TRHC stock continues in an uptrend continuation pattern on new customer wins and incredible 99% existing PACE customer retention.
Tabula Rasa HealthCare®, Inc. (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, announced a client retention rate of 99.1% in the PACE (Programs of All-inclusive Care for the Elderly) market to begin 2020.
PACE organizations nationwide rely on TRHC’s PACE division, CareVention HealthCare,™ for technology, services, and consulting to optimize outcomes and maintain regulatory compliance. CareVention’s lead offering for PACE providers is medication safety and pharmacy services, which features proprietary medication risk mitigation software and pharmacists who are board-certified in geriatrics to improve medication outcomes, increase adherence, and reduce participant hospitalizations.
“TRHC continues to advance the science and practice of medication risk mitigation through our technology platforms and personalized pharmacotherapy approach,” said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “Our continued high retention rates and multi-year contract renewals demonstrate the effectiveness of our solutions and the value CareVention services provide PACE.”
PACE is a federal program providing comprehensive medical and social services to individuals 55 and older who are nursing-home eligible. The goal of PACE is to keep participants living in their own communities while receiving medical care and support services. Currently, 131 PACE organizations operate 263 PACE centers in 31 states, serving more than 51,000 participants.
On January 6, 2020, Benchmark analysts named their Best Ideas for the first half of 2020, Tabula Rasa HealthCare (TRHC) is on that list.
On December 17, 2019, Tabula Rasa HealthCare announced that it will provide Medication Therapy Management (MTM) for customers utilizing the 9,900 CVS Pharmacy retail stores in the United States.
Through the agreement, TRHC will collaborate with local CVS Pharmacies from TRHC’s regional call centers to complete comprehensive medication reviews and other clinical interventions designed to improve medication adherence and address gaps in care.
“TRHC is honored that CVS Pharmacy entrusts us to work with their patients to improve clinical outcomes and optimize patients’ medication regimens,” said TRHC Chairman and CEO Calvin H. Knowlton, PhD. “Our solutions will support CVS Pharmacy’s goal to improve medication therapy, health outcomes, and prevent disease.”
With over half of all Americans taking an average of four prescription medications a day, there is an increased risk of adverse drug events (ADE). MTM programs are designed to enhance a personalized approach to medication management with the goal of optimizing effectiveness and safety of medication regimens.
On December 16, 2019, Tabula Rasa HealthCare continued its market penetration in PACE (Programs of All-inclusive Care for the Elderly). Spurred by TRHC’s CareVention HealthCare™ division, TRHC is providing more than 80% of PACE providers with at least one TRHC PACE solution.
TRHC will continue to expand in January 2020, with five new PACE agreements. In addition to these new PACE agreements, several existing PACE clients will begin using multiple CareVention services in 2020.
“Through our CareVention HealthCare division, we support PACE organizations at all stages, from exploring PACE, through start-up and ongoing operations for growth,” said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “We provide the PACE community with solutions that enhance their humanistic, clinical and economic outcomes.”
Palm Beach PACE is one organization utilizing the full array of CareVention services to optimize their program’s quality and performance. “CareVention is a logical, comprehensive solution to the many moving parts of a PACE program,” states MorseLife Health System (Palm Beach PACE) Senior Vice President Community Based Services Alan D. Sadowsky, PhD. “The integrated approach of CareVention allows management and administrative leaders to deliver the best quality services to the people we are privileged to serve.”
Currently, 131 PACE programs operate 263 PACE centers in 31 states, serving over 51,000 participants. Leading the growth of PACE is the PACE 2.0 West Coast Learning Collaborative, which is focused on developing PACE in California, Washington and Oregon. The PACE 2.0 West Coast Learning Collaborative is helping Centers learn best practices for rapid growth strategies and tactics. Over the past two years, the Centers in this project have exceeded census and retained their members at a higher rate. TRHC works with several PACE Centers in California and plans to continue to expand its footprint with existing and start-up PACE organizations throughout 2020.