New Study Further Validates Cost Savings from Unique Medication Risk Mitigation Technology

Rhea-AI Summary

New research from Tabula Rasa HealthCare (TRHC) published in Healthcare shows significant cost savings for PACE participants using CareKinesis Pharmacy services. Participants saved an average of $5,024 annually in medical expenses related to multi-drug interactions. The study analyzed over 2,500 participants from 19 PACE organizations, revealing that approximately $3,807 of the savings stemmed from reduced emergency visits. TRHC asserts that its MedWise Science technology plays a crucial role in identifying and mitigating medication risks, promoting better health outcomes.

Positive

• Average savings of $5,024 per PACE participant annually linked to CareKinesis services.
• 75% of cost reductions attributed to fewer emergency department visits ($3,807).

Negative

• None.

PACE participants who received their medication through CareKinesis® had significantly reduced annual medical expenses related to unintended multi-drug interactions compared to other pharmacies

MOORESTOWN, N.J., March 17, 2022 /PRNewswire/ -- Technology that uses simultaneous, accumulative, multi-drug interactions to identify potential medication risk has been proven to improve patients' health and well-being. Now, a new study published in the journal Healthcare from Tabula Rasa HealthCare, Inc® (TRHC) (NASDAQ: TRHC), a leading healthcare technology company advancing the safe use of medications, demonstrates that identifying the risk of multi-drug interactions, before they occur, can significantly reduce healthcare costs for Programs of All-Inclusive Care for the Elderly (PACE). 

New peer-reviewed research from TRHC validates cost savings from unique medication risk mitigation technology

New peer-reviewed research demonstrates that value-based organizations like PACE that used CareKinesis Pharmacy to identify and mitigate potential medication risk reduced unnecessary healthcare costs on average by $5000 per participant annually.

CareKinesis uses TRHC's MedWise® Science to identify patients at high risk for Adverse Drug Events (ADE), including emergency room visits, re-hospitalizations and falls. Certified MedWise Advisor™ pharmacists provide actionable insights in the form of pharmacist recommendations, prior to the medication being dispensed.

"Patients shouldn't be harmed by their medications," said TRHC Chairman and CEO Calvin H. Knowlton, PhD. "Preventable adverse drug interactions can harm patients, reduce quality of life, and drive up costs. With concern of rising healthcare costs mounting, CareKinesis can help PACE and other value-based care organizations that take downside-risk significantly save on healthcare costs."

The study, published in the March issue of the journal Healthcare, compared total medical costs for PACE participants who received CareKinesis prospective risk mitigation services and participants who received pharmacy services outside CareKinesis. According to the results, the average year-over-year reduction in medical costs was $5,024 per participant for the group that received the CareKinesis services. Roughly three quarters of this difference involved costs such as emergency department visits and skilled nursing ($3,807). The remaining savings involved physician-related expenses ($1,217).

CareKinesis is the first national PACE-centric, medication management, and distribution pharmacy that focuses on reducing medication-related risk while enhancing economic, clinical, and humanistic outcomes. It currently serves over 60 PACE organizations and over 120 PACE Centers and alternate care sites in the U.S., helping PACE prescribers more effectively avoid medication-related problems among participants. The CareKinesis medication risk mitigation system analyzes the potential for drugs to interact simultaneously.

"The study, which included over 2,500 participants from 19 PACE organizations, shows the economic value of advanced medication risk mitigation services," said Alan Stein, MD PhD, TRHC, SVP Healthcare Analytics.  "The data suggests that a major factor in the reported savings is the ability to prevent potential medication-related problems."

About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) (NASDAQ: TRHC) provides medication safety solutions that empower healthcare professionals and consumers to optimize medication regimens, combatting medication overload and reducing adverse drug events – the fourth leading cause of death in the US. TRHC's proprietary technology solutions, including MedWise®, improve patient outcomes, reduce hospitalizations, and lower healthcare costs. TRHC's extensive clinical tele-pharmacy network improves care for patients nationwide. Its solutions are trusted by health plans and pharmacies to help drive value-based care. For more information, visit TRHC.com.

 

 

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SOURCE Tabula Rasa HealthCare, Inc.

FAQ

What cost savings did TRHC report from their new study?

TRHC reported an average cost saving of $5,024 per PACE participant annually when using CareKinesis services.

How does CareKinesis reduce healthcare costs?

CareKinesis reduces healthcare costs by identifying and mitigating multi-drug interaction risks, leading to fewer emergency visits and hospitalizations.

Which publication featured TRHC's recent study?

The study was published in the March issue of the journal Healthcare.

What technology does TRHC use to enhance medication safety?

TRHC uses MedWise Science technology to assess and mitigate risks associated with multiple medications.

How many participants were included in TRHC's study?

The study included over 2,500 participants from 19 PACE organizations.