Moorestown, NJ, January 13, 2020 – Tabula Rasa HealthCare®, Inc. (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, announced today a client retention rate of 99.1% in the PACE (Programs of All-inclusive Care for the Elderly) market to begin 2020.
PACE organizations nationwide rely on TRHC’s PACE division, CareVention HealthCare,™ for technology, services, and consulting to optimize outcomes and maintain regulatory compliance. CareVention’s lead offering for PACE providers is medication safety and pharmacy services, which features proprietary medication risk mitigation software and pharmacists who are board-certified in geriatrics to improve medication outcomes, increase adherence, and reduce participant hospitalizations.
“TRHC continues to advance the science and practice of medication risk mitigation through our technology platforms and personalized pharmacotherapy approach,” said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “Our continued high retention rates and multi-year contract renewals demonstrate the effectiveness of our solutions and the value CareVention services provide PACE.”
PACE is a federal program providing comprehensive medical and social services to individuals 55 and older who are nursing-home eligible. The goal of PACE is to keep participants living in their own communities while receiving medical care and support services. Currently, 131 PACE organizations operate 263 PACE centers in 31 states, serving more than 51,000 participants.
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 by 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.