The Company has successfully completed the integration of the PharmcoMyRPM patient portal and the PharmcoRPM physician portal, which includes a web platform and a native application available on the AppStore and Google Play. These portals allow staff of PharmcoRx, a subsidiary of Progressive Care, to connect patients to the Company’s new line of 5 G-powered devices to remotely monitor patient’s blood pressure, heart rate, weight, blood glucose, and oxygen saturation in real time. Physicians will also have the option to integrate 99% of existing wearable devices including Apple Health, Garmin, and Fitbit for broader patient monitoring needs.
In addition to remote patient monitoring, the PharmcoRPM physician portal allows the Company to provide Chronic Care Management monitoring services, generate billing reports based on time spent providing care, and connect directly with patients to analyze their progress.
“We want to improve communication between patients and providers in an environment that promotes patient-centered care. The platform provides a list of care tasks designed to incentivize patients to be more active while recording their progress through our connected devices” stated Carlos Rangel, Head of Digital Transformation for PharmcoRx Pharmacy.
According to new research from MarketsandMarkets, the global RPM market is projected to reach $175.2 billion by 2027, growing at a robust 27% compound annual growth rate over the next 5 years. The National Center for Biotechnology Information estimates that approximately 67% of Medicare beneficiaries have two or more chronic conditions accounting for 94% of Medicare spending. The Company’s experience in medication and therapy management and its active participation in data analytics would carry over directly into the RPM marketplace. Through its own analysis the Company has identified a number of patients it is currently servicing as candidates for RPM services and plans to begin working with physicians towards their enrollment into remote patient monitoring. The Company is estimating the ability to generate gross billings of around $120 per eligible Medicare patient per month for RPM and approximately $100 per month for eligible Medicare patients qualify for CCM (Chronic Care Management).
“Our RPM platform launch is a major step forward for our Company. We believe our existing patient and physician base will greatly benefit from these tools in their effort to achieve positive outcomes. Making informed decisions based on reliable real time data is key for doctors to operate in the most effective and efficient ways. Progressive Care has differentiated itself from competitors in terms of its commitment to medication therapy and adherence management. Our reputation among healthcare professionals in this domain is one of our strongest advantages,” stated Alan Jay Weisberg, CEO of Progressive Care.
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Progressive Care Inc.
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 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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