Progressive Care Subsidiary ClearMetrX Launches 340MetrX Platform to Help Streamline 340B Program and Increase Claim Capture

Rhea-AI Summary

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.

Positive

• Launch of the 340MetrX Platform may enhance revenue generation for 340B covered entities.
• Market forecast predicts 340B gross sales growth from $116B in 2021 to $280B in 2026, suggesting a promising business landscape.

Negative

• None.

MIAMI, FL, Oct. 06, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to announce the launch of its 340Metrx Platform to help 340B covered entities increase the number of 340B qualified claims and program savings while supporting compliance efforts.

The 340MetrX platform is a software product developed by the Company’s wholly-owned subsidiary ClearMetrX that provides 340B-covered entities with data insights to effectively operate and maximize the benefits of the 340B program. The platform allows program administrators to manage, in real time, data related to revenue, virtual inventory, drug replenishment and reconciliation, detailed prescription history analysis, customized ordering data with major wholesalers, patient information, drug prescribing trends, and customized financial breakdowns. The software analyzes claim records and provides a complete overview of the financial health of the entity while diminishing the number of ineligible claims through the 340MetrX automated review process.

The 340MetrX software enhances the existing third-party administration services ClearMetrX is currently providing to entities by complementing in-house 340B experts with a robust reporting platform aiming to maximize the limited resources in the 340B space through identification and validation of missing claims, increasing the covered entity’s revenue.

“340MetrX allows our data analytics processes to be significantly more productive, giving our team an ability to seamlessly manage data for a much greater number of 340B entities in Florida, with potential to be scaled nationwide. According to data from Berkeley Research Group Industry Roundtable Report, 340B gross sales across the program are expected to grow from $116B in 2021 to $280B in 2026. We intend to take full advantage of the momentum this sector presents and are excited to now offer customers in every part of our country a solution that allows them to reduce efforts related to compliance and risk mitigation, strengthen the potential to capture more revenue, and simplify the whole 340B process,” stated Alan Jay Weisberg, CEO of Progressive Care Inc.

For more information about Progressive Care, please visit the Company’s website.

Connect and stay in touch with us on social media:

Progressive Care Inc.

Progressivecareus.com

PharmCoRx Pharmacy

Pharmcorx.com

ClearMetrx

Clearmetrx.com

About Progressive Care

Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of 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.

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. 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.

Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com

FAQ

What is the 340MetrX Platform launched by Progressive Care Inc. (RXMD)?

The 340MetrX Platform is a software designed to assist 340B covered entities in managing claims, enhancing compliance, and increasing program savings.

How does the 340MetrX Platform benefit 340B covered entities?

The platform provides data insights for revenue management, inventory tracking, and claim analysis, helping entities maximize their benefits from the 340B program.

What is the market growth expectation for the 340B program?

According to forecasts, 340B gross sales are expected to grow from $116B in 2021 to $280B in 2026.

Who is the CEO of Progressive Care Inc. (RXMD)?

Alan Jay Weisberg is the CEO of Progressive Care Inc.