Progressive Care's PharmcoRx Enters into Agreement with NationsBenefits to Offer Enhanced OTC Benefits to Health Plan Members
Latest OTC Program Expands PharmcoRx Pharmacy's Ability to Provide Patients with Access to Additional Healthcare Benefits Covered by Medicare Advantage Plans
MIAMI, Nov. 20, 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") pharmacies in Florida will expand their ability to provide customers with access to over-the-counter ("OTC") benefits through a new partnership with NationsBenefits LLC. ("NationsBenefits) for its NationsOTC program.
NationsBenefits is a leading provider of supplemental benefits, flex cards, and member engagement solutions for health plans. OTC benefits are provided by many State and Nationwide Medicare Advantage ("MA") plans such as those offered by Humana, Devoted, Wellcare, and United Health. The OTC benefits provide MA members with the ability to purchase a wide array of goods including over-the-counter medicines, food, and groceries. 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). Through the NationsBenefits partnership, PharmcoRx will be included in a list of NationsOTC participating pharmacies for program participants thereby providing patients with seamless access to valuable OTC benefits fully paid for by their MA plans along with their prescription medications when they are delivered to their homes free of charge.
Dr. Pamela Roberts, Chief Operating Officer of Progressive Care Inc., said, "The expansion of our OTC benefit program will allow us to deliver added convenience and value to our customers when they have their prescriptions filled at our phamacies, creating immediate new sales opportunities for the Company. Partnering with NationsBenefits enables us to provide new services that were only available at national retail chains, and we are excited to be part of this growing network as we continue to provide our communities with offerings that can contribute to their improved health and quality of life."
"We are pleased to welcome PharmcoRx pharmacies and its growing customer base to our NationsOTC program as we continue on our mission of delivering value to health plan members and to providers through innovative supplemental benefit solutions," commented Glenn M. Parker, M.D., Founder and CEO at NationsBenefits.
MA plan members in the NationsOTC program can immediately access their OTC benefits which can exceed $3,000 annually, at PharmcoRx pharmacies when they have their prescriptions filled. This means patients can now seamlessly fill their prescriptions and purchase their OTC medications such as pain relievers as well as hundreds of hair, skin and oral care products with no out of pocket costs simply by using their Medicare insurance benefits and have them delivered to their homes free of charge. PharmcoRx 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.
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SOURCE Progressive Care, Inc.