Tabula Rasa HealthCare sells PrescribeWellness to Transaction Data Systems
Tabula Rasa HealthCare, a leading healthcare technology company advancing the safe use of medications, is selling its PrescribeWellness business, a provider of best-in-class patient relationship management solutions, to Transaction Data Systems.
TDS is a leading provider of pharmacy-focused, patient-centric solutions, supporting one of the largest installed bases of pharmacies in the industry with Rx30 and Computer-Rx systems in all 50 states and Puerto Rico.
PrescribeWellness presents a highly complementary patient relationship management solution with a national footprint of more than 15,000 community and chain pharmacies.
[Read more: Tabula Rasa HealthCare acquires PrescribeWellness in $150 million deal]
TDS will add PrescribeWellness to its industry-leading portfolio of clinical applications to support enhanced collaboration among pharmacists, providers, payers and patients.
TDS’s plans to accelerate product innovation will create solutions to further optimize pharmacy workflows, support real time clinical interventions and expand patient engagement opportunities for clients.
“Today’s announcement is a significant, strategic step forward in unlocking stockholder value while extending the reach of our MedWise Science through TDS’s strong network,” said TRHC chairman and CEO Calvin Knowlton. “We embarked on a robust search for the right organization to best serve our customers and employees. and believe that we have found an excellent partner to advance the future of pharmacy by leveraging these technologies. We anticipate that this divestiture, coupled with our strategic partnership, will position TRHC for accelerated growth and increased stockholder value.”
The companies also announced a strategic partnership to offer TRHC’s proprietary MedWise Science, an accumulative, simultaneous, multi-drug analysis tool that identifies medication-related risk, into TDS’s pharmacy management systems upon the consummation of the transaction. This innovative technology-enabled medication optimization solution identifies the cause of medication-related problems, including adverse drug events, with the goal of improving patients’ health and well-being while reducing avoidable healthcare costs.
[Read more: Medication safety: Tabula Rasa HealthCare provides solutions to combat medication overload]
“At TDS, we are dedicated to providing pharmacists with the tools to address their critical and expanding role in delivering high quality patient care. Adding PrescribeWellness to our existing suite of industry-leading PMS and patient-centric solutions will enable our pharmacist customers to engage with patients, ensure access to the right therapies, drive medication adherence, improve outcomes, boost patient loyalty and generate incremental pharmacy revenue,” said Jude Dieterman, CEO of Transaction Data Systems. “This acquisition, our ongoing collaboration with MedWise and TRHC, and our commitment to innovation will secure our pharmacy customers’ position as primary providers in the evolving nexus of clinical care.”
The transaction is anticipated to close in the third quarter of 2022. Citigroup Global Markets is acting as exclusive financial advisor to TRHC, and Morgan, Lewis & Bockius is serving as legal advisor to TRHC. Keval Health is acting as financial advisor and Simpson Thatcher & Bartlett is serving as legal advisor to Transaction Data Systems.