Progressive Care Enters $1 Billion Florida HealthCare MSO
Market
MIAMI, FL--(Marketwired September 7, 2016) - Progressive Care
Inc. (OTC PINK:
RXMD), through its subsidiary Pharmco LLC, a South Florida
health services organization and provider of prescription
pharmaceuticals specializing in health practice risk management,
compounded medications, the sale of anti-retroviral medications and
related medication therapy management, and the supply of
prescription medications to long term care facilities, announces
new wholly owned subsidiary: Smart Medical Alliance Inc., a
healthcare management services organization (MSO).
On September 1, 2016, Progressive Care opened Smart Medical
Alliance Inc. to assist healthcare providers with navigating the
complex risk management environment of their insurance network
contracts. The company believes that the need for outsourced
support for providers is increasing and estimates the market in the
state of Florida to be over $1 billion annually. Smart Medical
Alliance will provide management and support services to doctors
and administrators under both capitated and fee-for-services
insurance contracts. It has created a set of service options for
providers as well as a-la-carte pricing to meet the specific needs
of healthcare practices. These services will include billing &
coding, data management and evaluation, compliance & adherence
monitoring, recruiting, staffing, training, best practices and
supervisory procedures. The annual cost for the services based on
the needs of the provider could be up to 20% of the providers
annual net revenues.
We have been providing some of these services for the past 3
years producing great improvement from the medication therapy
management segment of the rating system, stated S. Parikh Mars,
CEO. Now we have assembled a team at Smart Medical Alliance who are
experts in the field of healthcare management and who will provide
a complete package of services to healthcare organizations. This
will allow us to create stronger relationships with new and
existing providers and generate greater revenues for all of our
businesses
Many providers under capitated model contracts are extremely
ill-equipped to handle the administrative and data operations
required to achieve better capitation rates or bonuses. These
contracts offer providers a flat fee per month per managed patient
enrolled at the practice. Under the terms provider assumes some of
the risks associated with a patients use of healthcare dollars. The
provider may be subjected to penalties or entitled to bonuses based
on performance and cost savings (if any) generated by the provider.
Smart Medical Alliance Inc. will provide full support to physicians
under these contracts.
About Progressive Care
Progressive Care, Inc. (OTC PINK:
RXMD), through its subsidiary PharmCo, LLC, is a South Florida
health services organization and provider of prescription
pharmaceuticals specializing in health practice risk management,
compounded medications, the sale of anti-retroviral medications and
related medication therapy management, and the supply of
prescription medications to long term care facilities.
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 Companys
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.
Contact
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com