Tabula Rasa HealthCare Supports Legislation to Establish Medication Risk Reduction Program for NJ Medicaid.
Tabula Rasa HealthCare (TRHC) supports New Jersey legislation to create a medication risk reduction model for the state's Medicaid program. CEO Calvin Knowlton highlighted that this model aligns with TRHC's Enhanced Medication Therapy Management (EMTM) approach, aiming to minimize adverse drug events (ADEs). The legislation, unanimously approved by both the NJ Senate and Assembly Human Services Committee, is backed by Governor Phil Murphy. TRHC's MedWise technology has demonstrated effectiveness in reducing ADEs and associated healthcare costs, reflecting the company's commitment to improving medication safety.
- TRHC's support for the legislation indicates potential for increased business opportunities in Medicaid.
- The legislation aligns with TRHC's existing technology and business model, potentially enhancing its market presence.
- MedWise technology has shown success in reducing adverse drug events, which may lead to improved patient outcomes and lower healthcare costs.
- None.
MOORESTOWN, N.J., March 18, 2021 /PRNewswire/ -- Tabula Rasa HealthCare, Inc. (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the safe use of medications, announced that on March 17, TRHC Chair and CEO, Calvin H. Knowlton, PhD, appeared before the New Jersey General Assembly's Human Services Committee to discuss legislation that would create a medication risk reduction model for the State's Medicaid program. Dr. Knowlton expressed TRHC's full support for the measure.
"The medication risk reduction model contemplated in the legislation closely mirrors TRHC's Enhanced Medication Therapy Management (EMTM) model," said Dr. Knowlton. "We believe the outcomes we have delivered to CMS and to a growing number of commercial health plans could be replicated for Medicaid in New Jersey."
Dr. Knowlton noted that "Tabula Rasa's corporate mission is to optimize the safe use of medications for people everywhere. To accomplish this goal, we leverage deep pharmacy science, as well as local pharmacists, to identify and prevent multi-drug interactions that contribute to adverse drug events (ADEs)."
ADEs are "harms directly caused by a medication at normal doses." In the U.S., each year, ADEs contribute to more than 3.5 million physician visits, 1.3 million emergency room visits and 350,000 hospitalizations.
Dr. Knowlton explained how TRHC's proprietary Medication Risk Mitigation technology, MedWise™, cumulatively compares how medications interact together and identifies medication-related risks. A TRHC published study involving nearly 2,000 patients found that a reduction in the MedWise Risk Score™ resulted in fewer adverse drug events, emergency department visits, and hospitalizations and in lower medical costs.
On January 28, 2021, the NJ Senate passed, by a unanimous vote, its companion version of this legislation. New Jersey Governor Phil Murphy indicated his support of the legislation when, on February 23, 2021, he released his Fiscal Year 2022 Budget in Brief book. There, Governor Murphy noted that "[t]he Administration is also supportive of current legislation that will apply a risk reduction model to prescription drug services under the Medicaid program."
As with the Senate, the legislation was unanimously approved by the Assembly Human Services Committee yesterday. Before going to the full Assembly for a final vote, the bill first will go to the Assembly Appropriations Committee for further review.
About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) provides 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. Additionally, TRHC provides an extensive clinical telepharmacy network across the U.S. Our solutions are trusted by health plans and pharmacies nationwide to help drive value-based payment results. 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.
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