Princeton and Moorestown, NJ (May 2, 2016) – NJHA Healthcare Business Solutions Inc. (HBS), a wholly owned subsidiary of the New Jersey Hospital Association (NJHA), and Tabula Rasa HealthCare, Inc. (TRHC), a healthcare technology company providing patient-specific, data-driven technology and solutions for healthcare organizations, have entered into a three-year strategic alliance to offer TRHC’s proprietary Medication Risk Mitigation™ products and services to NJHA’s nearly 400 member healthcare organizations. New Jersey hospitals, home health agencies, hospice providers and health-related business and educational institutions deliver care for more than 18 million patients per year.
“Mitigating the risk of adverse drug events (ADEs) has a direct and significant bottom line impact on health outcomes and the cost of health care,” stated Michael A. Guerriero, senior vice president of New Jersey Hospital Association – Healthcare Business Solutions. “We are interested in providing our members with information about resources that can help reduce risk and improve access to personalized medicine services, such as those offered by Tabula Rasa HealthCare.”
ADEs in the United States prolong hospital stays by 1.7-4.6 days and result in about $3.5 billion of health care costs in the United States on a yearly basis according to the U.S. Department of Health and Human Services and the Institute of Medicine.
Under this strategic alliance, NJHA will introduce its member healthcare organizations to TRHC’s Medication Risk Mitigation platform known as MedWise Advisor®, a proprietary tool that examines medication regimens and various extrinsic and intrinsic medication safety factors. The parties believe this collaboration will improve patient outcomes, reduce hospitalizations, lower healthcare costs and allow healthcare organizations to manage risk by facilitating the management of value-based care initiatives.
“Our goal is to improve the lives of people living in New Jersey by providing access to our Medication Risk Mitigation technology at critical points in the healthcare continuum.” said TRHC Chairman and CEO Calvin H. Knowlton, BScPharm, MDiv, PhD.
New Jersey Hospital Association (NJHA), based in Princeton, NJ, is a not-for-profit trade association that helps hospitals and other healthcare providers deliver quality, accessible and affordable health care. NJHA Healthcare Business Solutions, Inc., a New Jersey business corporation and wholly owned subsidiary of the NJHA, helps healthcare organizations manage their supply and operations costs by providing access to an exceptional portfolio of high-quality contracts, benefits and consultative services.