HEALTH-E COMMERCE RECEIVES MAJORITY EQUITY INVESTMENT FROM BEECKEN PETTY O’KEEFE & COMPANY

February 19, 2019 —

Health-E Commerce, the parent company of the nation’s leading family of e-commerce brands dedicated to pre-tax health and wellness products and services, today announced that it has received a majority equity investment from Beecken Petty O’Keefe & Company (“BPOC”), a leading Chicago-based private-equity firm focused exclusively on the healthcare industry. The transaction is effective immediately and financial terms were not disclosed.

Based in New York, Health-E Commerce is the parent company of pre-tax health and wellness shopping sites, FSAstore.com and HSAstore.com, the newly-launched site, WellDeserved, a hub for redeeming corporate wellness rewards, and Caring Mill — the Company’s private label line of health products that provides a donation with purchase to Children’s Health Fund. Health-E Commerce CEO and founder Jeremy Miller will continue as the Company’s CEO and remains a meaningful shareholder in the business.

“At Health-E Commerce, we focus on a powerful and growing market segment of more than 60 million consumers with nearly $100 billion in spending power. Our rapid growth over the past decade illustrates the increasingly important role pre-tax health and benefits play in the lives of millions of Americans,” said Miller. “Alongside BPOC, we will launch a whole new chapter of growth and help millions more Americans take advantage of products and services that support their health and maximize their benefits through our shopping sites, educational content and consumer advocacy.”

“As more Americans use their workplace benefits to craft personalized solutions for managing their health in an era of ever-rising costs, Health-E Commerce’s brands have emerged as a trusted solution for millions of consumers shopping with FSA or HSA dollars, or redeeming rewards from their corporate wellness programs,” said Grant Patrick, Partner at BPOC. “We believe the Company is well positioned to respond to growing consumer demand for more innovative health benefits and to capitalize on the rapid expansion of the health and wellness benefits space.”

For nearly a decade, Health-E Commerce’s family of brands have devised solutions for the biggest consumer-facing problems related to spending pre-tax health benefits through better consumer education and guaranteed eligible and authentic health products. Health-E Commerce has built the only partner network of more than 250 third-party administrators (TPAs) and more than 300 direct relationships with health and wellness brands to serve over 60 million Americans who currently utilize tax-advantaged accounts like Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs) and corporate wellness programs.

Financo acted as financial advisor in the transaction and O’Melveny & Myers LLP acted as legal advisor to Health-E Commerce.Paul Hastings LLP served as legal advisor to Beecken Petty O’Keefe & Company.

About Beecken Petty O’Keefe & Company

Beecken Petty O’Keefe & Company is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms exclusively in the healthcare industry. BPOC has structured, managed and realized investments on behalf of institutional and individual investors for over two decades. Since inception, BPOC has raised four funds with aggregate capital commitments of over $1.3 billion. The firm is headquartered in Chicago, IL. For more information on BPOC, visit http://www.bpoc.com.

Frederick J Beste, III, Partner Emeritus of Originate Ventures Died on December 8, 2018

After an extended illness, Fred Beste passed away on Saturday, December 8, 2018, at the age of 72.

A memorial service will be held on Tuesday, December 18 at 2 p.m. at First Presbyterian Church of Bethlehem, 2344 Center St., Bethlehem, PA 18017.

Fred’s family requests that memorial donations be made to CACLV (Community Action Committee of the Lehigh Valley), Bethlehem, PA, Hawk Mountain Sanctuary, Kempton, PA, or the Adult Congenital Heart Assn., 3300 Henry Ave, #112, Philadelphia, PA 19129, and extends much gratitude to Dr. William Davidson, Director, Program for Adult Congenital Heart Disease of the Penn State Hershey Medical Center’s Heart and Vascular Institute, Hershey, PA, for giving us so many more years with Fred than his heart was designed to support.

The Originate Growth Fund team benefited from Fred’s leadership and insight and he will be missed.

Mr. Beste’s Obituary

REALPAGE TO ACQUIRE CLICKPAY SIGNIFICANTLY EXPANDS REALPAGE PAYMENTS PLATFORM

RICHARDSON, Texas, (April 20, 2018) – RealPage, Inc. (NASDAQ: RP), a leading provider of software and data analytics to the real estate industry, today announced its agreement to acquire ClickPay, a comprehensive electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate. ClickPay significantly expands RealPage’s footprint into the HOA owner-occupied segment of real estate, broadens the company’s presence in the New York metropolitan market and solidifies the integration of its front-end leasing platform into third-party property management systems.

Highlights

Adds nearly $1.0 billion to the company’s total addressable market. The HOA market is estimated to contain over 16 million units, and RealPage estimates that current and future solutions applicable to the market aggregate to a total opportunity of approximately $60 per unit per year. Including the HOA market, the holistic RealPage platform is expected to serve multiple segments of real estate, from rentals to owner-occupied units, totaling over 62 million units. Total current and future applicable solutions for those units represent nearly $205 per unit per year, for a total addressable market of over $12.7 billion.

Strengthens the company’s consumer-centric, front-end leasing platform. ClickPay, in concert with the recent acquisition of On-Site, combines functionality to attract, convert and retain renters integrated with popular third-party property management systems.  The front end platform includes Property Websites, Contact Center, Online Leasing, CRM, Screening, Resident Portal and Payments.

Creates one of the largest payment processing platforms for real estate assets with over $55 billion of annual run-rate transaction volume.

Expands RealPage’s presence in the New York metropolitan market, complementing its recent acquisition of On-Site, the largest provider of tenant screening services in New York. ClickPay’s client base also represents a significant cross-sell opportunity for the RealPage platform.

Expands RealPage functionality to include lockbox and online banking capabilities, eliminating time-consuming and inefficient manual check processing.

Steve Winn, Chairman and CEO of RealPage

“Expanding our payments solution to include ClickPay has the potential to further accelerate one of the fastest growing areas of our platform. According to data from the U.S. Census Bureau American Housing Survey, over $525 billion of rent is collected annually. Only a fraction of that volume is processed electronically, and we estimate that the vast majority of the U.S. still pays rent with a paper check. In addition, according to industry sources, owner-occupied units in the HOA segment are spending approximately $60 billion per year in fees. We believe our scale gives RealPage a strategic position to drive deeper client adoption across most real estate categories for payment solutions as well as other solutions that reduce costs and improve efficiency. In addition, I believe ClickPay and our recent acquisition of On-Site together unlock a significant opportunity to attract, convert and retain renters for clients utilizing property management systems outside of the RealPage ecosystem.”

 

About RealPage

RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 12,400 clients worldwide from offices in North America, Europe and Asia. For more information about RealPage, please visit www.realpage.com.

About ClickPay, a Division of NovelPay, LLC

As a leading platform for automating real estate receivables, ClickPay accepts most payment methods, including checks, e-checks (ACH), credit and debit cards. ClickPay offers integrated payment services to increase operational efficiencies and enable profitable growth. The ClickPay Portal provides property owners and managers with a customizable, electronic solution to bill and collect payments to increase operational efficiencies and increase resident satisfaction. To learn more, go to www.clickpay.com.

Pharmacists Can Play Key Roles in Improving Health Outcomes for At-Risk Seniors

McKnight’s Senior Living

The concept of clinical pharmacy has evolved from the passions of a handful of graduates with doctorate-level practice degrees in the early 1990s to an entirely new standard of care, with 100% of graduates with advanced degrees and direct patient care experience today.

Technology and robotic automation have assisted in transitioning pharmacy practice beyond managing prescriptions to also directly managing patients and residents. Pharmacists have three evolving roles as a result of the drive toward value-based care.

In-home medication care specialists

Medication reconciliation perhaps is the most daunting task of the care transitions process. Over the course of a healthcare event, numerous clinicians, including hospitalists and specialists, often unfamiliar with the patient / resident, prescribe medications. These medications most often are based on facility formularies that may or may not align with what the patient or resident was taking before the episode or event. Pharmacists as in-home specialists (regardless of where a person’s “home” is) have proven to be more effective than other healthcare professionals in reconciling all medication lists into one comprehensive plan.

Pharmacists can help by:

  • Discussing with the patient or resident the medication profile in its totality, to increase knowledge and thus concordance;
  • Conducting a thorough medication safety review that considers all prescribed medications and over-the-counter drugs;
  • Assisting with de-prescribing and optimizing administration times;
  • Making recommendations to prescribers for alternatives to reduce the medication burden;
  • Identifying monitoring parameters to help avoid medication-related problems;
  • Clearly mapping out for patients and residents which medications to take, why and how to take them to avoid interactions;

In-home measures can drastically reduce the 30-day readmission rates.

Precision-prescribing “quarterbacks”

The formulary medication selection process often is based on market share/rebate incentives. Patients and residents often can be affected by business-focused contracts that result in reduced medication selection. So they may be prescribed medications that are not optimally co-administered — especially because obtaining nonformulary agents can result in delays in medication access and high co-payments.

Pharmacists can assist in the medication selection process (before dispensing occurs), helping physicians and facility medical directors find alternatives to medications that might cause drug-drug interactions or drug-drug-gene interactions. And, with pharmacogenomic data, prescribing becomes even more precise. Further, pharmacists can help avoid unintentional overdose and competitive inhibition drug interactions by providing guidance about medication administration times.

Pharmacists, who are medication experts, can help facilitate the prescribing process, especially when care coordination is lacking among providers. Involving pharmacists may even help drive the paradigm shift from formulary- and rebate-based prescribing toward a system that prioritizes medication outcomes.

Managers of medication benefits

The Program for All-Inclusive Care for the Elderly for Medicare / Medicaid dual-eligible beneficiaries is a prime example of value-based care that demonstrates how aligning incentives can eliminate the “silo effect” of Medicare Part D, which often is a cost-driver for Medicare Part A and B.

In many PACE organizations, pharmacists are able to proactively and prospectively collaborate with PACE and specialist prescribers to help optimize medication-related outcomes. In this high-risk population, pharmacists can identify whether a newly prescribed medication regimen increases a person’s risk for preventable adverse drug events. With the pharmacist in a real-time role, utilization, drug expenditures and total costs of care have been demonstrated to decrease and stabilize.

The science of “de-prescribing” is boldly confronting the problem of overprescribing. Pharmacists can advocate for both patients / residents and their insurers by optimizing regimens. This means ensuring the fewest medications required to manage chronic conditions while preserving their annual and lifetime medication benefits. Regardless of a medication’s cost, if it is the wrong medication for the patient or resident, then we’ve paid too much for it.

A systematic, prospective and personalized approach to the prescribing process can provide savings while improving clinical and economic outcomes, including patient / resident and provider satisfaction.

Overall, as value-based care moves from fee-for-service to fee-for-value, the pharmacist’s role will continue to evolve into one of responsibility for medication outcomes, as well as for the accuracy and timeliness of access.

Orsula Knowlton, PharmD, MBA, co-founded Tabula Rasa HealthCare with Calvin H. Knowlton, Ph.D. She is president and chief marketing/new business development officer. TRHC, based in Moorestown NJ , offers a suite of cloud-based software solutions to help healthcare organizations, prescribers and pharmacists better manage the medication-related needs of those in their care.

McKnight’s Senior Living welcomes marketplace columns on subjects of value to the industry. Please see our submission guidelines for more information.

Tabula Rasa HealthCare Named Best Performing IPO Among Top 50 Digital Health Companies in 2017

MOORESTOWN, N.J., Dec. 12, 2017 (GLOBE NEWSWIRE) — Tabula Rasa HealthCare, Inc. (“TRHC”) (TRHC), a healthcare technology company advancing the field of medication safety, was named by Rock Health as the best performing IPO among digital health companies in 2017.

The Rock Health announcement released December 4 stated: “Tabula Rasa HealthCare provides at-risk healthcare organizations technology and services to optimize medication regimens with the goal of reducing hospitalizations, lowering costs, and mitigating risk. Tabula Rasa stock is up 140% based on YTD growth, which is the largest percent increase among public digital health companies in 2017.”

“It has been a tremendous year for TRHC in many respects,” said Chairman and CEO Calvin H. Knowlton, PhD. “Our stock has done well, indicating investors’ confidence in the company, its people, and its services. We have gained additional partners and expertise with the acquisition of Medication Therapy Management company SinfoníaRx. We also have been busy creating and deploying significant disruptive innovations, such as our recently released “Medication Risk Score”, a quick and easy way to assess which patients are at highest risk for adverse drug events (ADEs) and require medication management attention. We are pleased that these efforts have been recognized by Rock Health and their collaborators.”

Each year, Rock Health, Fenwick & West, Goldman Sachs, and Square 1 Bank award individuals and organizations for their contribution to the digital health community and healthcare ecosystem as a whole. Honorees are celebrated for their outstanding work at a dinner ceremony to be held January 7, 2018 in San Francisco during the JP Morgan conference.

About Tabula Rasa HealthCare, Inc.

Tabula Rasa HealthCare (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. Medication risk management is TRHC’s lead offering, and its cloud-based software applications provide solutions for a range of payors, providers and other healthcare organizations.
For more information, please visit: www.TRHC.com.

Contact:
Media
Dianne Semingson
dsemingson@TRHC.com
T: 215-870-0829

Investors
Bob East or Asher Dewhurst
Westwicke Partners
443-213-0500
tabularasa@westwicke.com

CMC Announces Name Change to Katabat™

CXM Solutions Fuel Continued Company Growth and Expansion

November 28, 2017

CMC — a leader in customer experience management (CXM) solutions for the consumer credit lending industry — announced today that it has changed its name to Katabat. The name change and rebrand reflect the company’s continued evolution and its strategic path forward. Its broader commitment to innovation and solutions beyond debt management is shaping the future of consumer lending relationships.

“As CMC, we experienced tremendous growth and success. This supported a natural, broader evolution of our products over time. We reached a point where our name felt restrictive and perhaps a bit confusing. Our values and priorities to serve our clients well remain unwavering, but it was time to update our brand,” said Ray Peloso, CEO of Katabat. “Now, through our name change to Katabat, we more clearly convey how our products and solutions meet a more comprehensive set of market needs across global consumer credit lending.”

A katabatic wind is channeled and commanding, conveying power and energy. Katabat’s solutions help bring order to its clients’ fragmented and swirling data and technology infrastructure, helping them move forward confidently with their business agenda.

Launched as a collaboration between technologists and lending industry experts, Katabat was founded in 2006 to bring a unified customer experience management solution to market. The great financial recession spurred particularly high demand for its collections-focused solutions. However, Katabat has throughout its history delivered a diverse set of products built upon its proprietary strategy, workflow, and customer self-service engines.   And with powerful built-in compliance controls, Katabat’s platform is a preferred solution for cutting edge CXM execution.

For more information about Katabat, please visit us at www.katabat.com or @gokatabat or info@katabat.com.

About Katabat
Katabat serves organizations around the globe with its leading customer experience management solutions. In addition to its U.S. headquarters, Katabat has offices in the United Kingdom and Australia. Learn more at www.katabat.com.

Contact
Christina Cadmus, 302-830-9262
Marketing Manager

FSAStore.com’s Chief Information Officer, Azar Gurbanov, is Awarded NJTC 2017 Private Company CIO of the Year

October 2, 2017

Azar Gurbanov, FSAStore.com’s Chief Information Officer, was awarded NJTC 2017 Private Company CIO of the Year. Click on the link below for more information on the New Jersey Tech Council Award Event.

https://events.njtc.org/cio17/#schedules 

Tabula Rasa HealthCare to Provide Care Transition Medication Management for Tandigm Health

MOORESTOWN, N.J. and WEST CONSHOHOCKEN, Pa., June 20, 2017 (GLOBE NEWSWIRE) — Tabula Rasa HealthCare (TRHC), a healthcare technology company optimizing medication safety by deploying new Medication Risk Mitigation digital solutions and novel Medication Decision Support tools, and Tandigm Health, LLC, a value-based healthcare company supporting primary care physicians, announced today that Tandigm has engaged TRHC to assess the medication regimens of high-risk patients who were recently discharged from the hospital, to ensure that regimens are appropriate, effective, safe, taken as intended and have no drug interactions.

Through TRHC’s Care Transitions services, its geriatric certified clinical pharmacists will assess the medication regimen risk by using its Medication Risk Mitigation™ platform, MedWise Advisor®, to consider all medications used prior to a hospitalization and those prescribed upon discharge. Using TRHC’s advanced technology, TRHC pharmacists will work with Tandigm physicians and their patients to streamline and individualize medication regimens.   Outcomes expected to be realized from this initiative include reductions in adverse drug events (ADEs) and decreases in hospital readmission.

“At Tandigm Health, it all starts with healthcare quality,” said Tandigm Chief Medical Officer, Kenneth Goldblum, MD, FACP. “By prioritizing medication safety and effectiveness, we can help our physicians provide the best possible care to their patients as they transfer from a hospital or rehabiltation facilitiy to their homes. We believe TRHC’s unique medication risk mitigation platform and pharmacist follow-up with each patient will help us achieve this goal, and ultimately, reduce readmissions.”

TRHC offers the first prospective clinical solution to Medication Risk Mitigation, which is designed to increase patient safety by reducing the risk for multi-drug adverse drug events and personalizing a patient’s medication regimen. Its innovative technology platform is uniquely equipped to provide comprehensive medication risk management solutions to health plans and provider groups. TRHC’s services will further enhance Tandigm’s ability to provide network physicians with the tools and resources they need in order to deliver proactive, coordinated care.

“TRHC is delighted to partner with Tandigm Health to provide care transition medication risk management,” said TRHC Chairman and CEO Calvin H. Knowlton, PhD. “Medication safety is our highest priority. We are pleased to deploy our medication risk mitigation platform, MedWiseAdvisor®, and clinical pharmacists services, on behalf of Tandigm’s physicians and their thousands of patients.”

The collaboration with Tandigm is an expansion of TRHC’s Care Transitions offering, which it launched earlier this year.

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 medication regimens 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, please visit: www.TRHC.com.

About Tandigm Health

Tandigm Health is dedicated to enhancing the ability of primary care physicians to provide the finest possible care while lowering costs through a more coordinated, proactive model. By providing greater tools and resources to its network of more than 460 physicians, Tandigm puts primary care physicians back at the center of patient care. To learn more about Tandigm’s approach to value-based health care, visit www.tandigmhealth.com.

Micro Interventional Devices, Inc. Wins CRT 2017’s “Top Cardiovascular Innovation Award” for MIA™, Minimally Invasive Annuloplasty Technology

World’s first annuloplasty system for mitral and tricuspid repair incorporating proprietary PolyCor™ and MyoLast™ technologies.

NEWTOWN, Pa., March 2, 2017 /PRNewswire/ — Micro Interventional Devices, Inc™ (MID), is pleased to announce that it is the recipient of the CRT 2017 “Top Cardiovascular Innovation Award” for the company’s MIA™ technology.  The award was presented to Michael Whitman, MID’s Founder, President and CEO, during the 20th annual CRT meeting on Tuesday, February 21st.

“Receiving the 2017 ‘Top Cardiovascular Innovation Award’ at one of the world’s leading interventional cardiology conferences is an honor,” said Michael Whitman.  “The promising early data from our STTAR Study in the EU indicates that our MIA technology is effective in reducing annular dimensions and tricuspid regurgitation.  CRT’s recognition of the encouraging clinical results and the potential for MIA to provide an effective percutaneous solution for the treatment of tricuspid and mitral valve disease is a tremendous accomplishment for our team.”

The MIA technology is designed to reduce annular dimensions and regurgitation during percutaneous transcatheter mitral and tricuspid repair.  The annular reduction is achieved without sutures or other intervention due to the compliant, self-tensioning MIA implant incorporating the company’s proprietary PolyCor™ anchors and MyoLast™ implantable elastomer.

About Micro Interventional Devices, Inc. (MID):

MID is the world leader in percutaneous transcatheter compliant fixation technology addressing unmet needs in structural heart disease.

Company Contact:
Micro Interventional Devices, Inc.
Katherine Whitman
Product Director
215 600 1270
info@microinterventional.com
www.microinterventional.com

Tabula Rasa HealthCare Signs Three Year Agreement to Provide Medication Care Management for Multi-State PACE Sponsor

MOORESTOWN, N.J., Jan. 12, 2017 (GLOBE NEWSWIRE) — Tabula Rasa HealthCare Corporation (TRHC), announces that a leading, multi-state, Program of All-Inclusive Care for the Elderly (PACE) provider has signed a three-year agreement for medication care management services.  The organization selected TRHC to help enhance quality, efficiency, and reduce total costs.

According to the Centers for Medicare and Medicaid Studies, PACE is a Medicare program for people over age 55 living with disabilities. The program provides community-based care and services to people who otherwise need nursing home care. PACE was created to provide flexibility to meet the health care needs of older Americans in order to help them continue living in their communities.  All of Medicare and Medicaid’s services are included for PACE enrollees, along with other services that are part of the PACE Interdisciplinary Team’s care plan.  Coverage for prescription drugs, primary care, transportation, home care, hospital visits, and nursing home stays, whenever necessary, are included for those enrolled in PACE.

The Agreement calls for TRHC to provide medication care management services, including comprehensive Medication Risk Mitigation®, and science-driven,  reminder-packaging pharmacy services for their PACE participants to help reduce the risk of adverse drug events while improving adherence.

“TRHC continues to advance the practice and science of medication risk mitigation through our personalized medicine approach,” said Chairman and CEO Calvin H. Knowlton, PhD. “We are pleased to have formalized the collaboration with this organization with the goal of optimizing outcomes for these frail-elderly individuals.”

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 medication regimens to improve patient outcomes, reduce hospitalizations, lower healthcare costs and manage risk. Since 2011, TRHC has focused on optimizing outcomes for PACE and other healthcare organizations through its unique Medication Risk Mitigation software and Medication Decision Support and Adherence tools that personalize each participants medication regimen.  For more information, please visit: www.TRHC.com.

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