MOORESTOWN, N.J., (September 17, 2020) – Tabula Rasa HealthCare, Inc (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, announced that on Monday, September 14, TRHC Chairman and CEO, Calvin H. Knowlton, PhD appeared before the New Jersey Senate Health, Human Services and Senior Citizens Committee in support of a proposed amendment to Senate Bill No. 887, the Medicaid Prescription Drug Quality, Cost and Transparency Act. The proposed amendment would establish a medication risk prevention program within New Jersey Medicaid.
Dr. Knowlton’s testimony demonstrated the cost savings TRHC’s Enhanced Medication Therapy Management Program (EMTM) provides. “When we apply our Economic, Clinical and Humanistic Outcomes (ECHO) model of Enhanced MTM (EMTM) programs to government sponsored-plans, we estimate that a Medicaid Enhanced MTM program like ours in New Jersey will generate annual cost savings in excess of $80 million.”
In the U.S., ADEs contribute to more than 3.5 million physician office visits, 1.3 million emergency room visits, 350,000 hospitalizations, and extended lengths of stay, each year. A recent report from the Lown Institute, a nonpartisan healthcare think tank in Boston, found polypharmacy will lead to the premature death of more than 150,000 older Americans over the next ten years and will contribute to over $62 billion in hospitalizations for older adults alone.
Additionally, Dr. Knowlton discussed in his testimony how TRHC’s proprietary Medication Risk Mitigation technology, MedWise™, cumulatively compares how medications interact together and identifies medication-related risks. A TRHC published study involving nearly 2,000 patients found that a reduction in the MedWise Risk Score™ resulted in fewer adverse drug events, emergency department visits, and hospitalizations and in lower medical costs.
This press release includes forward-looking statements that we believe to be reasonable as of today’s date, including statements regarding Medication Risk Mitigation technology. 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. 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 need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; increasing consolidation in the healthcare industry; managing our growth effectively; our ability to adequately protect our intellectual property; and the other risk factors set forth from time to time in our filings with the 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. Any forward-looking statement speaks only as of the date on which it was made. 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.