Progressive Care, Inc. (RXMD) believes in the principles behind their name, which is to adjust to the ever-changing needs of their customers. This is just one of the reasons why they filled 225,000 prescriptions in 2017. With more than $20 million in net revenues, this Florida based company has expanded to 12 additional states with the acquisition of non-resident state licenses.
Their subsidiary, PharmCo, is a 5-star pharmacy with customer service ratings to match. So, what’s behind their earnings? They believe the answer rests with their adoption of medication therapy management (MTM). With so much chaos in the healthcare space today, they see MTM as the way out of the tunnel. See how they’re putting the theory to work, and why they believe it’s the driving force behind their year-over-year success story.
What Is MTM?
MTM boils down to making pharmacies more actively involved with patient care. Instead of filling new prescriptions and answering questions on an ad-hoc basis, pharmacists become more involved with drug therapy as well as patient outcomes. The recommendations for how to do this may vary slightly depending on the pharmacist, but usually include the following:
- Patient assessment
- Treatment plans
- Thorough medication reviews
- Evaluation of healthcare documentation
- Monitoring drug safety
The ultimate goal is to ensure that both patient, pharmacist, and prescriber(s) are all communicating with each other to ensure that fewer things slip through the cracks. Progressive Care Inc. firmly believes in the power of MTM to reduce adverse outcomes and to promote regulatory compliance.
Their company has not only embraced the principles of MTM, they’re also attempting to take them one step further. Regardless of the changes made by the federal government to their industry, they’ve moved forward with their efforts for more comprehensive pharmaceutical care. They started with a retirement community in Florida with a population of about 15,000 residents. Progressive Care Inc. set up a resource center for residents that included a kiosk where patients can live-stream with the pharmacy staff in North Miami Beach. Their tele-pharmacy software is still being developed, but the initial results have been remarkable. This platform has already been recognized for not only increasing safety and efficiency but also contributing to brand loyalty and patient satisfaction.
Fighting Against HIV/AIDS
Part of MTM includes adapting the model to fit specific diseases. After all, a prescription campaign for childhood leukemia will be different than one for Alzheimer’s Disease. Their pharmacy was able to develop a relationship with Empower “U” to develop both education and prevention care for the people of South Florida. Their mission is to reach as many people as possible under 340B services (an extension program courtesy of Medicaid). They’ve managed to branch out to Community AIDS Network, a community organization designed to get underserved communities the care they need. By branching out, they’ve managed to bill more than $2.75 million for prescriptions and added more than $100,000 in net revenue in 2017. (These numbers are not included in the original 2017 net revenue calculations.)
When Hurricane Irma was on its way, PharmCo was faced with the conundrum of how to get emergency medications and supplies to everyone affected by the storm given dwindling fuel and water supplies in the area. It was their job to band together with the community, so everyone had access to resources and care. To that end, they gave support to all of their employees, and local residents. They were the first pharmacy to open after the storm had passed with full power and an even fuller inventory. They not only donated supplies to Haiti and Puerto Rico, a qualified member of their team went to Puerto Rico to assist with recovery efforts as a member of the Army Reserve. MTM may not require boots on the ground, but they knew it was up to us to help as many people as possible.
MTM is really the practice of doing more for patients so they can lead better lives. Instead of just accepting the patient compliance rates, MTM was formulated to save lives with proactive education and care. Progressive Care Inc. was founded with the assumption that they could make a difference in their communities if they found the right strategies. Those strategies needed to include offering a service that patients couldn’t find anywhere else. With a little help from MTM, they managed to find a winning combination.
About the Author
Stuart Smith is the CEO and Founder of SmallCapVoice.com. SmallCapVoice.com. is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets. To learn more about SmallCapVoice.com and their services, please visit https://smallcapvoice.com/blog/the-small-cap-daily-small-cap-newsletter/