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TAMPA — Comprehensive Care Corp., a Tampa-based behavioral health care provider, more than doubled its annual revenue in 2011 compared with the previous year, according to a filing with the Securities and Exchange Commission.
In the filing, CompCare reported $71.2 million in sales for 2011, up from $35.21 million in sales for 2010.
CompCare Chairman and CEO Clark Marcus said in a statement that the increased revenue resulted from the company's reinvestment of top-line revenues the past two years. Marcus said to increase sales, the company has expanded its provider network, developed additional products and become more aggressive in pursuing the Medicare market. He said the latter is an area where the company expects to see increased demand from America's aging population.
The company also plans to expand margins and increase revenues by reducing pharmacy costs to health plans and self-insured patients. “Prescription drugs represent approximately 10% of overall health care expenditures,” Marcus said in the statement. “We are confident that the innovative pharmacy plan developed by the company can reduce these costs by up to 10%, which sets us substantially apart from the pack.”
CompCare provides behavioral health, substance abuse and psychotropic pharmacy management services for managed care companies across the United States. Shares of the company's stock recently traded at 18 cents (OTCBB: CHCR).
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