MOORESTOWN, NJ, (October 27, 2020) – Tabula Rasa HealthCare, Inc® (TRHC)(NASDAQ:TRHC), a healthcare technology company advancing the field of medication safety, today announced the results of two surveys showing high levels of satisfaction with its CareKinesis service line. Our 2020 Client Satisfaction Survey of Programs of All-inclusive Care for the Elderly (PACE) results include that 99% of respondents rated the value of CareKinesis services as good to excellent compared to cost, with the same percentage saying that the services meet their needs well to extremely well. A second survey, the 2020 PACE Participant Satisfaction Survey, showed high levels of satisfaction with medication packaging and home delivery of medications.
CareKinesis, a service of TRHC’s CareVention HealthCare division, is the first national PACE-centric, medication safety and distribution pharmacy that focuses on reducing medication-related risk while enhancing economic, clinical, and humanistic outcomes.
“CareKinesis has been a Godsend not only for our participants, but it has greatly reduced the workload of our case managers,” said Tina Hayes, RN, Center Manager of Total Life Healthcare, Jonesboro, Arkansas. “They used to spend a great deal of their time either talking with community pharmacies or waiting on hold to process orders. This time has been shifted to actual interaction with the participants, and we are so grateful.”
Additionally, PACE participants were surveyed and asked to rate CareKinesis services, including medication packaging and home delivery of medication. Nearly 90% said they were very satisfied with packaging, 92% said they were very satisfied with delivery of medications to their homes, and 98% said they would recommend CareKinesis to a friend or family member. “I get my meds quickly and on time,” one respondent wrote.
The prescriber survey findings also showed that 95% of respondents are satisfied or extremely satisfied with CareKinesis medication safety services. Respondents listed the following CareKinesis services as the top three values to their organization:
Medication Safety, including decision tools such as the MedWise Risk Score™, board-certified pharmacist interventions, Medication Risk Matrix™, EireneRx®, pharmacogenomic testing, etc.
Medication Access Services, which include the medication adherence card (MAC) and other adherence packaging, home or PACE center delivery, medication cabinet, 24/7 customer support
Quality Assurance, such as value-based contracting, quality and performance improvement reporting, and other initiatives.
“We are pleased that our clients rate CareKinesis services so highly and proud that CareKinesis has a 99% client retention rate,” said Calvin H. Knowlton, PhD, CEO, Chairman, and Co-founder of TRHC. “Not only is our medication delivery reliable and accurate, our proprietary technology and decision support tools, which are based on medication science, are shown to prevent adverse drug events. Our clients frequently see fewer emergency room visits and hospitalizations among participants after implementing our services, resulting in decreased medical costs.”
PACE is a federal program that aims to keep older adults with complex medical needs out of nursing homes and living in their own communities. More than 54,000 older adults receive comprehensive medical and social services through 272 PACE centers operating in 31 states.
About CareKinesis
PACE organizations rely on CareKinesis, a service of CareVention HealthCare, for medication risk management and comprehensive pharmacy services. CareKinesis pharmacists are board certified in geriatrics and collaborate with prescribers to optimize medication regimens that improve participant outcomes and reduce total costs, including the reduction of ER visits and hospitalizations. The proprietary MedWise Risk Score™ and decision support tools effectively identify and mitigate medication risk. Boasting a client retention rate of 99%, CareKinesis offers services and programs that allow PACE organizations to increase efficiency and scale workflow. For more information, visit carekinesis.com, call 1-888-9-PHARMD (888-974-2763) or email info@carekinesis.com.
About CareVention HealthCare
CareVention HealthCare offers industry-proven, PACE-specific services including technical assistance consulting, EHR/integrated technology, third party administration, clinical documentation and risk adjustment services, third party administration, and medication safety management and pharmacy services. CareVention HealthCare offers services through CareVention Consulting, CareVention HealthCare EHR/Integrated Technology Solutions, PeakTPA, Capstone Performance Systems, and CareKinesis. For more information, visit CareVentionhc.com.
About Tabula Rasa HealthCare
TRHC (NASDAQ:TRHC) is a leader in providing patient-specific, data-driven technology and solutions that enable healthcare organizations to optimize medication regimens to improve patient outcomes, reduce hospitalizations, lower healthcare costs, and manage risk. TRHC provides solutions for a range of payers, providers, and other healthcare organizations. For more information, visit TRHC.com.
Forward-Looking Statement
This press release includes forward-looking statements that we believe to be reasonable as of today’s date. 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. These forward-looking statements include, among other things, our goals and expectations regarding the combined company and the integration of PW into TRHC, the expected synergies from the combined company and the expected financial and operating performance of TRHC following the completion of the acquisition. 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 risk that we may not be able to achieve our expectations for the combined companies due to challenges in integration and inability to retain key employees; fluctuations in our financial results; the acceptance and use of our products and services by PACE organizations and pharmacies; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; our ability to maintain relationships with a specified drug wholesaler; increasing consolidation in the healthcare industry; managing our growth effectively; our ability to adequately protect our intellectual property; the requirements of being a public company; our ability to recognize the expected benefits from acquisitions on a timely basis or at all; and the other risk factors set forth from time to time in our filings with the Securities and Exchange Commission (“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. 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.