Tabula Rasa HealthCare Partners with RxResults to Provide Pharmacy Risk Management for Health Plans

Rhea-AI Summary

Tabula Rasa HealthCare (TRHC) has formed a partnership with RxResults, a pharmacy risk management firm, to develop a model aimed at identifying health plan savings and mitigating medication risks. This collaboration combines TRHC's MedWise™ medication decision support technology with RxResults' services to improve medication safety and efficacy. The partnership is expected to reduce healthcare costs by addressing drug toxicity issues and enhancing patient outcomes. Both companies aim to advocate for health plan sponsors and participants, creating financial savings and improved healthcare delivery.

Positive

• Partnership with RxResults aims to enhance pharmacy risk management for health plans.
• Combining MedWise™ with RxResults' services is expected to significantly reduce total healthcare costs.
• The collaboration focuses on improving medication safety and efficacy, potentially lowering preventable adverse drug events (ADEs).
• TRHC's solutions help avoid unnecessary healthcare costs through improved drug management.

Negative

• Potential risks related to changing regulations and industry consolidation may impact future performance.
• Dependence on the effectiveness of the partnership's implementation to deliver anticipated savings.

MOORESTOWN, N.J., Jan. 28, 2021 /PRNewswire/ -- Tabula Rasa HealthCare, Inc. "TRHC" (NASDAQ: TRHC), a healthcare technology company advancing safe use of medications, today announced a partnership with RxResults, an evidence-based pharmacy risk management firm, to develop a new competitive model that enables pharmacy plans to identify health plan savings and mitigate medication risk.

"TRHC solutions help our health plan customers avoid unnecessary healthcare costs by resolving patients' drug toxicity."

"We are fortunate to partner with RxResults because, like TRHC, they are committed to improving the use of medications, assisting clients with cost reduction and control strategies, and aligning incentives,'' stated TRHC Chairman and CEO, Calvin H. Knowlton, PhD.  "Combining RxResults' services with our MedWise™ medication decision support technology, which is proven to improve medication safety, can significantly reduce total cost of care."

RxResults offers pharmacy risk management solutions to ensure access to medications proven safe and effective while providing cost control, removing specialty drug conflicts of interest and eliminating misaligned incentives.

MedWise uniquely identifies simultaneous, accumulative, multi-drug interactions to ensure medication safety, efficacy, and adherence. Unintended interactions between medications can significantly impact the metabolism and effectiveness of drugs for patients with multi-drug regimens.  TRHC's MedWise proprietary technology aids in the reduction of preventable ADEs, thereby improving quality, enhancing outcomes, and reducing total costs.  

"We are excited about our new relationship with TRHC," said RxResults Interim CEO Alan Gardner. "Their solutions can help our health plan customers avoid unnecessary healthcare costs by resolving patients' drug toxicity and drug ineffectiveness problems.  The TRHC process outshines commonly used methodologies for identifying at-risk patients, and their outcomes speak for themselves—their services and prescriber collaboration efforts prevent hospitalizations and other healthcare costs."

While Tabula Rasa HealthCare mitigates risk from adverse drug events using its proprietary science, RxResults will enable the partnership to provide clients with proven solutions to mitigate risk and control specialty drug spend and utilization, helping to reduce the overall total cost of healthcare.

"Working in partnership, TRHC and RxResults will advocate for the plan sponsor and its plan participants," said TRHC Vice President of Business Development Kevin Barton, PharmD. "Our solution will increase medical savings as well as prescription savings for both the health plan and the patient/member." 

About Tabula Rasa HealthCare

Tabula Rasa HealthCare (TRHC) provides patient medication safety solutions empowering pharmacists and prescribers to optimize medication regimens and reduce medication-related risk, specifically targeting adverse drug events. Utilizing its proprietary medication decision science technology, MedWise™, TRHC improves patient outcomes, reduces hospitalizations, and lowers healthcare costs. TRHC also provides an extensive clinical pharmacy and telepharmacy network across the U.S. Our solutions are trusted by health plans and pharmacies to help drive value-based payment results. For more information, visit TRHC.com.

About RxResults
As the proven industry leader for evidence-based pharmacy risk management, RxResults is uniquely positioned to help plan sponsors mitigate risk, optimize plan performance and generate savings. A Pharmacy Risk Manager (PRM) doesn't replace a PBM. It serves to enhance the PBM model as an advocate for the plan sponsor and the plan participants. rxresults.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 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 2, 2020, 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 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.

View original content:http://www.prnewswire.com/news-releases/tabula-rasa-healthcare-partners-with-rxresults-to-provide-pharmacy-risk-management-for-health-plans-301217095.html

SOURCE Tabula Rasa HealthCare, Inc.

FAQ

What is the partnership between TRHC and RxResults about?

The partnership focuses on developing a model to help health plans identify savings and reduce medication risks.

How does TRHC's MedWise™ technology work?

MedWise™ identifies drug interactions to enhance medication safety and effectiveness, aiming to reduce adverse drug events.

What are the expected benefits of the TRHC and RxResults partnership?

The partnership is expected to lower healthcare costs, improve patient outcomes, and advocate for health plan sponsors.

When was the TRHC and RxResults partnership announced?

The partnership was announced on January 28, 2021.

What is TRHC's stock symbol?

The stock symbol for Tabula Rasa HealthCare is TRHC.