Progressive Care Continues to Break Records with Over 20 Million Dollars in Sales
Progressive Care, Inc.
901 N Miami Beach Blvd Suite 1, 2
North Miami Beach, FL 33162
progressivecareus.com
Profile:
Progressive Care, Inc. (OTCQB: RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, health practice risk management, prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), and the supply of prescription medications to long term care facilities. Progressive Care seeks to define a new level of service and healthcare that is driven by the needs of patients and families. As the healthcare system changes and adjusts, gaps form in the delivery of care leaving patients, providers, and even payors behind to deal with negative health outcomes. Progressive Care works to eliminate these gaps in access to adequate healthcare and patient therapy management to improve efficacy of the healthcare system.
Progressive Care is the proud owner of PharmCo LLC. PharmCo, LLC was established in 2005 as Florida Limited Liability Corporation with the goal of becoming a premier pharmacy in the South Florida community. Since that time, the company has evolved into a health services company that centers around the provision prescription pharmaceuticals. As part of this evolution, the company has added a number of services and business lines including custom compounded medications, medication therapy management (MTM), 340B services to charitable organizations, case management linkage, health practice risk management, and in-home health risk review. The company is dedicated to treating its customers with compassion, professionalism, privacy and respect with a commitment to education, support and community outreach. Progressive Care is now moving forward in its endeavors to grow the company by expanding its facility, adding new locations, acquiring operating pharmacies, and further developing our current business lines.
On September 1, 2016, Progressive Care opened Smart Medical Alliance Inc. to assist healthcare providers with navigating the complex risk management environment of their insurance network contracts. The company believes that the need for outsourced support for providers is increasing and estimates the market in the state of Florida to be over 1 billion dollars annually. Smart Medical Alliance provides management and support services to doctors and administrators under both capitated and fee-for-services insurance contracts. It has created a set of service options for providers as well as a-la-carte pricing to meet the specific needs of healthcare practices. These services include billing & coding, data management and evaluation, compliance & adherence monitoring, recruiting, staffing, training, best practices and supervisory procedures.
Recent Milestones:
- PharmCo, LLC filled just under 21,000 prescriptions during the month of November 2017, generating approximately 1.7 million dollars in net revenues. Prescriptions filled increased by nearly 13% over the same month last year. The company also filled over $400,000 worth of prescriptions for 340B entities, generating fees to the pharmacy of just over $17,000. PharmCo has achieved much of its growth through targeted marketing to new doctor’s offices and clinics.
- As of Tuesday, December 5 2017, Progressive Care will trade on OTCQB Venture Market for early stage and developing U.S. and international companies. The Company received approval for the change in listing tier after supplying OTC Markets with all mandatory documents and information, adding independent board members, adding a majority independent audit committee, and providing audited financial statements for 2016. Investors can still find Real-Time quotes and market information for the Company on www.otcmarkets.com (RXMD).
Investment Considerations:
Progressive is working on ambitious goals for 2017 and beyond
- Achieve 25,000 prescriptions filled in a single month by December 2017
- Increase annual overall sales to 22 million dollars
- Secure additional 340B contracts and long term care facility relationships
- Secure MSO contracts from insurance carriers for Smart Medical Alliance
- Achieve accreditation for non-sterile compounding
- Continue full enterprise profitability and earnings growth
- Publish audited financial statements and leverage these statements to secure new investment opportunities for mergers and acquisitions
- Achieve profitability for the Century Village and Smart Medical Alliance ventures
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OTCQB: RXMD
Market Value
5,706,635 a/o Dec 13, 2017
Authorized Shares
500,000,000 a/o Nov 30, 2017
Outstanding Shares
354,449,358 a/o Nov 30, 2017
Restricted
40,131,411 a/o Nov 30, 2017
Unrestricted
314,317,947 a/o Nov 30, 2017
Float
313,793,000 a/o Aug 30, 2017
Par Value
0.0001
Shareholders of Record
1,747 a/o Aug 30, 2017
Short Interest
33,956 (100%) Nov 15, 2017
Transfer Agent:
ClearTrust, LLC
RECENT NEWS:
Progressive Care Continues to Break Records with Over 20 Million Dollars in Sales
Progressive Care Reports Strong November Sales to Begin End of Year Rally
KEY EXECUTIVES:
Alan J Weisberg
CFO, Accountant
Shital Parikh Mars
CEO
Shaun Nevel
Assistant Controller
Armen Karapetyan
Business Development |
