Progressive Care to Expand 340B Third Party Administrator Services Nationwide
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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.
MIAMI, FL, Oct. 22, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce that ClearMetrX Inc., a wholly-owned subsidiary of the Company, has completed an automated 340B data feed integration to expand the total addressable market available to ClearMetrX Inc. as a third-party administrator (“TPA”) for 340B healthcare providers nationwide.
The Company’s 340B TPA business has grown more than 333% so far in 2020 and management believes this integration offers the potential for further acceleration of the segment’s growth due to the expanded market footprint it is expected to provide. “We now plug directly into back-end in pharmacy transaction data, circumnavigating the main hurdle we have faced in attempting to ramp up growth as a TPA with ClearMetrX,” noted Alan Jay Weisberg, interim CEO and Chairman of the Board at Progressive Care. “We can immediately begin to operate ClearMetrX as a top-tier 340B TPA with a true nationwide reach. Simply put, this integration unlocks a significantly more scalable strategic vision for our data management operations.”
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About Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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.
Cautionary Statement Regarding Forward-Looking Statements
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. These statements include but are not limited to statements regarding our planned expansion of ClearMetrX 340B third party administration services nationwide and future demand for our services. 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 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.
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Carlos Rangel
