St. Louis, MO, and Moorestown, NJ, (October 1, 2018) – Tabula Rasa HealthCare, Inc. (“TRHC”) (NASDAQ:TRHC), a healthcare technology company advancing the field of medication safety, today announced its subsidiary Capstone Performance Systems has seen considerable growth since its May 2018 acquisition of Peak PACE Health Plan Management and the establishment of its PACE Technical Assistance Center in June.
In addition to the six new contracts for the first six months announced in July, eleven new contracts have been acquired in the last several weeks. Capstone’s newest contracts call for providing enhanced services to seven operational PACE organizations and partnering with four new organizations, effective October 1, 2018 (3) and March 1, 2019 (1). The majority of these are for Capstone’s new Technical Assistance Center, offering consulting services for PACE Organizations at the sponsor exploration phase for new start-up programs, along with support for existing PACE Organizations interested in expanding or enhancing services such as opening a location in a different area for expansion purposes.
“The Capstone organization is proud of the service it provides to the PACE marketplace, and it is our privilege to continue to support PACE organizations that provide care to the frail elderly population throughout the United States,” said TRHC Executive Vice President Kim Browning, CHC, PMP, who oversees Capstone Performance Systems. PACE is a federal program benefiting individuals 55 and older who are nursing home eligible. PACE includes 240 centers in 31 states serving a growing number of eligible Medicare and Medicaid participants. The goal of the program is to keep participants living in their own homes while receiving quality care.
Capstone Performance Systems provides Medicare risk adjustment and operations consulting to PACE and similar value-based healthcare organizations. Its Peak Health Plan Management Services division performs back-office functions for PACE organizations, including Third Party Administration (TPA) to manage claims from healthcare organizations. The TAC partners with PACE organizations at all levels of growth to provide guidance for successful operations.
“An increase in new services to existing clients, as well as acquiring new clients, has fueled this impressive growth,” said TRHC President Orsula V. Knowlton, PharmD. “Capstone’s Technical Assistance Center (TAC) is a good example. It provides services to organizations exploring the feasibility of establishing a PACE program or developing a PACE start-up. The TAC also works with existing PACE programs seeking to improve their operations.”
Recently, the National PACE Association (NPA) announced “PACE 2.0: Charting a Course for Exponential PACE Growth”. The stated goal is to achieve 200,000 PACE participants by 2028. “We continue to have an ongoing opportunity to grow and expand in the PACE market to support clients and enhance participant outcomes,” said Knowlton.
Capstone is part of TRHC’s new CareVention HealthCare (“CareVention”) technology and service division. The CareVention division will offer an integrated technology platform, including advanced data analytics, as well as consulting services for PACE and other financially at-risk healthcare organizations to support growth and optimize the care they provide to their participants.
About Capstone Performance Systems
Capstone Performance Systems specializes in helping healthcare organizations adjust processes and systems to capture timely, complete and accurate data. Expert staff deliver training in documentation and diagnosis coding; analyze data collection and submission processes; and deliver meaningful analytics for understanding the complexities of Medicare risk adjustment. Its Peak Health Plan Management Services line performs back-office functions for PACE organizations, including acting as a Third Party Administrator (TPA) to manage claims from healthcare providers. Capstone is a Tabula Rasa HealthCare company. For more information, visit capstoneperformancesystems.com.
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 14, 2018, 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. 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.