Moorestown, NJ, November 18, 2019 – Tabula Rasa HealthCare®, Inc. (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, will provide medication safety and comprehensive pharmacy services to WelbeHealth, through an agreement with its subsidiary CareKinesis®. TRHC already provides health plan management services to WelbeHealth through its PeakTPA service line; both PeakTPA and CareKinesis operate as part of TRHC’s CareVention HealthCare Division.
WelbeHealth, founded by mission-driven physicians to unlock the full potential of the most vulnerable seniors in underserved communities, opened its first two PACE programs in 2019 in the Stockton-Modesto and Pasadena-Glendale-Burbank regions of California. The company plans to open additional locations in 2020 that also will adopt TRHC services including both health plan management and pharmacy services.
“WelbeHealth’s mission to provide high-quality care to the most vulnerable population aligns with TRHC’s mission, and makes us proud partners,” said TRHC President Orsula V. Knowlton, PharmD, MBA. “The PACE-focused services TRHC provides will support WelbeHealth by identifying and mitigating population- and participant-specific risk for preventable adverse drug events, enhance quality, and lower total health costs.”
“We’re very excited to collaborate with TRHC for products that support high-quality care delivery,” said Matt Patterson, MD, President of WelbeHealth. “TRHC’s services will help us better manage patient care and ultimately improve quality of life for our seniors and their loved ones.”
PACE (Program of All-Inclusive Care for the Elderly) is a Medicare and Medicaid program that provides comprehensive medical and social services enabling older adults to live in the community instead of a nursing home or other care facility. In its 40-year history across the U.S., PACE has demonstrated significant improvements in participants’ quality of life, life expectancy, depression rates, and sense of health empowerment and engagement. It also serves as a helpful partner to families and caregivers and generates significant taxpayer savings by improving the health and well-being of participants.
PACE organizations nationwide rely on TRHC technology, services, and consulting to optimize outcomes and maintain regulatory compliance. The company’s medication safety and pharmacy services, featuring proprietary Medication Risk Mitigation software and pharmacists who are board-certified in geriatrics, improve medication outcomes, increase adherence, and reduce participant hospitalizations.
At WelbeHealth, our mission is to unlock the full potential of our most vulnerable seniors with empathy and love. We do it through PACE (Program of All-Inclusive Care for the Elderly), a comprehensive medical and social care model with a decades-long track record of improved quality of life, life expectancy, and personal empowerment for frail seniors. As part of our PACE programs, most participants are able to live safely and independently in their own homes and communities rather than receive care in a nursing home. WelbeHealth operates two PACE programs in the Stockton-Modesto and Pasadena-Glendale-Burbank regions of California, with plans for additional expansion in underserved communities. For more information, please visit welbehealth.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.