Progressive Care's PharmcoRx Enters into Agreement with NationsBenefits to Offer Enhanced OTC Benefits to Health Plan Members

Rhea-AI Summary

Progressive Care Inc. (OTCQB: RXMD) Expands PharmcoRx Pharmacy's Ability to Provide Patients with Access to Additional Healthcare Benefits Covered by Medicare Advantage Plans

Latest OTC Program Expands PharmcoRx Pharmacy's Ability to Provide Patients with Access to Additional Healthcare Benefits Covered by Medicare Advantage Plans

MIAMI, Nov. 20, 2023 /PRNewswire/ -- Progressive Care Inc. (OTCQB: RXMD) ("Progressive Care" or the "Company"), a personalized healthcare services and technology provider, today announced that its PharmcoRx ("PharmcoRx") pharmacies in Florida will expand their ability to provide customers with access to over-the-counter ("OTC") benefits through a new partnership with NationsBenefits LLC. ("NationsBenefits) for its NationsOTC program.

NationsBenefits is a leading provider of supplemental benefits, flex cards, and member engagement solutions for health plans. OTC benefits are provided by many State and Nationwide Medicare Advantage ("MA") plans such as those offered by Humana, Devoted, Wellcare, and United Health. The OTC benefits provide MA members with the ability to purchase a wide array of goods including over-the-counter medicines, food, and groceries. The Centers for Medicare & Medicaid Services (CMS) estimates that in 2024, MA enrollment will rise from 31.6 million individuals in 2023 to 33.8 million, accounting for about 50% of all Medicare eligible. According to Statista, revenue in the OTC pharmaceuticals sector of the market will reach $39.3 billion in 2023 and is expected to grow annually by 3.53% (CAGR 2023-2028). Through the NationsBenefits partnership, PharmcoRx will be included in a list of NationsOTC participating pharmacies for program participants thereby providing patients with seamless access to valuable OTC benefits fully paid for by their MA plans along with their prescription medications when they are delivered to their homes free of charge.

Dr. Pamela Roberts, Chief Operating Officer of Progressive Care Inc., said, "The expansion of our OTC benefit program will allow us to deliver added convenience and value to our customers when they have their prescriptions filled at our pharmacies, creating immediate new sales opportunities for the Company. Partnering with NationsBenefits enables us to provide new services that were only available at national retail chains, and we are excited to be part of this growing network as we continue to provide our communities with offerings that can contribute to their improved health and quality of life."

"We are pleased to welcome PharmcoRx pharmacies and its growing customer base to our NationsOTC program as we continue on our mission of delivering value to health plan members and to providers through innovative supplemental benefit solutions," commented Glenn M. Parker, M.D., Founder and CEO at NationsBenefits.

MA plan members in the NationsOTC program can immediately access their OTC benefits which can exceed $3,000 annually, at PharmcoRx pharmacies when they have their prescriptions filled. This means patients can now seamlessly fill their prescriptions and purchase their OTC medications such as pain relievers as well as hundreds of hair, skin and oral care products with no out of pocket costs simply by using their Medicare insurance benefits and have them delivered to their homes free of charge. PharmcoRx will actively market the availability of the program to its existing customer base as well as those in its network of providers, clinics, Management Services Organizations ("MSOs"), Accountable Care Organizations ("ACOs") and Long-Term Care facilities.

For more information about Progressive Care Inc., please visit www.progressivecareus.com and connect with us on Facebook and Twitter.

About Progressive Care
Progressive Care Inc., through its subsidiaries, is a Florida health services organization and provider of Third-Party Administration (TPA), data management, COVID-19 related diagnostics and vaccinations, 340B contracted pharmacy services, prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.

About NationsBenefits LLC.
NationsBenefits is a leading member engagement, benefits administration, and healthcare company that partners with managed care organizations to provide innovative healthcare solutions aimed at driving growth, reducing costs, and delighting members. Through its comprehensive suite of innovative supplemental benefits, payments platform, and member engagement solutions, NationsBenefits helps health plans deliver high-quality benefits to their members that help address social determinants of health and improve member health outcomes and satisfaction. The Company's compliance-focused infrastructure, proprietary technology systems, and premier service delivery model allow NationsBenefits' health plan partners to deliver high-quality, value-based care to millions of members.

Forward-Looking Statements
Forward-Looking 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. 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 discussed in our Annual Report on Form 10-K 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.

Investor Contact for Progressive Care Inc.:

Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net

View original content to download multimedia:https://www.prnewswire.com/news-releases/progressive-cares-pharmcorx-enters-into-agreement-with-nationsbenefits-to-offer-enhanced-otc-benefits-to-health-plan-members-301992951.html

SOURCE Progressive Care, Inc.

FAQ

What is the new partnership that Progressive Care Inc. announced for PharmcoRx pharmacies in Florida?

Progressive Care Inc. announced a new partnership with NationsBenefits LLC. for its NationsOTC program, expanding PharmcoRx's ability to provide customers with access to over-the-counter benefits.

What are the benefits provided by the OTC program?

The OTC benefits provide Medicare Advantage members with the ability to purchase a wide array of goods including over-the-counter medicines, food, and groceries.

Which companies offer MA plans that include OTC benefits?

MA plans that include OTC benefits are offered by companies such as Humana, Devoted, Wellcare, and United Health.

What is the projected rise in MA enrollment according to the Centers for Medicare & Medicaid Services (CMS)?

The CMS estimates that in 2024, MA enrollment will rise from 31.6 million individuals in 2023 to 33.8 million, accounting for an increase in potential customers for PharmcoRx pharmacies.