MIAMI, FL -- April 21, 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 stable growth
through March 2017.
PharmCo filled over 18,500 prescriptions and realized revenues
of over $1.6 million for the month, which is a 10% increase over
the same month last year. The Company has been adapting to changing
reimbursement models and best practices through the first quarter
of the year. Some of these adaptations include aggressively
transitioning patients to 90 day supplies and adopting more
restrictive formulary recommendations. This has had an impact on
prescription counts while allowing the pharmacy to maintain
baseline revenues.
The first quarter has been better than expected, stated S.
Parikh Mars, CEO. Insurance companies have modified formularies and
updated compliance models that are significantly more limiting than
in previous years. However, we are accustomed to anticipating these
changes and have quickly switched gears to meet the current
requirements of the PBMs with only a minimal effect on our
financial performance. With deductible season behind us, we are
optimistic that our diligence in the coming months will yield
beneficial results.
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