MedAvail Enters Michigan Market

Rhea-AI Summary

MedAvail Holdings, Inc. (Nasdaq: MDVL) has expanded its operations by opening a hub pharmacy in Detroit and its first SpotRx locations in Michigan. The company aims to enhance medication adherence for Medicare patients through its MedCenter solution, providing in-clinic kiosks and home delivery services. CEO Ed Kilroy highlighted a significant market opportunity in Michigan, estimated at over $2 billion, with over 700 potential clinics. MedAvail reports an impressive first fill adherence rate above 85% and a high net promoter score of 90+, indicating strong patient satisfaction.

Positive

• Opened a new hub pharmacy in Detroit, expanding market presence.
• Estimated market opportunity in Michigan exceeds $2 billion.
• Reported first fill adherence rates over 85%, indicating high patient adherence.
• Achieved net promoter score (NPS) of 90+, reflecting strong customer satisfaction.

Negative

• None.

MedAvail Holdings, Inc. (Nasdaq: MDVL) (“MedAvail”), a technology-enabled retail pharmacy company driving best in class medication adherence by embedding its pharmacy services directly into Medicare-focused clinics using its proprietary MedCenter solution, today announced that it has opened its hub pharmacy in Detroit and its first SpotRx locations in Michigan.

In-clinic SpotRx kiosks and courier home delivery are available to patients at two Oak Street Health clinic locations in the Detroit area. SpotRx Pharmacy is the retail pharmacy brand owned and operated by MedAvail in the United States, which deploys and operates the MedAvail MedCenters.

"Our goal is to transform the $300 billion U.S. pharmacy market with a technology-enabled solution utilizing robotics and telemedicine, backed up with localized home delivery," said Ed Kilroy, Chief Executive Officer of MedAvail. "We are thrilled to be bringing our SpotRx technology and concierge services to the Medicare population in Michigan, our third target state. We have a total annual market opportunity of over $2 billion in Michigan with more than 700 potential clinics for our SpotRx solution.”

MedAvail now has SpotRx pharmacies in Arizona, California, and Michigan. MedAvail’s SpotRx Pharmacy business is primarily focused on the Medicare (65+ year old) market and the medical clinics where they receive care. The SpotRx MedCenter allows patients to virtually consult with a pharmacist and fill their medications within clinics, eliminating the need to visit a pharmacy. SpotRx also provides patients the option to have their medications delivered to their homes free of charge.

The embedded nature of the SpotRx business model allows MedAvail to be a member of the care team improving adherence and health outcomes. MedAvail’s first fill adherence rates are typically over 85%, which is significantly higher than the average. Medication adherence, in turn, has a significant impact on the Star Rating system used by CMS and the resulting impact on clinic reimbursement. In addition to delivering higher than average first fill adherence rates, MedAvail’s net promoter score (NPS) of 90+ across patients is indicative of their high level of satisfaction with its pharmacy service.

About SpotRx

SpotRx is transforming pharmacy by placing control of the pharmacy experience in the hands of consumers. SpotRx is a telehealth platform that delivers remote pharmacist consultations through an on-site dispensing kiosk, supplemented with home delivery capability.

About MedAvail

MedAvail (NASDAQ: MDVL) is a technology-enabled pharmacy organization, providing turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and home delivery operations, to Medicare clinics. MedAvail helps patients to optimize drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.

SOURCE MedAvail Holdings Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210111005843/en/

FAQ

What recent developments has MedAvail (MDVL) made in Michigan?

MedAvail has opened a new hub pharmacy in Detroit and its first SpotRx locations in Michigan.

What is the market opportunity for MedAvail in Michigan?

MedAvail estimates a market opportunity exceeding $2 billion in Michigan with over 700 potential clinics.

What is MedAvail's first fill adherence rate?

MedAvail reports a first fill adherence rate of over 85%.

How does MedAvail ensure patient satisfaction?

MedAvail has a net promoter score of 90+, indicating high levels of patient satisfaction with its pharmacy services.