“Mitigating the risk of adverse drug events (ADEs) has a direct and significant bottom line impact on health outcomes and the cost of health care,” stated Michael A. Guerriero, senior vice president of New Jersey Hospital Association – Healthcare Business Solutions. “We are interested in providing our members with information about resources that can help reduce risk and improve access to personalized medicine services, such as those offered by Tabula Rasa HealthCare.”
ADEs in the United States prolong hospital stays by 1.7-4.6 days and result in about $3.5 billion of health care costs in the United States on a yearly basis according to the U.S. Department of Health and Human Services and the Institute of Medicine.
Under this strategic alliance, NJHA will introduce its member healthcare organizations to TRHC’s Medication Risk Mitigation platform known as MedWise Advisor®, a proprietary tool that examines medication regimens and various extrinsic and intrinsic medication safety factors. The parties believe this collaboration will improve patient outcomes, reduce hospitalizations, lower healthcare costs and allow healthcare organizations to manage risk by facilitating the management of value-based care initiatives.
“Our goal is to improve the lives of people living in New Jersey by providing access to our Medication Risk Mitigation technology at critical points in the healthcare continuum,” said TRHC Chairman and CEO Calvin H. Knowlton, BScPharm, MDiv, PhD.