Moorestown, NJ, August 19, 2020 – Tabula Rasa HealthCare® Corporation (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, announced today an agreement to deliver clinical telepharmacy services for Pack4U. A personalized medication delivery company, Pack4U uses a digital pharmacy network to drive patient-centric care. This new partnership will provide an integrated platform for comprehensive medication management and safety, keeping patients safe at home.
Pack4U’s enhanced medication adherence program, “Connected Care at Home,” brings together technology and pharmacy networks. Its direct-to-patient device integrates in-home medication dispensing and real-time patient feedback to provide data-driven insights for improved patient outcomes. TRHC’s clinical telepharmacy services will provide medication monitoring for adherence and coordination with providers to optimize clinical results. With the addition of TRHC’s data science, analytics, and expertise, Pack4U offers a complete package to health plans for improving quality metrics, including Star Ratings and HEDIS measures.
“Our digital service is a robust, scalable solution for medication adherence and triage of real-time, patient-reported outcome data,” says Rahul Chopra, President of Pack4U. “The data we collect, coupled with TRHC’s clinical pharmacy technology, data science, and support, will greatly impact the lives of patients living with chronic conditions. Together with TRHC, we’re leveraging our collective intellectual property and services to deliver high quality, personalized care to people at home.”
“Our clinical call centers ensure safe and effective medication use for millions of patients,” states TRHC Chairman and CEO Calvin H. Knowlton, PhD. “TRHC will provide highly personalized support for patients who use Pack4U’s connected care service. Our SinfoniaRx division clinical staff will monitor and intervene, when necessary, to address barriers to medication adherence, prevent adverse drug events, and relay relevant data to care teams for timely actions that improve health outcomes.”
In 2018, 5.8 billion prescriptions were fulfilled by pharmacies in the U.S. per the IQVIA™ Institute for Human Data Science. Prescriptions for chronic, persistent conditions accounted for more than two-thirds of all orders. Medication adherence remains an ongoing challenge with high non-adherence rates resulting in a failure to reduce the progression of chronic disease, causing higher healthcare costs from unnecessary ER visits and increased hospital and nursing home admissions.
A recent study validates that pharmacist-led interventions improve adherence and reduce total healthcare costs. Telepharmacy solutions can provide a critical link to homebound patients who require ongoing care for chronic conditions, especially during stay-at-home orders prompted by the coronavirus disease 2019 (COVID-19) epidemic.
Pack4U (pack4u.com) connects people at home to a personalized medication delivery and adherence monitoring system to improve health outcomes and lower total cost of care. Pack4U contracts with health systems for in-home connected care, patient reported outcomes improvement delivered through its digital pharmacy network, prescription medicine delivery adherence management, and a centralized filling backbone. Pack4U is powered by Catalyst Healthcare (catalystrms.com), whose patented AdhereNet® platform links pharmacists, patients, and care teams to manage drug complexity and improve medication adherence.
This press release includes forward-looking statements that we believe to be reasonable as of today’s date. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” and similar expressions. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release. These forward-looking statements include, among other things, our goals and expectations regarding the combined company and the integration of PW into TRHC, the expected synergies from the combined company and the expected financial and operating performance of TRHC following the completion of the acquisition. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the risk that we may not be able to achieve our expectations for the combined companies due to challenges in integration and inability to retain key employees; fluctuations in our financial results; the acceptance and use of our products and services by PACE organizations and pharmacies; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; our ability to maintain relationships with a specified drug wholesaler; increasing consolidation in the healthcare industry; managing our growth effectively; our ability to adequately protect our intellectual property; the requirements of being a public company; our ability to recognize the expected benefits from acquisitions on a timely basis or at all; and the other risk factors set forth from time to time in our filings with the Securities and Exchange Commission (“SEC”), including those factors discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, filed with the SEC on March 2, 2020, and in subsequent reports filed with or furnished to the SEC, copies of which are available free of charge within the Investor Relations section of the TRHC website ir.trhc.com or upon request from our Investor Relations Department. TRHC assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today’s date.
T: (250) 469-3411