Tabula Rasa HealthCare Reports Continued PACE Momentum

Rhea-AI Summary

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.

Positive

• 7% organic growth in CareKinesis pharmacy services in June 2021 compared to last year.
• Record net enrollment in Q2, approximately ten times higher than Q1.
• Florida allocated over $73 million to increase PACE participation by 50%.

Negative

• None.

MOORESTOWN, N.J., June 14, 2021 /PRNewswire/ -- Tabula Rasa HealthCare, Inc.® (TRHC) (NASDAQ: TRHC), a leading healthcare technology company advancing the safe use of medications, today announced record organic growth in CareKinesis pharmacy services for Program of All-Inclusive Care for the Elderly (PACE).  

June 2021 represented the best month in company history for PACE new enrollment with organic growth of 7% compared to a year ago for CareKinesis pharmacy services. TRHC has continued to see its PACE enrollment accelerate throughout the first half of 2021, with Q2 marking a record for net enrollment, which was approximately ten times higher than Q1 of this year.

In addition to the federal legislation recently passed and proposed focused on home and community-based services that will likely have a positive impact on the PACE program, states like California and Florida are also taking legislative action to increase access to PACE. For the 2021 fiscal year, the Florida General Appropriations Act (GAA) has provided funding in excess of $73 million to support up to approximately 3,400 PACE participants which represents a 50% increase over the current enrollment in the state.

About Tabula Rasa HealthCare
Tabula Rasa HealthCare (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 EireneRx® and 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.

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 February 26, 2021, 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.

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SOURCE Tabula Rasa HealthCare, Inc.

FAQ

What were the recent enrollment figures for TRHC's CareKinesis services?

In June 2021, TRHC reported a 7% organic growth in PACE enrollment and a record net enrollment in Q2, which was approximately ten times higher than Q1.

How much funding did Florida allocate for PACE participants in 2021?

Florida provided over $73 million in funding for 2021, supporting an increase in PACE participants by about 50%.

What is the significance of the legislative support for PACE programs?

Legislative support in states like California and Florida is expected to enhance access to PACE programs, which could drive further growth for TRHC.