Tabula Rasa HealthCare Reports Marked Improvement in PACE Census Metrics and Continued Cross-Selling Success during March 2021
Tabula Rasa HealthCare, Inc., a healthcare technology company advancing safe use of medication, announced an all-time high for PACE census enrollment and one of the best net enrollment months in company history in March 2021 for TRHC’s medication risk management and pharmacy fulfillment services. This represents a much quicker rebound in net enrollment as compared to the COVID-19-related depression in spring 2020 and is likely the result of the aggressive vaccine rollout in the PACE demographic.
National PACE trends also are showing a dramatic reduction in the number of COVID-19 cases and deaths. According to data from the National PACE Association (NPA), the number of COVID-19 cases and deaths fell by 55% and 48% in the four-week period ending March 1, as compared to the prior four-week period. Among the 75 PACE organizations that responded to NPA’s February 1, 2021 COVID-19 Vaccination Progress Survey, 64% were actively vaccinating participants.
TRHC continues to see evidence of success in its strategy to cross-sell during March. TRHC implemented its newest pharmacy client, a large not-for-profit PACE organization on the East Coast, which has now adopted all five solutions provided by TRHC’s CareVention HealthCare (CVHC) Division. Two other existing clients implemented incremental CVHC services, one in North Dakota now using all five services and one in Michigan now using four services. With the addition of Personica in late 2020, TRHC remains focused on increasing the adoption of all solutions across all 45,000 PACE participants served at the end of 2020.
Last, as of March 5, 2021, the current backlog of new expansion centers and new PACE organizations under contract to open over the remainder of 2021 now stands at 28, many utilizing most or all of CVHC services. This is a notable increase from the 21 TRHC reported as February 16, 2021 and represents approximately $50 million in annual revenue once the PACE centers are at full capacity.
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