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MIAMI, June 08, 2017 -- 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 advancement during April and May 2017.
PharmCo filled nearly 36,000 prescriptions and realized revenues of over $3.3 million during the first two months of the second quarter, with nearly $1.9 million recognized in the month of May. This represents an 18% increase in revenue over the same period last year. PharmCo continues to drive revenue growth and increasing prescription counts through targeted interactions with physicians’ groups, clinics, and healthcare networks. The Company has been promoting its enhanced compliance and adherence techniques to healthcare providers under “full risk” contracts with insurance carriers. These programs and services have allowed the company to gain market penetration in Palm Beach County and the surrounding areas.
During the second quarter, the Company also began a full enterprise best practices evaluation. This process is designed to innovate new technologies, methods, services, procedures and protocols that will ensure PharmCo stays on the cutting edge of the pharmacy industry both now and in the future. The company routinely updates its model that best coincides with market and industry trends, but the ever increasing uncertainty in the healthcare space necessitates a more aggressive approach to improving standards. This also includes a concerted effort to recruit top talent to become members of the Board of Directors and senior management, as well as engaging reputable firms to represent the company and provide vital consultation.
“We are having a phenomenal year thus far,” stated S. Parikh Mars, CEO. “Though the challenges we face are many, we continue to push forward with an ambitious growth and development agenda. We have maintained a lean and fluid business that has allowed us to adapt to change and pressure while also being able to expand into open areas of opportunity. We know the remainder of the year will only get busier and that is a challenge we always welcome.”
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.
Contact Armen Karapetyan Senior Advisor Business Development [email protected]
