MIAMI, FL – June 30, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, today announced the launch of ClearMetrX, the Company’s first wholly owned data analytics company with services designed to support health care organizations across the country.
The idea to consolidate data analytics and reporting services in a separate, wholly owned subsidiary of the Company is based on the Company’s evaluation of the data analytics and reporting tools in current pharmacy operations. Over the past 9 months, the Company has generated over $250,000 in data management fees with gross margins exceeding 80%. By creating a separate entity for these services, the programs can be delivered nationwide without the competitive pressures associated with pharmacy. The new subsidiary will focus on providing insights, data security, and technological development. The Company plans to transition data service customers from the pharmacies to the ClearMetrX platform to better scale the products and improve the capabilities of existing analytics options.
The core products of ClearMetrX include data management and Third Party Administration (TPA) services for Federally Qualified Health Centers (FQHCs), Pharmacy Analytics, and programs to manage HEDIS Quality Measures such as Medication Adherence. These offerings cater to the glaring need by frontline providers to understand best practices, patient behaviors, care management processes, and the financial mechanisms behind these decisions. The Company aims not just to provide data access, but actionable insights that providers and support organizations can use to improve their practice and patient care.
“I have long said that data analytics and technology development need to be at the forefront of our growth strategy,” said S. Mars, CEO. “With the launch of ClearMetrX, we have taken another step forward in implementing that strategy.”
For more information about ClearMetrX, please visit www.ClearMetrX.com.
For more information about Progressive Care, please visit the company’s website.
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About Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries a personalized healthcare services and technology company which provides prescription pharmaceutical services, risk management and data analytics to healthcare organizations and providers.
ClearMetrX is a healthcare technology company that provides a wide array of analytics and reporting services.
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 the intended terms of the offering, closing of the offering and use of any proceeds from the offering. 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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