McKnight’s Senior Living
Orsula Knowlton, PharmD, MBA
April 12, 2018
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.
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.
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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.
Bob East or Asher Dewhurst
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 firstname.lastname@example.org.
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.
Christina Cadmus, 302-830-9262
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.
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.
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.
Micro Interventional Devices, Inc.
215 600 1270
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.
Partners with NGAGE Intelligence to Bring Innovative New Products to the Legal Market.
Boston, MA – January 9, 2017 –BA Insight and NGAGE Intelligence announce a strategic and exclusive technology, sales and marketing partnership. Together they will develop and bring to market a new analytics platform enabling customers to gain unparalleled insight into user interaction across multiple systems. This next generation analytics product will leverage technology from both companies as well as the latest in business intelligence from Microsoft including Power BI and Stream Analytics.
The first phase of the partnership will produce an all-new NGAGE platform that can run in the cloud or on-premises and will provide powerful new analytics for iManage, Thomson Reuters Elite, Microsoft Dynamics CRM, Salesforce.com and SharePoint (2013, 2016 and O365/SharePoint). This platform is already under development and expected to be available in Q2 2017. In addition, the new NGAGE for SharePoint offering will integrate with BA Insight’s Smart Analytics product to provide deep insight into search and content consumption.
The partnership is focused on providing law firms with unprecedented insight into how their key systems are being used. Benefits from the new solution include:
- Driving User Adoption and Engagement. The business value of any application is a function of how widely and consistently it is adopted by its target user population. By connecting an application to the NGAGE platform you can intervene early and accurately where there are adoption problems, learn what works, and make continuous, measurable improvements.
- Increasing ROI and Productivity. Adoption is just the start; the real ROI in an application is in the improved individual and team productivity that flows from it being used well. NGAGE can give you all the insights you need to develop, target and track the effectiveness of training around best practice.
- Improving Governance, Risk Management and Compliance. The more critical an application, the more it brings reputational, legal and commercial risks. NGAGE can help you predict and manage those risks while enabling you to track, manage and improve users’ compliance with corporate standards.
“We are investing in developing the next generation of analytics with an outstanding partner at a pivotal time to provide our customers with a new level of insight and intelligence about their systems. NGAGE has deep experience in analytics, unique technology, and a track record of innovation,” said Massood Zarrabian, CEO of BA Insight. “Together, we’re able to bring a ground-breaking solution to market very quickly, as well as leverage new Microsoft capabilities at a time that law firms and other organizations are starting to realize how valuable analytics tools can be for the systems and processes inside their firewalls.”
“BA Insight and NGAGE Intelligence have a lot in common – a shared vision around insight from cross-system analytics, a strong track record with law firms, and a Microsoft orientation. We are incredibly excited about our potential together,” said Paul Henry, Chief Executive of NGAGE Intelligence. “BA Insight’s strong presence in the market gives us a way to reach many more customers, and their ground-breaking approach to search analytics is completely complementary to our technology. Customers will also benefit from BA Insight’s broader product portfolio – they can identify required improvements with best-in-industry analytics and implement those improvements quickly with pre-packaged products.”
About BA Insight
BA Insight’s software addresses the Speed to Information challenge organizations face by quickly connecting SharePoint users to the knowledge they need – linking key enterprise systems with an easy-to-implement, use and upgrade software portfolio. Our software enhances SharePoint out-of-the-box, increasing user adoption while decreasing user complaints. It replaces slow, high effort, and expensive customized approaches with easy to use, off-the-shelf software.
Our software portfolio includes connectors and federation to provide secure connectivity to a wide variety of systems; classification that increases findability using auto-tagging, metadata generation, and text analytics; and applications with search squarely at the interface of users and information.
Hundreds of organizations and millions of users benefit from BA Insight’s software on a daily basis to provide compelling intranets that people love to use including Australian Government Department of Defence, CA Technologies, Chevron, Deloitte, Ford Motor Company, Keurig Green Mountain, Pfizer, and Travers Smith. BA Insight is a Microsoft Gold Certified Partner, a member of the Microsoft Enterprise Cloud Alliance, and an Elastic Partner.
FSAStore.com #156 and CMC #484 **Click here to view complete list**
SAN FRANCISCO, Nov. 16, 2016—Deloitte today released the 2016 Technology Fast 500, an annual ranking of the fastest growing North American companies in the technology, media, telecommunications, life sciences, and energy tech sectors. Loot Crate claimed the top spot with a growth rate of 66,661 percent from 2012 to 2015.
Based in Los Angeles, Loot Crate delivers monthly curated mystery boxes of entertainment and pop culture themed collectibles to fans. Founded in 2012, Loot Crate has more than 650,000 subscribers worldwide in 35 countries. Loot Crate’s position at the top of this year’s list showcases how innovation isn’t always about new technology and invention, but also about ingenuity, the recombining of existing assets, and know-how in new ways to maximize value.
Awardees are selected for this honor based on percentage fiscal year revenue growth from 2012 to 2015. Overall, 2016 Technology Fast 500 companies achieved revenue growth ranging from 121 percent to 66,661 percent in the 2012 to 2015 time frame, with a median growth of 290 percent.
“Our personal and professional lives are shifting in response to new technologies and business models that are changing the way we work and live,” said Sandra Shirai, principal, Deloitte Consulting LLP and US Technology, Media, and Telecommunications leader. “The 2016 Technology Fast 500 winners are supporting this shift by creating experiences for their customers, surpassing expected possibilities, and helping to envision even more effective and ingenious solutions. Loot Crate is just one example of how effective organizations face disruption with confidence, striving to understand and harness the potential to propel forward. That means taking risks, encouraging experimentation, and embracing transformation.”
“Being recognized by Deloitte as the fastest growing technology company on the Fast 500 List is an incredible honor,” said Chris Davis, CEO and co-founder of Loot Crate. “Our desire to curate unique experiences for our customers through our shared passion for pop culture, games, and entertainment brands gives our fan commerce business a sense of purpose as we scale and makes coming to work a lot of fun.”
The top 10 ranked companies are as follows:
||Revenue growth (2012 to 2015)
||Los Angeles, California
||New York, New York
||ARIAD Pharmaceuticals, Inc.
||New York, New York
||San Jose, California
||Redwood City, California
||Lexicon Pharmaceuticals Inc.
||The Woodlands, Texas
||New York, New York
||Palo Alto, California
Regional innovation remains strong
Deloitte’s Technology Fast 500 winners hail from cities far and wide across North America—from Los Angeles to New York to Canada. Of the dozens of locations represented on the list, some have a particularly strong track record of turning out successful, fast growing companies that are releasing new, emerging technologies.
Silicon Valley, well-known as an innovation hot spot, continues to lead in representation with 20 percent of the companies on the list, 63 percent of which are in the software industry. The New York Metro area and the Greater Los Angeles area came in next, with 17 and 8 percent respectively of companies on the list in software and digital content, and the media and entertainment sectors. Rounding out the top five markets, the District of Columbia dominated in software and New England in software and biotech.
Following is a list of innovative cities with a significant concentration of winners:
||Percenage of list
||Fastest-growing company in the region
||Overall company ranking
||Dominate sectors in location
|San Francisco Bay Area
||Software 63 percent
|New York Metro Area
||Software 47 percent; digital content/media/entertainment 25 percent
|Greater Los Angeles Area
||Software 49 percent; digital/ content/media entertainment 27 percent
|| 6 percent
||Supernus Pharmaceuticals, Inc.
||Software 63 percent
||ARIAD Pharmaceuticals, Inc.
||Software 44 percent; biotech 33 percent
Software companies maintain 21-year stronghold
Software continues to have the greatest impact across technology sectors, representing 58 percent of the entire list and five of the top 10 winners overall. Of the private companies, 44 percent identified themselves in software as a service (SaaS), 24 percent in enterprise software, and 10 percent in security. Since the creation of the ranking, each year software companies have made up the majority of winners, with a median growth rate of 275 percent this year.
Furthermore, biotechnology/pharmaceutical companies make up the second-most prevalent sector in this year’s rankings, comprising 13 percent of the Technology Fast 500. Digital content, media, and entertainment companies follow next with 12 percent of companies representing this year’s list and a median growth rate of 544 percent.
The percentage of companies from industry sectors represented on the Technology Fast 500 are as follows:
||Median revenue growth (2012 to 2015)
||ARIAD Pharmaceuticals, Inc.
||Strata Skin Sciences, Inc.
||FORM Holdings Corp.
Majority of companies received venture backing
In the 2016 rankings, 68 percent of the companies were backed by venture capitalists at some point in their company history. Notably, eight of the top 10 companies on the Technology Fast 500 received venture funding.
“Investors continue to remain confident in North American technology companies. Companies that enhance efficiencies through new technologies, enter new markets, and develop new products and business models are the ones who sustain fundraising and will provide a significant return on investment. These are the rising stars,” said Jim Atwell, partner, Deloitte & Touche LLP, and national managing partner of the Emerging Growth Company practice. “The industry understands that while innovation entails taking risks, the absence of innovation is riskier. This is something the Technology Fast 500 winners recognize as they continue to grow and move their companies forward.”
For additional details on the Technology Fast 500, including the complete list and qualifying criteria, visit www.fast500.com. Connect with us on Twitter: @DeloitteTMT; #Fast500.
About Deloitte’s Technology, Media and Telecommunications practice
Deloitte’s Technology, Media, & Telecommunications (TMT) practice provides industry-leading audit, consulting, tax, and advisory services to more than 1,800 clients in the United States, including the vast majority of market category leaders across all sector segments. Deloitte practitioners, many with direct industry experience, work with one purpose: to deliver measurable, lasting results. They help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society. TMT clients count on Deloitte to help them transform uncertainty into a possibility and rapid change into lasting progress. Deloitte practitioners know how to anticipate, collaborate, and innovate, and create opportunity from even the unforeseen obstacle.
Deloitte provides industry-leading audit, consulting, tax, and advisory services to many of the world’s most admired brands, including 80 percent of the Fortune 500. Our people work across more than 20 industry sectors to deliver measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society.
MOORESTOWN, N.J., Nov 09, 2016 (GLOBE NEWSWIRE via COMTEX) —
Tabula Rasa HealthCare, Inc. (“TRHC”) TRHC, +4.66% 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, today announced its financial results for the third quarter ended September 30, 2016.
TRHC Chairman and CEO, Calvin H. Knowlton, Ph.D., commented, “I’m pleased with our performance during our first publically reported quarter. We continue to win new business within our core market, PACE (Program of All-Inclusive Care for the Elderly, a Medicare Advantage-type plan), as well as successfully expand our Medication Risk Mitigation platform into adjacent markets with other types of health plans, further proving its scalability.”
Dr. Knowlton continued, “There is significant runway ahead of us as we continue to develop and evolve our proprietary Medication Risk Mitigation platform and address larger patient populations with our goal of improving outcomes and lowering healthcare cost.”
Financial Performance for the Three Months Ended September 30, 2016
All comparisons, unless otherwise noted, are to the three months ended September 30, 2015.
- Total revenue was $24.2 million, an increase of 35%. Total revenue included product revenue of $20.7 million, an increase of 35%, and service revenue of $3.4 million, an increase of 34%.
- Gross margin was 29%, compared to 32%. The year over year decline is primarily related to a mix shift in client and business make-up, as well as to staffing increases associated with upcoming contracts.
- Net loss was $142 thousand, compared to a net loss of $3.3 million. Third quarter 2016 included a $1.4 million expense related to the early extinguishment of debt.
- Net loss per diluted share was $0.08, compared to a net loss per share of $3.21. The net loss per share calculations were based on a diluted share count of 10.3 million for the third quarter of 2016, compared to 4.4 million shares a year ago.
- Non-GAAP Adjusted EBITDA was $3.3 million, compared to $2.4 million, an increase of 38% compared to a year ago. Adjusted EBITDA margin of 13.5% in the third quarter of 2016 compared favorably to 13.2% during the same period in 2015.
- Non-GAAP Adjusted net income per diluted share was $0.06, compared to a net loss per share of $0.01.
A reconciliation of GAAP to non-GAAP results has been provided in this press release in the accompanying tables. Non-GAAP results exclude change in fair value of warrant liability, loss on extinguishment of debt, change in fair value of acquisition-related contingent consideration (income) expense and stock-based compensation expense. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
Fourth Quarter 2016 Guidance: Revenue for TRHC’s fourth quarter 2016 is expected to be in the range of $25 million to $26 million. Net loss is expected to be in the range of $6 million to $7 million. Net loss projections include approximately $5 million of expense related to the extinguishment of debt associated with the early repayment of a credit facility in connection with TRHC’s initial public offering, as well as stock based compensation expense of approximately $3.5 million related to restricted stock grants and shares issued in connection with the initial public offering. Adjusted EBITDA is expected to be in the range of $3.5 million to $4.0 million.
Full Year 2016 Guidance: Revenue for fiscal year 2016 is expected to be in the range of $92 million to $93 million. Net loss is expected to be in the range of $6 million to $7 million. Net loss projections include approximately $6.4 million of expense related to the extinguishment of debt, as well as stock based compensation expense of approximately $3.6 million related to restricted stock grants and shares issued in connection with the initial public offering. Adjusted EBITDA is expected to be in the range of $12.5 million to $13.0 million.
TRHC has not provided a reconciliation of projected GAAP Net Income to Adjusted EBITDA guidance because estimates of certain reconciling items cannot be provided without unreasonable effort. Our Adjusted EBITDA guidance for the year ending December 31, 2016, assumes anticipated losses of $6.4 million related to the extinguishment of debt, income of $0.6 million related to the remeasurement of our warrant liability, projected stock compensation of $4.2 million, projected depreciation and amortization charges of $5.1 million and interest expense of $4.5 million. In addition, we assume $0.4 million of income tax expense related to indefinite-lived deferred tax liabilities for goodwill amortization. We cannot provide a reliable forward-looking estimate of certain other reconciling items because they are either event-driven or difficult to quantify without unreasonable effort, in particular the revaluation of our contingent consideration.
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