Progressive Care Inc. (OTC QB: RXMD) has been moving at lightning speed in the past few months as their revenue has ramped up and their leadership has solidified their goals. The company is using this momentum to strike while the iron is hot. Recently, they’ve taken the next step to buy a pharmacy in Palm Beach County by executing a letter of intent. This is a huge step for crystallizing the company’s presence in such a heavily populated county and this move fits in with the rest of their plans.
One of the costliest problems that health care companies are dealing with are the readmissions. Healthcare institutions, like hospitals and rehabs, are being penalized if the patient is readmitted within 30 days. One of the few reasons why patients are being readmitted within 30 days is non-adherence to prescribed medications. The pharmacy Progressive Care Inc. is acquiring specializes in providing continuation of care to patients after they are discharged from the hospital or rehabilitation center to minimize readmission rates. With a specialty adherence packaging system on site, this is exactly the kind of expertise Progressive is looking for. RXMD will be the first of its kind in South Florida to offer this institutional type of packaging to individual patients.
The pharmacy itself is 3,000 sq. ft., near the major highways, and located within the delivery radius of Jupiter and Stuart. The goal is to expand the reach of RXMD, so they can continue to grow their business and increase the level of patient care for the customers. RXMD has already begun the due diligence process to ensure the transaction will be a smart financial buy, and they are expected to complete the sale sometime in the second quarter of this year. The pharmacy has several resources that RXMD believes will pair perfectly with their philosophy to healthcare, including a trained staff, proper licensing, and an automated packaging system that ensures patients take the proper dosage at the right time.
RXMD has not entered into this purchase simply because they have the resources to do so. They had a long checklist of needs that had to be met before they ever drafted the letter of intent. Now that they’ve made their decision, they’re ready to make moves. To that end, they’ve taken out $600,000 to buy the $300,000 pharmacy and transition the facilities to those that will match the standards of Progressive Care Inc. RXMD has already verified that the new facilities will be able to support their tele-pharmacy technology, so they can ensure a uniform experience from one pharmacy to the next. Once acquired, RXMD will train staff on how to take a more active approach to their patients’ health in an effort to improve outcomes and reduce compliance violations.
How It All Fits
CEO Shital P. Mars has stated that the search for the right facilities wasn’t easy, but that she believes that this acquisition will be exactly what the company needs to keep their momentum going in Palm Beach County. Already seeing massive growth based on their innovative approach to care, RXMD has plans to stretch their services to thousands more as quickly as possible. But investors shouldn’t worry that RXMD is expanding too far too fast. They may have ambitions, but they also know how important it is to keep a sense of perspective even as profits continue to rise. Their main goal is to combine knowledgeable staff with functional technology to give every patient the healthcare they deserve.
A Better Way
Progressive Care Inc. has seen success because they don’t simply react to the shifting expectations in healthcare – they actively strategize ways to anticipate and exceed consumer expectations. Finishing out a successful 2017, they managed to follow up those achievements with a record number of prescriptions filled for $1.8 million in revenue in January alone. Their subsidiary PharmCo is operating in 13 states and RXMD has also filed applications to register in three more states. They’ve also partnered with a payment processor to accept the cryptocurrency Bitcoin and are continuing to perfect the video technology that will allow patients to consult with trained healthcare professionals when they need them the most.
There are still a lot of ways that healthcare needs to change to become truly effective for the everyday citizen, but RXMD is making some truly amazing strides when it comes to challenging the status quo and offering more to their growing base of customers.
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/