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Overview of Progressive Care Inc. (RXMD)
Progressive Care Inc. operates as a specialized healthcare services organization based in South Florida. Through its subsidiaries, Smart Medical Alliance, Inc. and Pharmco, LLC, the company delivers a broad suite of health solutions that include third-party administration, data management, tele-pharmacy services, and comprehensive 340B contracted pharmacy services. With a focus on personalized care, Progressive Care addresses the evolving needs of patients, healthcare providers and long-term care facilities by ensuring efficient prescription pharmaceutical services and tailored practice management solutions.
Core Service Offerings
The company is dedicated to providing an integrated range of services and solutions designed to enhance operational efficiencies and patient care standards. Key service areas include:
- Tele-Pharmacy: Enabled by advanced technology platforms, Progressive Care offers remote pharmacy services that ensure continuous support to patients and providers alike.
- 340B Contracted Pharmacy Services: The company robustly manages 340B contracts to facilitate cost-effective medication therapy management and compliance for covered entities.
- Third-Party Administration (TPA): With expertise in practice management, the company provides data management and billing services tailored to the healthcare environment.
- Risk Management & Quality Assurance: Progressive Care implements comprehensive risk and quality management protocols to safeguard patient care and enhance operational reliability.
- Prescription Management: Through its PharmcoRx pharmacies, the company ensures the supply, dispensing, and management of prescription pharmaceuticals and compounded medications.
Industry Position and Integrated Approach
Progressive Care Inc. has established itself as a critical player within the healthcare services sector. Its operations are strategically positioned to support the growing complexity of modern healthcare through:
- Comprehensive Care Integration: The seamless integration of tele-pharmacy, medication therapy management, and third-party administration enhances both care delivery and patient adherence.
- Data-Driven Excellence: The company leverages advanced data management and EHR implementation techniques to optimize billing, coding, and overall practice management processes.
- Robust Regulatory Compliance: By focusing on stringent risk management protocols, Progressive Care maintains high standards in quality assurance and compliance within the dynamic healthcare regulatory landscape.
Operational Dynamics and Strategic Insights
Progressive Care Inc. operates in a sector marked by rapid technological evolution and escalating patient expectations. The company generates revenue primarily through comprehensive service contracts, prescription sales, and management fees associated with its 340B contracted pharmacy services. Its emphasis on personalized and quality-driven care distinguishes it in a competitive environment populated by similar healthcare providers.
Relationship with NextPlat Corp
In recent developments, Progressive Care became a subsidiary of NextPlat Corp. This strategic alignment has positioned Progressive Care to benefit from further resource integration and shared efficiencies, while continuing to deliver specialized healthcare solutions. The business combination with NextPlat reinforces Progressive Care's ability to scale its operations and extend its market reach in the technology-driven healthcare and prescription management spheres.
Commitment to Quality and Patient Care
The company demonstrates a steadfast commitment to improving patient outcomes through innovative service delivery and enhanced access to quality care. Whether it is managing large-scale 340B programs or providing tele-pharmacy services that bridge the gap between patients and healthcare providers, Progressive Care Inc. continues to build trust among its stakeholders by maintaining the highest standards of expertise, experience, and operational transparency.
Progressive Care Inc. (OTCQB: RXMD and RXMDD) has announced a 1-for-200 reverse stock split effective December 30, 2022. This move aims to enhance shareholder value and attract institutional investors, as it alters the stock's price per share without impacting the company's operational growth potential. After the split, every 200 shares will convert into one share, with adjustments made to outstanding equity awards and convertible securities. The authorized common stock will decrease from 1 billion to 100 million shares, ensuring uniform adjustments for all shareholders.
Progressive Care (OTCQB: RXMD) reported financial results for Q3 and YTD September 30, 2022. Revenue climbed 4% to about $10.1 million, with prescription revenue up 16% to $9.4 million. The company appointed Charles M. Fernandez as the new CEO following Alan Jay Weisberg's resignation. However, net loss surged to $11.2 million from a $0.4 million profit in the same period last year, impacted by non-recurring charges and a decline in COVID-19 testing revenues, leading to decreased gross profit margins from 30% to 21%.
Progressive Care Inc. (OTCQB: RXMD) reported financial results for Q3 and YTD 2022, showing a 4% revenue increase to $10.1 million in Q3, primarily driven by a 16% rise in prescription revenue ($9.4 million). However, net loss for the nine-month period reached $11.2 million, a significant decline from a net income of $0.4 million in 2021. CEO Charles M. Fernandez has been appointed after the resignation of Alan Jay Weisberg. Despite a positive cash balance of $7.4 million, gross profit margins fell to 21% due to reduced COVID-19 testing revenues. Operational highlights included strategic partnerships and new platform launches.
Progressive Care Inc. (OTCQB: RXMD) announced the selection of Salesforce Customer 360 Cloud to enhance its retail, 340B, long-term care, and third-party administration services. CEO Alan Jay Weisberg emphasized that this technology will empower teams to streamline prospecting, reduce costs, and provide real-time insights on leads. The integration with consultancy OffPrem will involve data integration and training. Salesforce is recognized as the leading CRM provider, serving over 150,000 businesses globally.
Progressive Care Inc. (OTCQB: RXMD) announced an investor conference call scheduled for November 14, 2022, at 4:30 PM ET. CEO Alan Jay Weisberg expressed enthusiasm about recent developments and looks to share insights with shareholders. Participants can submit questions via email to address during the call. Dial-in details include a phone number (1-857-232-0157) and access code (422095). A replay will be available post-call on the company’s website.
Progressive Care (OTCQB: RXMD) has launched its Remote Patient Monitoring (RPM) solutions, including the PharmcoMyRPM app and PharmcoRPM portal. These platforms allow healthcare providers to monitor chronic diseases and transitional care remotely. The integration enables real-time data collection from 5G devices measuring vital signs. The RPM market is projected to reach $175.2 billion by 2027, with the company estimating earnings of $120 per eligible Medicare patient monthly. CEO Alan Jay Weisberg stated this launch enhances patient-provider communication and decision-making.
MedAvail Holdings (NASDAQ: MDVL) and Progressive Care (OTCQB: RXMD) have announced a technology agreement to deploy five MedAvail MedCenters in Florida. This partnership aims to enhance pharmacy services by allowing PharmcoRx to use MedAvail's medication dispensing technology for remote consultations and prescription filling. Patients will benefit from quicker access to medications without needing separate trips to pharmacies. Both companies are committed to expanding their reach and improving patient care through this innovative solution.
Progressive Care Inc. (OTCQB:RXMD) launched the 340MetrX Platform, designed to aid 340B covered entities in maximizing claims and program savings while enhancing compliance. The platform, developed by ClearMetrX, offers comprehensive data insights on revenue, inventory, and prescription trends, facilitating real-time management of claims and financial health. CEO Alan Jay Weisberg highlighted the potential growth of 340B gross sales from $116B in 2021 to $280B by 2026, indicating significant market opportunities for the company.
Progressive Care Inc. (OTCQB: RXMD) announced the appointment of Charles M. Fernandez as Chairman and Rodney Barreto as Vice-Chairman of the Board, effective September 13, 2022. Fernandez brings over 30 years of experience, having co-managed Fairholme funds with significant gains for shareholders. Barreto's experience includes leadership roles in public affairs and philanthropy. Both leaders aim to drive growth and innovation in healthcare technology. Oleg Firer and Birute Norkute resigned from the Board, with Norkute continuing as COO. Alan Jay Weisberg becomes Co-Vice Chairman while retaining his CEO role.
Progressive Care Inc. (OTCQB:RXMD) has successfully completed a recapitalization and formed a strategic partnership with NextPlat Corp. (NASDAQ:NXPL). The transaction generated $6 million from NextPlat for 3,000 units of Series B Preferred Stock and warrants. Additionally, approximately $2.8 million of convertible debt was modified, reducing the interest rate from 10% to 5% and extending its maturity to August 31, 2027. The leadership structure is also changing, with Charles Fernandez of NextPlat appointed Chairman of the Board.
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