With the mantra of, “Let us take care of your medicine so you can take care of yourself”, an aggressive young Company based out South Florida is turning heads and gaining notoriety worldwide for its approach to assisting patient adherence to doctor orders. Progressive Care Inc. (OTC QB: RXMD), through its PharmCo, LLC, is a South 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.
Progressive care made a name for itself after focusing their efforts on medication therapy management (MTM). This proactive approach has proved to be a winner for both RXMD and its wholly owned subsidiary PharmCo LLC. Cementing this fact in August, when the personalized healthcare services and technology company announced that it managed to meet all three of their performance measures, as evaluated by Humana Inc.’s Rx Quality Network program.
To keep patients on track and lower risk of repeat admissions, Pharmco, LLC, created DischargeRX to provide hospitals with much needed support in preventing unnecessary and costly hospital readmissions. At no cost to the hospital or patient, the program will provide access to a PharmCo representative who will offer medication-related services throughout the patient’s transitional process.
PharmCo, LLC is already a 5-star pharmacy that makes it easier for doctors and pharmacists to work together to meet their goals. Their pharmacists are more involved in the patient’s history, so they can spot potential errors or mistakes. As doctors adopt managed care, they receive more credit for their efforts and more recognition of their own efficacy in promoting wellness. Preventative care may take a little extra effort, but it’s far more efficient than waiting until a disease is out of control. PharmCo, complements and amplifies the services of the doctor by taking the stress of medicinal therapy off of their shoulders. Doctors can have the confidence that the prescriptions they write for their patients will be filled, delivered on time, and taken as prescribed because PharmCo does the Medication Therapy Management. The more a doctor is able to manage adherence and healthcare spending by their patients, the more they are rewarded by insurance carriers.
Progressive Care is also always striving to simplify adherence for patients as well. The company offers through all of its subsidiaries, adherence packaging (PharmCo Smart-Pack). These pre-sorted pouches have medications bundled by dosing schedule so a patient never has to worry about how many medications to take or at what times. These packaging options are becoming more widely used, but PharmCo is one of the first to offer it locally to home-based patients.
The Company also recently announced that it has launched an updated website for its wholly owned subsidiary, PharmCo, LLC, dedicated to providing their patients with additional knowledge on its growing platform of offered products and suite of services. The newly re-designed website now features more detailed information on the company’s offered services, such as custom compounding, home health risk management, and its growing tele-pharmacy initiative. In October 2018 RXMD announced the beta launch of its new proprietary tele-pharmacy software Tele-PharmCo. Tele-PharmCo will allow patients and their care providers to connect and interact with licensed pharmacists and pharmacy technicians in real-time and speak directly about medications, prescription refills, adverse reactions, and other concerns thereby simplifying and assisting in adherence.
All of these moves have helped the customers, but also the Company and its shareholders. In September 2018, the company reported a total of $1.6 million in net revenue, a 7% increase from the same month last year, and a 40% increase in prescriptions filled during the same month last year, totaling more than 24,300 filled prescriptions. The company also announced a record number of prescriptions filled in August 2018, with a 44% increase in prescriptions filled during the same month last year.
RXMD is truly ambitious, but they also know how important it is to keep a sense of perspective even as revenues continue to rise. They generate strong results because they don’t simply react to the shifting expectations in healthcare – they actively strategize ways to anticipate and exceed consumer expectations. There isn’t just one reason why RXMD has managed to grow so quickly. It’s their ability to challenge old models of care and adapt to new patient needs at the same time. This flexibility and ambition will ensure their continued success in the healthcare space.
About the Author
Stuart Smith is the CEO and Founder of SmallCapVoice.com. SmallCapVoice.com. is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets. To learn more about SmallCapVoice.com and their services, please visit https://www.smallcapvoice.com/the-small-cap-daily-small-cap-newsletter/