Moorestown, NJ, December 16, 2019 – Tabula Rasa HealthCare®, Inc. (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, continues its market penetration in PACE (Programs of All-inclusive Care for the Elderly). Spurred by TRHC’s CareVention HealthCare™ division, TRHC is providing more than 80% of PACE providers with at least one TRHC PACE solution.
TRHC will continue to expand in January 2020, with five new PACE agreements. In addition to these new PACE agreements, several existing PACE clients will begin using multiple CareVention services in 2020.
“Through our CareVention HealthCare division, we support PACE organizations at all stages, from exploring PACE, through start-up and ongoing operations for growth,” said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “We provide the PACE community with solutions that enhance their humanistic, clinical and economic outcomes.”
Palm Beach PACE is one organization utilizing the full array of CareVention services to optimize their program’s quality and performance. “CareVention is a logical, comprehensive solution to the many moving parts of a PACE program,” states MorseLife Health System (Palm Beach PACE) Senior Vice President Community Based Services Alan D. Sadowsky, PhD. “The integrated approach of CareVention allows management and administrative leaders to deliver the best quality services to the people we are privileged to serve.”
Currently, 131 PACE programs operate 263 PACE centers in 31 states, serving over 51,000 participants. Leading the growth of PACE is the PACE 2.0 West Coast Learning Collaborative, which is focused on developing PACE in California, Washington and Oregon. The PACE 2.0 West Coast Learning Collaborative is helping Centers learn best practices for rapid growth strategies and tactics. Over the past two years, the Centers in this project have exceeded census and retained their members at a higher rate. TRHC works with several PACE Centers in California and plans to continue to expand its footprint with existing and start-up PACE organizations throughout 2020.
About CareVention HealthCare
CareVention HealthCare offers comprehensive, integrated solutions and services for organizations at every stage of PACE (Programs of All-inclusive Care for the Elderly), from exploring PACE at the state and organizational levels, through start-up and ongoing operations. Medication management and pharmacy distribution services are offered in conjunction with TRHC’s CareKinesis division. CareVention HealthCare provides end-to-end services to assure regulatory compliance, participant health and safety, and optimized financial management. For more information, visit PACEperfect.com.
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 1, 2019, 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 http://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.