MIAMI, FL -- March 16, 2017 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTC
PINK: 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), and the supply of prescription
medications to long term care facilities, administration and
practice management, utilization management, quality assurance, EHR
Implementation, billing and coding, health practice risk
management, announces continued growth during February 2017.
PharmCo continues to deliver year over year growth, filling over
16,500 prescriptions and garnering revenues of $1.5 million for the
month, which is a 36% increase over the same month last year.
Prescription counts remained flat caused mainly by the shortened
month when compared to leap year last year.
The Company is in the middle of what is commonly called
deductible season where costly health care decisions are deferred
until after deductibles are met for the year. During this period,
typically the first quarter of the year, new prescriptions
therapies are lower when compared to the rest of the year.
Progressive Care is working to develop Smart Medical Alliance
and its 340B program offerings. Smart Medical Alliance has added
over 4,000 patients under management since inception in October
2016. Smart Medical is in the process of acquiring Management
Services Organization (MSO) contracts with certain third party
payors, which will increase the number of clinics to which it can
provide service as well as increase the value of services
provided.
Over the past three months, the PharmCos 340B Program division
became the preferred pharmacy provider for Empower U, which has
increased the number of 340B patients serviced by PharmCo by 450%.
The Company also contracted with Community AIDS Network to be a
pharmacy provider for both of their locations in Miami-Dade
County.
We continue to post solid results during this first quarter
stated S. Parikh Mars, CEO. The 2016 Annual Report is nearing
completion and we are working diligently on our development
initiatives for the year. We are seeing growth from Century
Village, Smart Medical Alliance and our 340B Program. Our Community
AIDS Network engagement begins April 1 and we are looking forward
to growing our 340B services throughout the year. We have many
opportunities presenting themselves and we are excited to navigate
these new areas of advancement.
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