Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to announce the launch of Remote Patient Monitoring (“RPM”) PharmcoMyRPM, a mobile app and patient portal, and PharmcoRPM, a web portal to help providers remotely manage patients’ chronic disease and transitional care.
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 5G-powered devices to remotely monitor patients’ 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 toward 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 qualifying 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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