MOORESTOWN, N.J., April 22, 2019 – Tabula Rasa HealthCare, Inc. (TRHC) (NASDAQ: TRHC), a leading provider of technology-enabled solutions to mitigate medication risk and improve health plan operations has rapidly expanded its services to Programs of All-inclusive Care for the Elderly (PACE), a Federal program benefiting individuals 55 and older across 31 states.
Since January 2019, Peak Health Plan Management Services (PEAK), a division of TRHC’s Capstone Performance Systems, has added four new PACE clients. These new clients include an established PACE organization in Massachusetts, two start-up organizations in California and Arkansas, and a large PACE organization in Colorado, with a total estimated new census for Peak of over 1,000 participants. Today, Peak serves nearly 40% of PACE organizations nationally.
“While these are new customer relationships for Peak, they represent the expansion of existing relationships for TRHC and a strong signal that cross selling has accelerated as a result of the launch of CareVention HealthCare,” said TRHC President and Chief Marketing and New Business Development Officer, Orsula V. Knowlton, PharmD. “TRHC now works with PACE organizations at all stages, providing end-to-end services to assure our clients are regulatory compliant, to ensure participant health and safety, and to optimize cost savings. Our goal is to support the PACE community with solutions that enhance humanistic, clinical and economic outcomes.”
Peak supports all aspects of PACE health plan management. With decades of experience in PACE, Peak provides these organizations with comprehensive services that would otherwise be cost prohibitive. Using Peak helps PACE plans avoid the common challenges of staff turnover and meet new State and Federal reporting requirements. Peak team members are highly trained to provide timely claims processing and payment, accurate data submissions, new member enrollment, provider support, accounts receivable reconciliation and management, Medicare Part D submissions, coordination of benefits through Medicare or other payers, extensive standard and custom reporting, education and training, and audit/compliance support and more.
Advantages of using Peak services include improved pricing accuracy, use of national claims clearinghouses, data submission to CMS, discrepancy reconciliation, provider call center, annual 1099 issuance and meeting CMS’s newest requirements for precluded providers. Direct integration with TRHC’s market-leading electronic health records platforms, Cognify and Mediture, is also available.
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 at home in their communities for as long as possible.
Forward-Looking Statements
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 1, 2019, 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.
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