MIAMI, FL--(Marketwired - September 08, 2016) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, announces new wholly owned subsidiary: Smart Medical Alliance Inc., a healthcare management services organization (MSO).
On September 1, 2016, Progressive Care opened Smart Medical Alliance Inc. to assist healthcare providers with navigating the complex risk management environment of their insurance network contracts. The company believes that the need for outsourced support for providers is increasing and estimates the market in the state of Florida to be over $1 billion annually.
Smart Medical Alliance will provide management and support services to doctors and administrators under both capitated and fee-for-services insurance contracts. It has created a set of service options for providers as well as a-la-carte pricing to meet the specific needs of healthcare practices. These services will include billing & coding, data management and evaluation, compliance & adherence monitoring, recruiting, staffing, training, best practices and supervisory procedures. The annual cost for the services based on the needs of the provider could be up to 20% of the providers' annual net revenues.
"We have been providing some of these services for the past 3 years, producing great improvement from the medication therapy management segment of the rating system," stated S. Parikh Mars, CEO. "Now we have assembled a team at Smart Medical Alliance who are experts in the field of healthcare management and who will provide a complete package of services to healthcare organizations. This will allow us to create stronger relationships with new and existing providers and generate greater revenues for all of our businesses."
Many providers under capitated model contracts are extremely ill-equipped to handle the administrative and data operations required to achieve better capitation rates or bonuses. These contracts offer providers a flat fee per month per managed patient enrolled at the practice. Under the terms of their agreements, the provider assumes some of the risks associated with a patient's use of healthcare dollars. The provider may be subjected to penalties or entitled to bonuses based on performance and cost savings (if any) generated by the provider. To alleviate this burden and help providers improve performance, Smart Medical Alliance will provide a full range of support services.
About Progressive Care
Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
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