SOURCE: Proto Script Pharmaceutical Corp.

January 06, 2017 06:00 ET

Proto Script Pharmaceutical Corp. details Multi-Year Contract with Centers for Medicare and Medicaid Services

RANCHO CUCAMONGA, CA--(Marketwired - Jan 6, 2017) - Proto Script Pharmaceutical Corp. dba PSP Homecare ("PSP" or the "Company") (OTC PINK: PSCR), a durable medical equipment provider, today provided a detailed summary of its current contract with Centers for Medicare and Medicaid Services.

The Centers for Medicare & Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (HHS) that administers the Medicare program and works in partnership with state governments to administer Medicaid, the State Children's Health Insurance Program (SCHIP), and health insurance portability standards.

On April 28, 2016, Proto Script Pharmaceutical Corp. was awarded a multi-year CMS contract authorizing the Company to furnish certain items under the Medicare Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS) Competitive Bidding Program (the "Contract"). 

Under terms of the Contract, Proto Script Pharmaceutical Corp. is authorized and required to provide specified items in certain Product Categories within specific Competitive Bidding Areas (CBAs) and submit claims to Medicare for reimbursement. The Contract period began July 1, 2016, and is scheduled to end on December 31, 2018.

The PSP Homecare competitively bid items fall into two product categories; 1) Standard Mobility Equipment and Related Accessories, including power operated vehicles (scooters), walkers, wheelchairs (powered and manual), and wheelchair accessories and seating; 2) General Home Equipment and Related Supplies and Accessories, including hospital beds (semi-electric and manual) and accessories, patient lifts, seat lift mechanisms, support surfaces (Group 1 and 2), and commodes, urinals, and bedpans.

PSP Homecare is authorized by Centers for Medicare and Medicaid Services to provide the competitively bid items in the following Competitive Bidding Areas, encompassing a total population of approx. 32.4 million people (United States Census Bureau):

1) Bakersfield, California
2) Fresno, California
3) Las Vegas-Henderson-Paradise, Nevada
4) Los Angeles County, California
5) Orange County, California (GME only)
6) Oxnard-Thousand Oaks-Ventura, California
7) Sacramento-Roseville-Arden-Arcade, California
8) San Diego-Carlsbad, California
9) San Francisco-Oakland-Hayward, California
10) San Jose-Sunnyvale-Santa Clara, California
11) Stockton-Lodi, California (GME only)
12) Visalia-Porterville, California

Michelle Rico, CEO and President of PSP, remarked, "Our multi-year contract with the Centers for Medicare and Medicaid Services enables most of our customers to access high-quality mobility equipment including wheelchairs, power chairs, scooters, and power beds completely through Medicare insurance. The CMS contract also places us on a short list of authorized Medicare approved suppliers in our Competitive Bid Areas. These combined benefits give PSP Homecare a strong foothold in California and Nevada, two of the largest and fastest growing mobility products markets in the country." 

"We anticipate building our existing business within these current competitive bid areas and look forward expanding into new markets supported by a comprehensive marketing program in the near future."

About Proto Script Pharmaceutical Corp.

Proto Script Pharmaceutical Corp. dba PSP Homecare provides a comprehensive collection of durable medical equipment (DME) like canes, crutches, walkers, commodes, patient lifts, hospital beds, orthotics (braces), wheelchairs, scooters, power wheelchairs, rehabilitation equipment, and accessories. Currently serving California and Nevada, PSP Homecare has specialized in the repair of power wheelchairs and the sale of orthotics since 2011. The Company deals with a growing list of federal, state and private insurance providers such as Medicare, Medi-Cal, Nevada Care and Blue Cross among several others.

Additional information regarding PSP Homecare can be found at www.psphomecare.com

Proto Script Pharmaceutical Corp. files reports with the Securities & Exchange Commission on EDGAR and anticipates continuing to file such reports. The Company's filings can be viewed at www.sec.gov.

Cautionary Language Concerning Forward-Looking Statements

This Proto Script Pharmaceutical Corp. press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the Company's mission statement and growth strategy, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update any of the information contained or referenced in this press release.

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