MIAMI, April 21, 2017 (GLOBE 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 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.
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