Moorestown, NJ, September 17th, 2018 – Tabula Rasa HealthCare, Inc. (“TRHC”) (NASDAQ:TRHC), a healthcare technology company advancing the field of medication safety, today announced its subsidiary, Mediture, is expanding services in a new market for TRHC with the Visiting Nurse Services of New York (VNSNY) managed long-term care (MLTC) plan in New York City.
VNSNY is the largest not-for-profit home and community-based health care organization in the United States, serving the five boroughs of New York City and Nassau, Suffolk and Westchester Counties. VNSNY’s MLTC program is a Medicaid plan designed for New Yorkers who want to remain in their own homes and communities, but need help with daily activities. The VNSNY MLTC plan is one of the largest in the state of New York. Currently, the Mediture platform is in the customization phase with the Visiting Nurse Service of New York (VNSNY). The services are scheduled to start December 1, 2018.
“It is an honor to collaborate with VNSNY, an outstanding organization that meets critical healthcare services needs for vulnerable populations,” stated TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “We are proud that our most recent acquisition, Mediture, already is contributing to the growth of our Company. New markets for our break-through healthcare technology and consulting services, which improve healthcare administration and ultimately patient care, help meet Tabula Rasa’s overall goal.”
MLTC is a demonstration program across the US with the goal of providing optimized and better coordinated care for dual-eligible individuals while improving efficiency. MLTC plans provide coverage for a number of services, including home care and nursing home care. Similar to the Program of All-Inclusive Care for the Elderly (PACE), MLTC supports members living independently at home, avoiding nursing home care for as long as possible. While PACE is fully capitated for Medicare and Medicaid, MLTC plans are partially capitated for Medicaid services only.
Medicaid MLTC senior services programs have been growing rapidly in the last five years, from eight to 24 states now offering these services. Enrollment increased by nearly one million members, and at least seven other states continue to pursue such initiatives as a method to reform their Medicaid programs. In New York alone, more than 180,000 members were enrolled in MLTC and 1.8 million people enrolled in the US in 2016-2017, which has doubled in the last five years.
About the Visiting Nurse Service of New York
Founded in 1893, the Visiting Nurse Service of New York (VNSNY) is the largest not-for-profit home- and community-based health care organization in the United States, serving the five boroughs of New York City and Nassau, Suffolk and Westchester Counties. VNSNY focuses on promoting the health and well-being of patients and families by providing high-quality, cost-effective health care to vulnerable individuals in their homes and communities. VNSNY also provides hospice and palliative care to patients at the end of life, operates an array of community mental health services, and private pay home services through Partners in Care. In addition, VNSNY operates a selection of health plans through its managed care affiliate, VNSNY CHOICE. For more information, please visit vnsny.org.
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 acquisition of Mediture. 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 acquisition due to challenges in integration and the inability to retain key employees; 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.