Progressive Care to Expand Into Rapidly Growing Remote Patient Monitoring Market

Rhea-AI Summary

Progressive Care Inc. (OTCQB:RXMD) is announcing its strategic move into the Remote Patient Monitoring (RPM) market, anticipated to grow to $175.2 billion by 2027 at a 27% CAGR. The RPM program, developed by the CMS, aims to reduce healthcare spending, particularly for Medicare beneficiaries with chronic conditions. Progressive Care plans to utilize its expertise in medication therapy management and data analytics to enhance RPM services. CEO Alan Jay Weisberg highlighted the company’s commitment to expanding its healthcare offerings, leveraging technologies like wearables and 5G-enabled devices.

Positive

• Entry into the rapidly growing RPM market projected to reach $175.2 billion by 2027.
• Potential to leverage existing expertise in medication therapy management for RPM services.
• Use of new technologies will improve patient care and provide valuable data insights for healthcare providers.

Negative

• None.

MIAMI, FL, April 27, 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 its expansion into the rapidly growing multi-billion dollar Remote Patient Monitoring (“RPM”) space.

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According to new research from MarketsandMarkets, the global RPM market is projected to reach $175.2 billion by 2027, growing at a robust 27% compound annual growth rate over the next 5 years.

The National Center for Biotechnology Information estimates that approximately 67% of Medicare beneficiaries have two or more chronic conditions accounting for 94% of Medicare spending. Chronic conditions have a significant impact on healthcare spending as well as hospital readmissions. Due to this burden, the Centers for Medicare and Medicaid Services (CMS) developed the RPM program to mitigate spending and provide clinicians with the digital data to implement more informed treatment plans for patients enrolled in the service. The Company’s experience in medication and therapy management and its active participation in data analytics would carry over directly into the RPM marketplace.

The implementation of patient-oriented technologies such as wearables and 5 G-powered home devices to track physiological data will enhance Progressive Care’s capabilities to provide doctors with usable insights into patients’ overall health. Additionally, it will benefit our existing physician base as well as provide a more complete suite of services for future accounts. CMS authorizes pharmacies to work in collaboration with providers, offering services as employees or contracted personnel and thereby enabling the Company to bill providers and healthcare organizations for RPM services.

Alan Jay Weisberg, CEO of Progressive Care, stated, “The RPM space is set to be one of the most important growth areas within the healthcare industry over coming years and our most logical next step given our broad base of patients who have multiple chronic conditions. Progressive Care has differentiated itself from competitors in terms of commitment to medication therapy management. Our reputation among healthcare professionals in this domain is one of our strongest advantages.”

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.
https://www.progressivecareus.com
PharmCo, LLC
https://www.pharmcorx.com
ClearMetrX
https://www.clearmetrx.com

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

Investor Relations Contact:
ClearThink Capital
nyc@clearthink.capital

FAQ

What is Progressive Care Inc. planning to do in the RPM market?

Progressive Care Inc. is expanding into the Remote Patient Monitoring (RPM) market to capitalize on its growth, projected to reach $175.2 billion by 2027.

How fast is the RPM market expected to grow?

The RPM market is expected to grow at a compound annual growth rate (CAGR) of 27% over the next five years.

What percentage of Medicare spending is attributed to chronic conditions?

Approximately 94% of Medicare spending is attributed to beneficiaries who have two or more chronic conditions.

How will Progressive Care leverage technology in healthcare?

Progressive Care plans to utilize wearables and 5G-powered home devices to track patient physiological data and enhance healthcare insights.

What benefits does the RPM program provide to Medicare patients?

The RPM program aims to mitigate healthcare spending and reduce hospital readmissions for Medicare patients with chronic conditions.