Program Expands PharmcoRx's
Ability to Provide Patient Access to Supplemental Health Insurance
Benefits for the In-Pharmacy Purchase of Over-the-Counter
Products
MIAMI, Dec. 14, 2023 /PRNewswire/
-- Progressive Care Inc. (OTCQB: RXMD) ("Progressive
Care" or the "Company"), a personalized healthcare services and
technology provider, today announced that its
PharmcoRx ("PharmcoRx") pharmacy subsidiary announced an
agreement with ProHealth Connect LLC ("ProHealth Connect")
aiming to extend over-the-counter product ("OTC") benefits provided
by health insurance plans to qualifying members nationwide.
Through the partnership with ProHealth Connect, the OTC benefits
offered by Medicare Advantage ("MA") plans such as United
HealthCare, Humana, Devoted, Sharecare, Wellmed, Vitality, Wellcare
FL GMS, Ultimate health, Wellcare, and more, enabling their members
to purchase over-the-counter healthcare products and medicines
using their plan benefits, are now accepted at all PharmcoRx
pharmacies. The Centers for Medicare & Medicaid Services (CMS)
estimates that in 2024, MA enrollment will rise from 31.6 million
individuals in 2023 to 33.8 million, accounting for about 50% of
all Medicare eligible. According to Statista, revenue in the OTC
pharmaceuticals sector of the market will reach $39.3 billion in 2023 and is expected to grow
annually by 3.53% (CAGR 2023-2028). Providing benefits of up to
$300 per month, OTC benefit programs
were historically only available at large-scale retailers and
pharmacy chains. Through Progressive Care's PharmcoRx agreement
with ProHealth Connect and its earlier agreement with
NationsBenefits, the Company is now able to serve the additional
healthcare needs of potentially millions of Medicare Advantage
network members in its communities who utilize their OTC benefits.
Through its OTC agreements, PharmcoRx locations will be listed as
participating pharmacies in the provider directories and will
actively market the availability of the program to its existing
customer base as well as those in its network of providers,
clinics, Management Services Organizations ("MSOs"), Accountable
Care Organizations ("ACOs") and Long-Term Care facilities.
Dr. Pamela Roberts, Chief
Operating Officer of Progressive Care Inc., said, "We are thrilled
to further expand the access to valuable OTC benefits for our
pharmacy customers, enabling them to purchase their
over-the-counter products and medications from us when they have
their prescriptions filled. Through our participation in these
valuable OTC benefit programs, we have the potential to expand
awareness of PharmcoRx pharmacies and further serve the needs of
millions of Medicare Advantage members as part of our ongoing
commitment to community-centric services."
Andrew Winakor, President of
ProHealth Connect LLC, added, "We welcome the participation of
PharmcoRx Pharmacies to the ProHealth network of independent
retailers. It furthers our mission of the democratization of the
OTC/Grocery benefit, allowing local retailers to share in the
millions of members and billions of dollars of benefits available
to them. Every dollar spent at a local independent retailer means
twice as much money stays in the community. It's a win/win for
every stakeholder involved; the member, the retailer, and the
community at large."
For more information about Progressive Care Inc., please visit
www.progressivecareus.com and connect with us on
Facebook and Twitter.
About Progressive Care
Progressive Care Inc. (OTCQB: RXMD) through its subsidiaries, is
a Florida health services
organization and provider of Third-Party Administration (TPA), data
management, COVID-19 related diagnostics and vaccinations,
340B contracted pharmacy services,
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, Inc. became a subsidiary of NextPlat
Corp.(NASDAQ: NXPL & NXPLW) on July 1,
2023.
About ProHealth Connect
ProHealth Connect LLC is a
healthcare fintech company exclusively focused on providing a
software solution which permits local independent retailers access
to health plan supplemental benefits, specifically OTC/Grocery
programs.
Forward-Looking Statements
Forward-Looking 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. 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 discussed in our
Annual Report on Form 10-K 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.
Investor Contact for Progressive Care Inc.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE Progressive Care, Inc.