MOORESTOWN, N.J., May 24, 2021 — CareVention HealthCare, a division of Tabula Rasa HealthCare, Inc.® (TRHC) (NASDAQ: TRHC), has seen market interest in developing and expanding new PACE (Program of All-Inclusive Care for the Elderly) projects intensify in 2021, compared to 2020. This jump in activity for new PACE projects is underscored by the addition of new sponsors, such as investor and provider groups, to typical PACE healthcare providers like hospital systems and hospice organizations.
“There is a significant increase in attention to PACE at the state and regional levels,” said Shawn Bloom, President and CEO, National PACE Association. “Several states with current PACE organizations are incorporating new legislation for PACE expansion, and additional states without current PACE organizations are adding legislation for new PACE organization development.”
“We have a deep conviction that, when possible, the healthcare needs of older adults can and should be met in the community, which is why we have become a trusted partner with more than 90 percent of PACE plans using at least one of our solutions and services,” said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “Our CareVention HealthCare division offers an unrivaled depth of PACE-specific experience, which, coupled with our collaborative approach, uniquely equips us to help organizations succeed in all phases of PACE-related growth.”
Underserved Market Opportunities
PACE is the gold standard for value-based care of seniors. It is the most comprehensive and coordinated fully capitated payment program with proven savings for Medicare and Medicaid. Yet, industry sources estimate that current market penetration is less than 3 percent of the 2.2 million PACE-eligible individuals across the country.
However, that may be changing as interest in new programs continues to accelerate and the current U.S. administration cultivates programs that promote seniors aging in place. These new Federal policies have the potential to significantly increase market penetration. Newly signed legislation, such as the American Rescue Plan Act, includes a targeted increase of $13 billion in federal matching funds for states to intensify their Home- and Community-Based Services efforts, which include PACE.
“We strongly believe that PACE is the best solution for recent legislation that supports aging in place and home and community-based care, and we are eager to support its expansion,” said Carlos Perez, EVP, CareVention HealthCare. “We are ready, with over 100 years of combined PACE experience and full suite of outcomes focused solutions, to assist current clients with expansions, help new PACE organizations as they start, and to guide those interested in exploring and investing in PACE.”
About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) provides medication safety solutions that empower healthcare professionals and consumers to optimize medication regimens, combatting medication overload and reducing adverse drug events – the fourth leading cause of death in the US. TRHC’s proprietary technology solutions, including MedWise®, improve patient outcomes, reduce hospitalizations, and lower healthcare costs. TRHC’s extensive clinical tele-pharmacy network improves care for patients nationwide. Its solutions are trusted by health plans and pharmacies to help drive value-based care. For more information, visit TRHC.com.
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