MOORESTOWN, N.J., April 16, 2020 — Tabula Rasa HealthCare®, Inc. (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, today announced an expanded laboratory services agreement with CQuentia, a comprehensive analytics platform and molecular laboratory for personalized medicine. The agreement provides TRHC with access to COVID-19 (SARS-CoV-2 RNA) testing kits for distribution to Programs of All-Inclusive Care for the Elderly (PACE) through TRHC’s CareKinesis Pharmacy.
Through its relationship with CQuentia, TRHC also expects to have future access to new point-of-care, rapid testing technologies as well as to serological testing to determine whether a patient has COVID-19 antibodies.
“PACE participants are some of the nation’s most at-risk individuals,” said TRHC Chairman and CEO Calvin H. Knowlton, PhD. “CQuentia’s COVID-19 testing kit and forthcoming antibody testing will help to keep PACE participants and their care teams as safe as possible during this global health crisis. TRHC is committed to providing all PACE organizations with access to the latest COVID-19 testing technologies, along with clinical pharmacist support for medication safety and monitoring for therapies, current and future, used in the treatment of COVID-19.”
TRHC and CQuentia have been collaborating since July 2019, when CQuentia was named TRHC’s preferred pharmacogenomic (PGx) testing partner. Additionally, CQuentia selected MedWise™, TRHC’s software solution that identifies accumulative multi-drug interactions to help manage patients’ medication regimens, as its preferred method for reporting pharmacogenomic lab results to prescribers.
According to CQuentia CEO Alan Meeker, “TRHC is the ideal partner for distributing our COVID-19 testing kits to PACE organizations. PACE organizations need a reliable and accessible testing platform that shows both who has COVID-19 and, more importantly, who had COVID-19. The point of care test will help PACE Centers know who is at risk or who may demonstrate an antibody to COVID-19, which will enable the clinicians to decide with confidence who can safely return to the PACE Center.”
PACE is a federal program providing comprehensive medical and social services to individuals 55 and older who are nursing-home eligible. The goal of PACE is to keep participants living in their own communities and to provide quality medical care. Currently, 131 PACE programs operate 263 PACE centers in 31 states, serving more than 53,899 participants.
About Tabula Rasa HealthCare®
Tabula Rasa HealthCare (TRHC) is a leader in patient-specific, data-driven technology and solutions that enable healthcare organizations to optimize performance to improve patient outcomes, reduce hospitalizations, lower healthcare costs, and manage risk. Medication risk management is TRHC’s lead offering, and its cloud-based software applications provide solutions for a range of payers, providers and other healthcare organizations. For more information please visit www.trhc.com.
About CareKinesis®
CareKinesis partners with healthcare organizations to provide personalized medication therapy management and pharmacy services for high-risk populations. The results are enhanced medication-related outcomes and greater operational efficiency. CareKinesis delivers individually customized medicine using unique robotic technology and a proprietary web-based electronic medication management and reporting platform, EireneRx®. It is the first national PACE-specific pharmacy and the market leader. For more information, please visit www.CareVentionHC.com.
About CQuentia®
CQuentia is a privately-held molecular testing and laboratory company positioned to provide doctors, governments and employers with rapid, reliable results; enabling them to make informed clinical and population health decisions on how to provide the country and the world with the most appropriate restorative care and infection prevention guidance. For more information, please visit http://www.cquentia.com/covidtesting.
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 1, 2019, 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.
Contact
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Amanda Bednar
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Dianne Semingson
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Investors
Frank Sparacino
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T: 866-648-2767