RXMD - NEWS OUT!!!! Progressive Care Inc. Announc
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Posted On: 07/17/2018 8:47:50 AM
RXMD - NEWS OUT!!!! Progressive Care Inc. Announces Month-End Sales Figures Showing Increase in Year-Over-Year Prescriptions Filled in June 2018
BY GlobeNewswire
— 8:00 AM ET 07/17/2018
MIAMI, July 17, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. ( RXMD
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) , a personalized healthcare services and technology company, today announced further growth year-over-year in both revenue and number of prescriptions filled for June 2018.
Progressive Care’s wholly owned subsidiary PharmCo, LLC has seen an 18.75% increase in prescriptions filled over the same month last year, totaling approximately 22,500 prescriptions.
June brought a total revenue of roughly $1.65 million in net revenues, a slight decrease from last year in the same month. This is due to reimbursement compression and insurance coverage contraction. Insurance carriers have significantly compressed reimbursement rates, especially regarding compounded medications. In addition to decreasing reimbursement rates, many medications (pain treatment alternatives in particular) have been removed from formularies leading to medications not being covered in their entirety or covered for severely restricted doses. However, increasing numbers of filled prescriptions serve as a strong indication of growth among Progressive Care’s core services.
“This year has been momentous for Progressive Care ( RXMD
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). We anticipated many of the current industry trends and devoted efforts to ensure revenue diversification and service innovation to promote company longevity,” said S. Parikh Mars, CEO of Progressive Care ( RXMD
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). “Our new DischargeRx program, adherence packaging, and 340B suite of services are already generating avenues for revenue generation. As we continue to develop new products and services, we will also keep advocating for patients whose needs are more complex and who are negatively impacted by coverage contraction.”
The release of June sales figures follows the company’s recent launch of DischargeRX, a new program designed to increase and improve engagement between patients and hospitals. The company also made other major announcements during the month of June including the installation of a TCGRx Automated Pouch Packaging System at its Miami-Dade County PharmCo location; and the launch of a campaign designed to educate patients and providers on treatment alternatives to opioids.
The company also released an update on the remaining balance with Chicago Venture Partners that stands at approximately $75,000, representing a conversion to an estimated 1.5 million shares.
BY GlobeNewswire
— 8:00 AM ET 07/17/2018
MIAMI, July 17, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. ( RXMD
Loading...
Loading...
) , a personalized healthcare services and technology company, today announced further growth year-over-year in both revenue and number of prescriptions filled for June 2018.
Progressive Care’s wholly owned subsidiary PharmCo, LLC has seen an 18.75% increase in prescriptions filled over the same month last year, totaling approximately 22,500 prescriptions.
June brought a total revenue of roughly $1.65 million in net revenues, a slight decrease from last year in the same month. This is due to reimbursement compression and insurance coverage contraction. Insurance carriers have significantly compressed reimbursement rates, especially regarding compounded medications. In addition to decreasing reimbursement rates, many medications (pain treatment alternatives in particular) have been removed from formularies leading to medications not being covered in their entirety or covered for severely restricted doses. However, increasing numbers of filled prescriptions serve as a strong indication of growth among Progressive Care’s core services.
“This year has been momentous for Progressive Care ( RXMD
Loading...
Loading...
). We anticipated many of the current industry trends and devoted efforts to ensure revenue diversification and service innovation to promote company longevity,” said S. Parikh Mars, CEO of Progressive Care ( RXMD
Loading...
Loading...
). “Our new DischargeRx program, adherence packaging, and 340B suite of services are already generating avenues for revenue generation. As we continue to develop new products and services, we will also keep advocating for patients whose needs are more complex and who are negatively impacted by coverage contraction.”
The release of June sales figures follows the company’s recent launch of DischargeRX, a new program designed to increase and improve engagement between patients and hospitals. The company also made other major announcements during the month of June including the installation of a TCGRx Automated Pouch Packaging System at its Miami-Dade County PharmCo location; and the launch of a campaign designed to educate patients and providers on treatment alternatives to opioids.
The company also released an update on the remaining balance with Chicago Venture Partners that stands at approximately $75,000, representing a conversion to an estimated 1.5 million shares.
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