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.
