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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) reported record revenue and earnings for Q1 2021, totaling $9.6 million, a 6% increase year-over-year. The company achieved adjusted EBITDA of $141,000, significantly up by $780,000 from Q1 2020. COVID-19 testing revenue contributed approximately $550,000, while 340B revenue surged 264% year-over-year. Despite a 12% decline in prescriptions filled due to operational changes, management anticipates recovery and growth opportunities from new pharmacy locations and expanded testing services.
Progressive Care Inc. (OTCQB: RXMD) announced an investor conference call scheduled for May 17, 2021, at 4:30 PM ET. The Chairman and CEO, Alan Jay Weisberg, expressed satisfaction with the company's first-quarter results and its transition from a traditional pharmacy to a diversified healthcare services entity. A platform for submitting questions for the call has been established, with a deadline for submissions set for May 14, 2021. The call can be accessed via a specific dial-in number and access code, and a replay will be available afterward.
Progressive Care (OTCQB: RXMD) has secured access to a significant supply of Moderna vaccine doses, enough to vaccinate 2,000 individuals. This distribution will commence immediately at PharmCo locations, enhancing immune protection in local communities, particularly underserved areas. With an expectation of additional doses following initial distribution, the company aims to educate the public on the importance of COVID-19 vaccinations. CEO Alan Jay Weisberg emphasizes the company's commitment to community health and safety.
Progressive Care Inc. (OTCQB:RXMD) has reported over $1 million in revenue generated from its COVID-19 testing program. In 2020, the company conducted more than 4,700 tests, yielding $599,000 in revenue. The revenue run rate for the first quarter of 2021 indicates significant growth, with 2,900 tests conducted, leading to over $400,000 in revenue. CEO Alan Jay Weisberg highlighted their market advantage with rapid results PCR and antigen testing systems, and the company aims to expand its market share in Florida.
Progressive Care Inc. (OTCQB:RXMD) reported its audited financial performance for 2020, showcasing significant achievements despite challenges. Q4 2020 consolidated revenue reached $10.1 million, a 1% increase from Q4 2019, while EBITDA surged 104% to $667k. For the fiscal year, total revenue climbed 22% to $40.3 million, with a remarkable 300% rise in 340B revenue. The company ended 2020 with net cash of $2.1 million, a substantial improvement over the previous year. Leaders highlighted proactive strategies in response to rising PBM fees and growth in COVID-19 testing services, underlining a strong foundation for 2021.
Progressive Care Inc. (OTCQB: RXMD) announces an investor conference call scheduled for 4:30 PM ET on April 1, 2021. The call will focus on the company's 2020 audited financials and future initiatives. Shareholders can submit questions for discussion during the call through Stuart Smith at SmallCapVoice.com. Dial-in details include the number 1-857-232-0157 with access code 422095. A replay will be available shortly after the call, and an archived webcast can be accessed online for those unable to attend.
Progressive Care Inc. (OTCQB: RXMD) reported a transformative year in 2020, achieving record revenue exceeding $40.6 million, a 75% increase from 2019. The company effectively navigated the challenges of the COVID-19 pandemic by enhancing its contactless prescription delivery and launching the ClearMetrX data management subsidiary. The latter generated over $700,000 in revenue with higher margins than pharmacy operations. Looking ahead, the company aims for over $50 million in sales and further expansion of its services, including COVID-19 testing and telehealth integration.
Progressive Care Inc. (OTCQB: RXMD) has announced the transition of its software platform to Newleaf, a pharmacy software solution by Keycentrix. This change aims to enhance the company's technology capabilities and support its ClearMetRx business, focusing on data analytics for healthcare organizations. The transition is expected to accelerate Progressive Care's health-tech evolution and improve data sharing with providers. Already implemented at the primary location, full transition across all facilities is anticipated within two months, enhancing their operational efficiency and market positioning.
Progressive Care Inc. (OTCQB: RXMD) has partnered with EagleForce Health, LLC to integrate its telehealth platform, myVax™, focusing on a Digital Passport for COVID-19 testing and vaccination results. This collaboration aims to enhance telehealth services while addressing the post-pandemic demand for digital vaccination proof.
The myVax™ platform will streamline patient appointments, telehealth, and tele-pharmacy services. The initiative targets various sectors, including travel and education, ensuring accurate documentation of vaccination journeys.
Progressive Care Inc. (OTCQB:RXMD) reported strong performance for December 2020 and full-year 2020, showcasing a 23% increase in gross sales to $40.6 million and a 16% rise in total prescriptions totaling 530,700. December sales reached $3.5 million, up 9% year-over-year, while prescriptions grew by 3%. The company also highlighted a 300% growth in 340B revenue to $2.8 million and $600,000 from COVID-19 testing services. CEO Alan Jay Weisberg expressed pride in the team's adaptability amidst challenges and confidence in future growth as the pandemic recedes.
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