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 Facebo
