Tabula Rasa HealthCare, Inc. - TRHC STOCK NEWS

Tabula Rasa HealthCare (NASDAQ: TRHC) has appointed two healthcare executives to strengthen its leadership team. Kelli Kovak, RPh, joins as Executive Vice President, bringing a track record of significant revenue growth from her previous role at UnitedHealth Group. Pamela M. Lincoln-Giang, PharmD, takes on the role of Senior Director in the Office of Strategic Growth, focused on enhancing the company's MedWise HealthCare division. These appointments aim to support TRHC's growth and commitment to medication safety solutions, capitalizing on the expertise of the new leaders.

Tabula Rasa HealthCare (TRHC) has signed agreements with four additional state pharmacy associations, bringing the total to 12. This partnership aims to enhance medication safety through the use of TRHC's MedWise® technology, which identifies multi-drug interactions. The newly added states are California, Arizona, Michigan, and Washington. The initiative includes educational programs and access to the Certified MedWise Advisor™ program, which enhances pharmacists' capabilities in preventing adverse drug events (ADEs).

Tabula Rasa HealthCare (TRHC) has launched the MedWise Risk Level™, enhancing its PrescribeWellness Patient Engagement Center. This innovative tool helps pharmacists identify patients at risk for adverse drug events (ADEs), facilitating personalized medication support. The MedWise Risk Level is offered at no cost to PrescribeWellness customers, building on the previously introduced MedWise Risk Score™. The aim is to reduce hospital visits caused by medication issues and improve patient outcomes through advanced medication decision support.

Tabula Rasa HealthCare, Inc. (TRHC) announced record growth in its CareKinesis pharmacy services for the PACE program. In June 2021, the company achieved a 7% organic growth in new enrollment compared to the previous year and saw a significant surge in net enrollment during Q2, approximately ten times that of Q1. Legislative support in states like California and Florida aims to enhance PACE access, with Florida allocating over $73 million to support an increased participant base. TRHC’s solutions focus on optimizing medication safety and improving patient outcomes.

Tabula Rasa HealthCare (TRHC) has announced a five-year contract renewal with ArchCare Senior Life to provide pharmacy and medication management services. ArchCare serves over 700 participants in the New York metro region and will continue using TRHC's MedWise technology to identify multi-drug interactions and improve medication safety. This partnership has been instrumental in enhancing ArchCare's pharmacy practices and patient outcomes. TRHC's solutions, including MedWise, aim to combat medication overload and reduce adverse drug events, which are significant concerns in healthcare.

On May 24, 2021, Tabula Rasa HealthCare (TRHC) reported a surge in interest for new PACE (Program of All-Inclusive Care for the Elderly) projects in 2021. This rise is driven by new sponsors from various sectors joining traditional healthcare providers. The National PACE Association highlighted state-level initiatives to expand PACE programs, supported by federal policies including a $13 billion funding increase through the American Rescue Plan Act. TRHC's CareVention division emphasizes its expertise in PACE solutions, catering to over 90 percent of PACE plans.

Tabula Rasa HealthCare (TRHC) announced a significant clinical study collaboration with Regence Health Plans, revealing the effectiveness of its MedWise medication risk score in evaluating drug safety without risking patient harm. The study, published in Clinical and Translational Science, analyzed data from 500,000 members, demonstrating MedWise's ability to predict potential adverse drug events when adding COVID-19 treatment drugs. TRHC's technology aims to enhance patient safety by identifying patients at higher risk for adverse events, ultimately improving healthcare outcomes and reducing costs.

Tabula Rasa HealthCare (TRHC) reported its Q1 2021 financial results, achieving total revenue of $76.7 million, up 5% from $72.8 million in 2020. Notable highlights include a return to strong PACE enrollment growth, with a backlog of 48 new expansion centers and expected annual revenue potential exceeding $70 million. However, the company posted a GAAP net loss of $19.5 million, wider than last year's loss of $14.4 million. The outlook for Q2 estimates revenues between $80.5 million and $82.5 million, with ongoing investments in sales and marketing to drive growth.

Tabula Rasa HealthCare (NASDAQ: TRHC) will discuss its first quarter 2021 operating results in a conference call on May 7, 2021, at 8:30 a.m. EDT. Financial results will be released after market close on May 6, 2021. The call will feature CEO Calvin H. Knowlton, Co-Founder Orsula V. Knowlton, and CFO Brian W. Adams. Investors can access the webcast via TRHC's investor relations website. A replay will be available for 7 days following the call, and an audio archive will be accessible for 90 days.