MOORESTOWN, N.J., March 8, 2021- Tabula Rasa HealthCare, Inc. (“TRHC”) (NASDAQ: TRHC), a healthcare technology company advancing safe use of medication, announced an all-time high for PACE census enrollment and one of the best net enrollment months in company history in March 2021 for TRHC’s medication risk management and pharmacy fulfillment services. This represents a much quicker rebound in net enrollment as compared to the COVID-19-related depression in spring 2020 and is likely the result of the aggressive vaccine rollout in the PACE demographic.
National PACE trends also are showing a dramatic reduction in the number of COVID-19 cases and deaths. According to data from the National PACE Association (NPA), the number of COVID-19 cases and deaths fell by 55% and 48% in the four-week period ending March 1, as compared to the prior four-week period. Among the 75 PACE organizations that responded to NPA’s February 1, 2021 COVID-19 Vaccination Progress Survey, 64% were actively vaccinating participants.
TRHC continues to see evidence of success in its strategy to cross-sell during March. TRHC implemented its newest pharmacy client, a large not-for-profit PACE organization on the East Coast, which has now adopted all five solutions provided by TRHC’s CareVention HealthCare (CVHC) Division. Two other existing clients implemented incremental CVHC services, one in North Dakota now using all five services and one in Michigan now using four services. With the addition of Personica in late 2020, TRHC remains focused on increasing the adoption of all solutions across all 45,000 PACE participants served at the end of 2020.
Last, as of March 5, 2021, the current backlog of new expansion centers and new PACE organizations under contract to open over the remainder of 2021 now stands at 28, many utilizing most or all of CVHC services. This is a notable increase from the 21 TRHC reported as February 16, 2021 and represents approximately $50 million in annual revenue once the PACE centers are at full capacity.
About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) provides medication safety solutions empowering pharmacists and prescribers to optimize medication regimens and reduce medication-related risk, specifically targeting adverse drug events. Utilizing its proprietary medication decision science technology, MedWise™, TRHC improves patient outcomes, reduces hospitalizations, and lowers healthcare costs. Additionally, TRHC provides an extensive clinical telepharmacy network across the U.S. Our solutions are trusted by health plans and pharmacies nationwide to help drive value-based payment results. For more information, visit TRHC.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 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.
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