MOORESTOWN, N.J., Jan. 04, 2018 (GLOBE NEWSWIRE) -- Tabula Rasa HealthCare, Inc., (“TRHC”) (NASDAQ:TRHC), a healthcare technology company optimizing medication safety by deploying new medication risk mitigation digital software solutions and novel, proprietary medication decision support tools, announced today new contracts with pharmacy benefit managers (PBMs) and health plans for 2018 that will expand the number of Medicare lives receiving medication therapy management (MTM) solutions and services from TRHC’s subsidiary, SinfoníaRx, by approximately 30%. TRHC will now provide MTM interventions for high risk individuals in Part D plans representing approximately 15% of the total number of Medicare lives.
MTM programs are designed to enhance a more personalized approach to medication management with the goal of optimizing the effectiveness and safety of medication regimens. Under the new agreements, SinfoníaRx’s clinical pharmacists will utilize SinfoníaRx’s proprietary software platform, RxCompanion™, to enhance how Medicare beneficiaries receive comprehensive medication reviews. SinfoníaRx’s offerings will include how patients are identified for potential risk for medication-related problems and intervention strategies for selecting the safest medications and the most effective dosing regimen.
The average Medicare beneficiary takes more than 10 medications a day which increases the likelihood of an adverse drug event (ADE). In order to improve health outcomes, the Centers for Medicare and Medicaid Services (CMS) mandates that Medicare Part D MTM programs work to reduce ADEs. TRHC offers a wide range of MTM programs to meet CMS requirements, improve STAR ratings and meet goals for improved health and wellness and overall patient care.
“RxCompanion is a highly customizable and scalable platform designed to identify and help resolve medication related problems resulting in enhanced patient care and safety, as well as reduced spending,” said Calvin H. Knowlton, PHD, CEO of TRHC. “These new clients are focused on driving better healthcare outcomes and we look forward to working with them to help their patients live better lives.”
The new agreements began on January 1, 2018 and will increase the number of Medicare lives currently being serviced by SinfoníaRx to seven million. TRHC's technology is used by pharmacists across approximately 300 health plans, and under these new agreements TRHC’s MTM program will be offered to more than 50 health plans within the pharmacy provider’s network. To accommodate the growth, TRHC is opening a new clinical call center in Austin, TX, and will be increasing staff at its Gainesville, FL, location.
About Tabula Rasa HealthCare
TRHC (NASDAQ:TRHC) is a leader in providing patient-specific, data-driven technology and solutions that enable health care organizations to optimize medication regimens to improve patient outcomes, reduce hospitalizations, lower healthcare costs and manage risk. TRHC provides solutions for a range of payers, providers and other healthcare organizations. SinfoníaRx is a Tabula Rasa HealthCare company. For more information, visit TabulaRasa.com.
Forward-Looking Statements
This press release includes forward-looking statements that we believe to be reasonable as of today’s date including statements regarding the anticipated number of Medicare lives that will be serviced under the new contracts. 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, 2017, 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.
Media Contact
Dianne Semingson
dsemingson@TRHC.com
T: 215-870-0829
Investors
Bob East or Asher Dewhurst
Westwicke Partners
443-213-0500
tabularasa@westwicke.com