MIAMI, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTC PINK:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, announces over $1.7 million in net revenues on over 21,000 prescriptions filled in October 2017.
PharmCo, LLC filled over 21,000 prescriptions during the month of October, generating over $1.7 million in net revenues. Prescriptions filled increased by nearly 15% over the same month last year and by 5% over the last record setting month in August 2016. This is also a 24% increase over last month. PharmCo has achieved much of its growth through targeted marketing to new doctors' offices and clinics.
PharmCo has doubled the amount of monthly revenue generated by its 340B division which includes growth from Empower U and Community AIDS Network in South Florida. The Company filled over 300 prescriptions for 340B covered entities in October, generating over $13,000 in dispensing fees. This is a 52% increase over last month and over a 100% increase over the beginning of the year. 340B organizations continue to rely on PharmCo for its dependability and superior patient care.
One of PharmCo’s MTM Team, Lyz Dominguez, was recognized by Outcomes as the Top Outcomes Technician for 2017 in the state of Florida. Outcomes is the leading MTM platform in the country, providing tools and support for pharmacy MTM programs. Ms. Dominguez has been with the company for over 5 years and is currently the pharmacy’s Compliance Manager. Her work has resulted in the Company becoming a leader in compliance performance as reviewed by regulatory agencies and Pharmacy Benefit Managers.
“We continue to grow and advance all of the segments in the company,” stated S. Parikh Mars, CEO. “Each division within the pharmacy has noteworthy achievements this year which include exemplary compliance results, outstanding technician performance, sales growth, and territory expansion. As an organization, we strive for excellence in all areas of the business and we are proud of what we have achieved so far this year.”
About Progressive Care
Progressive Care Inc. (OTC PINK:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.
Cautionary Statement Regarding 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. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. 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.
Senior Advisor Business Development