MOORESTOWN, N.J., May 24, 2021 /PRNewswire/ -- CareVention
HealthCare, a division of Tabula Rasa HealthCare,
Inc.® (TRHC) (NASDAQ:
TRHC), has seen market interest in developing and expanding
new PACE (Program of All-Inclusive Care for the Elderly) projects
intensify in 2021, compared to 2020. This jump in activity for new
PACE projects is underscored by the addition of new sponsors, such
as investor and provider groups, to typical PACE healthcare
providers like hospital systems and hospice organizations.
"There is a significant increase in attention to PACE at the
state and regional levels," said Shawn
Bloom, President and CEO, National PACE Association.
"Several states with current PACE organizations are incorporating
new legislation for PACE expansion, and additional states without
current PACE organizations are adding legislation for new PACE
organization development."
"We have a deep conviction that, when possible, the healthcare
needs of older adults can and should be met in the community, which
is why we have become a trusted partner with more than 90 percent
of PACE plans using at least one of our solutions and
services," said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. "Our CareVention
HealthCare division offers an unrivaled depth of PACE-specific
experience, which, coupled with our collaborative approach,
uniquely equips us to help organizations succeed in all phases of
PACE-related growth."
Underserved Market Opportunities
PACE is the gold
standard for value-based care of seniors. It is the most
comprehensive and coordinated fully capitated payment program with
proven savings for Medicare and Medicaid. Yet, industry sources
estimate that current market penetration is less than 3 percent of
the 2.2 million PACE-eligible individuals across the country.
However, that may be changing as interest in new programs
continues to accelerate and the current U.S. administration
cultivates programs that promote seniors aging in place. These new
Federal policies have the potential to significantly increase
market penetration. Newly signed legislation, such as the American
Rescue Plan Act, includes a targeted increase of $13 billion in federal matching funds for states
to intensify their Home- and Community-Based Services efforts,
which include PACE.
"We strongly believe that PACE is the best solution for recent
legislation that supports aging in place and home and
community-based care, and we are eager to support its expansion,"
said Carlos Perez, EVP, CareVention
HealthCare. "We are ready, with over 100 years of combined PACE
experience and full suite of outcomes focused solutions, to assist
current clients with expansions, help new PACE organizations as
they start, and to guide those interested in exploring and
investing in PACE."
About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) provides medication safety solutions
that empower healthcare professionals and consumers to optimize
medication regimens, combatting medication overload and reducing
adverse drug events – the fourth leading cause of death in the US.
TRHC's proprietary technology solutions, including MedWise®,
improve patient outcomes, reduce hospitalizations, and lower
healthcare costs. TRHC's extensive clinical tele-pharmacy network
improves care for patients nationwide. Its solutions are trusted by
health plans and pharmacies to help drive value-based care. For
more information, visit TRHC.com.
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SOURCE Tabula Rasa HealthCare, Inc.