TRHC and ASCP Sign Letter of Intent to offer MedWise™ to Consultant Pharmacists
Rhea-AI Summary
Tabula Rasa HealthCare (TRHC) has signed a Letter of Intent with ASCP to enhance medication safety for older adults. This partnership will allow ASCP's pharmacist members to access TRHC's MedWise technology, aimed at optimizing medication regimens and reducing adverse drug events. ASCP CEO Chad Worz emphasized the value of MedWise in improving care for senior patients. TRHC’s CEO, Calvin Knowlton, highlighted that the collaboration aims to cut healthcare costs and strengthen pharmacist-patient relationships while addressing medication-related issues effectively.
Positive
- Strategic collaboration with ASCP enhances market reach and credibility.
- Access to MedWise technology improves medication safety for older adults.
- Potential reduction in healthcare costs associated with medication-related problems.
Negative
- None.
News Market Reaction – TRHC
In the trading session that priced this news, TRHC declined 1.05%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MOORESTOWN, N.J., May 11, 2020 (GLOBE NEWSWIRE) -- Tabula Rasa HealthCare®, Inc. (TRHC) (Nasdaq: TRHC), a healthcare technology company advancing the field of medication safety, today announces it has signed a Letter of Intent with ASCP, a membership association that represents pharmacists, healthcare professionals and students serving the unique medication needs of older adults. The first of its kind, the strategic collaboration will jointly offer TRHC’s medication safety software, MedWise™, available to the pharmacist membership of ASCP.
The principal value proposition of the collaboration is a working partnership between TRHC and ASCP to improve medication safety in patients who have a high burden of disease and complex medication regimens, while also developing consultant pharmacist workflow recommendations for its use.
According to ASCP’s Chief Executive Chad Worz, PharmD, BCGP, “Innovative tools, like MedWise, can increase the value of ASCP’s consultant pharmacists’ work to improve medication safety for senior care patients and residents of long-term care facilities by providing critical insight into the medications being prescribed and consumed.”
TRHC’s MedWise is a proprietary medication-safety technology that helps pharmacists manage and optimize regimens by presenting meaningful opportunities to mitigate risks. Benefits include simultaneous multi-drug analysis; identifying, resolving, and preventing adverse drug events; and reducing hospitalizations and emergency visits.
“For every dollar spent on prescription medication in this country, we spend more than another dollar trying to address medication-related problems,” said THRC Chairman and CEO Calvin H. Knowlton, PhD. “We believe this collaboration with ASCP, which also provides pharmacists the opportunity to become certified MedWise Advisor™ pharmacists, will improve medication safety, prevent adverse drug events, and reduce total cost of care, while also strengthening and building relationships with patients and healthcare teams.”
About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) is a leader in providing 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, visit TRHC.com
ASCP: Empowering Pharmacists. Transforming Aging.
ASCP is a membership association that represents pharmacists, health care professionals, and students serving the unique medication needs of older adults. ASCP is an international organization with members located in all 50 states, Puerto Rico, and 12 countries. The society’s mission is to promote healthy aging by empowering pharmacists with education, resources, and innovative opportunities. Learn more at ASCP.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 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. 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.
| Media Contact Dianne Semingson dsemingson@trhc.com T: (215) 870-0829 | Investors Frank Sparacino fsparacino@trhc.com T: (312) 451-2157 |
Amanda Bednar
abednar@trhc.com
T: (856) 912-5714
Christine Polite
cpolite@ascp.com