ST. LOUIS, MO, and MOORESTOWN, NJ, May 03, 2018 — Tabula Rasa HealthCare (NASDAQ:TRHC), a healthcare technology company offering comprehensive data-driven software solutions and services for healthcare organizations, today announced it has acquired Peak PACE Solutions, the leading health plan management solutions and services provider in the PACE (Program of All-inclusive Care for the Elderly) market. Peak PACE Solutions will become Peak Health Plan Management Services, and operate as a service of Capstone Performance Systems, a subsidiary of TRHC.
“Capstone’s mission is to help our client organizations succeed fiscally in a compliant manner,” said Capstone CEO Richard Schamp, MD. “We do this by delivering meaningful analysis to understand the complexities of Medicare risk adjustment, optimizing compliance and revenue. Having worked for years collaboratively with Peak, we look forward to integrating with Peak Health Plan Management Services and further enhancing TRHC value to PACE organizations.”
PACE is a federal program, with 250 centers located in 31 states serving a growing number of eligible Medicare and Medicaid participants. Peak performs back-office functions for PACE organizations, including acting as a Third Party Administrator (TPA) to manage claims from healthcare providers. The company is noted for its staff expertise in the PACE market, including several executive-level staff who previously worked in PACE organizations.
“We’re excited to have the opportunity to join the TRHC family and work alongside Capstone, which shares our commitment to the PACE market,” said Patty Bailey, CEO of Peak Health Plan Management Services. “Our services are complementary, and as one company we can offer a full range of solutions backed by our extensive experience in PACE.”
Peak PACE Solutions was founded in 2009 by David Reyes and Ronda Hackbart. Upon making the decision to retire, Reyes and Hackbart indicated their desire to sell Peak to a company familiar with and respectful of PACE. In addition to Capstone, TRHC’s CareKinesis provides pharmacy services to PACE plans across the country.
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.
Bob East or Asher Dewhurst