Tabula Rasa HealthCare, Inc. (THRC), a healthcare technology company advancing the field of medication safety, has acquired PrescribeWellness, a leading cloud-based patient relationship management solutions company that facilitates collaboration between more than 10,000 pharmacies with patients, payers, providers and pharmaceutical companies.
This acquisition supports TRHC’s goals of expanding medication risk mitigation programs in community pharmacies and providing community pharmacists with clinical revenue opportunities beyond dispensing. It also enables TRHC to further participate in Medicare Part D Medication Therapy Management programs, and other similar programs, which require or can benefit from the involvement of community pharmacies. Participation in these programs will allow TRHC to generate revenue from channels that were not previously accessible to TRHC. PrescribeWellness generated revenue of $29.0 million in 2018 and ended the year with annual recurring revenue of $32.0 million.
“The mission of PrescribeWellness, to deliver technology-enabled services solutions to help community pharmacies improve patient care and thrive economically, is very much aligned with TRHC’s mission. We welcome the PrescribeWellness team of over 150 employees and congratulate them on what they have accomplished,” said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “TRHC has successfully initiated our MedWise™ Medication Risk Identification and Mitigation platform with 400 pharmacists in 300 pharmacies through our participation in Center for Medicare and Medicaid Innovation’s Enhanced Medication Therapy Management Model Test. PrescribeWellness now catapults our reach to an additional 10,000 pharmacies and more than 15,000 pharmacists. We are excited to begin integrating PrescribeWellness’ talented team, proprietary platform, and network of community pharmacies as part of TRHC’s comprehensive suite of client offerings.”
PrescribeWellness CEO, Al Babbington, who will continue to lead PrescribeWellness following the acquisition noted, “PrescribeWellness was founded in 2010 with the goal to inspire collaboration for better health. We built a nationwide network of pharmacies that are expanding their role to provide preventive healthcare services. The network is within 5 miles of approximately 275 million people, which represents approximately 85% of the United States population. We believe that the opportunity to bring the PrescribeWellness pharmacies the clinical insights and tools that TRHC has created will accelerate the improvement of health in America and drive significantly reduced costs for government programs, health plans and consumers. I am immensely pleased to be a part of TRHC and to continue to expand the footprint and service offerings of PrescribeWellness in concert with TRHC.”