to send the warmest wishes during the holiday season to the shareholders, patients, and providers, who have stood by the company for so many years.
Happy Holidays and Best Wishes for a healthy and prosperous New Year to all!
About Progressive Care
Progressive Care Inc. (RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Senior Advisor Business Development