Customized healthcare services and technology firm Progressive Care Inc (OTCMKTS:RXMD) was one of the companies which was in the news cycle last week and before the start of trading today, it may be a good idea for investors to refresh their memories.
Trading Data
On Friday, RXMD stock slid 5.26% to $0.0450 with more than 1.12 million shares, compared to its average volume of 1.12 million shares. The stock moved within a range of $0.0385 – 0.0500 after opening trade at $0.0480.
Progressive Care Subsidiary ClearMetrX Launches 340MetrX Platform to Help Streamline 340B Program and Increase Claim Capture
Back on October 6, Progressive Care came into focus after it announced that it had been successful in launching the 340Metrx Platform. The purpose of the platform is to help entities which are covered by 340B to boost the number of their 340B claims which qualify. At the same time, the platform helps in the programming of savings and support compliance efforts at the same time.
It goes without saying that the launch of the 340Metrx Platform was a significant development for the company and it is going to be interesting to see if the Progressive Care stock gets any traction this week or not.
The platform has been created by ClearMetrx, which is a fully owned subsidiary unit of Progressive Care and is involved in providing data based insights to those entities which are 340B covered. The platform is expected to boost the productivity of the data processing prowess that are available to the company.
Key Quote
“340MetrX allows our data analytics processes to be significantly more productive, giving our team an ability to seamlessly manage data for a much greater number of 340B entities in Florida, with potential to be scaled nationwide. According to data from Berkeley Research Group Industry Roundtable Report, 340B gross sales across the program are expected to grow from $116B in 2021 to $280B in 2026. We intend to take full advantage of the momentum this sector presents and are excited to now offer customers in every part of our country a solution that allows them to reduce efforts related to compliance and risk mitigation, strengthen the potential to capture more revenue, and simplify the whole 340B process,” stated Alan Jay Weisberg, CEO of Progressive Care Inc.
Technical Data
RXMD stock is trading above the 20-Day and 50-Day Moving averages of $0.0371 and $0.0291 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0330.
