Move To Bigger Building In Moorestown Highlights Medical Company's Year

Moorestown, NJ -- Moorestown-based healthcare company Tabula Rasa Healthcare, Inc. (TRHC) celebrated a number of milestones this year.

The New Jersey Economic Development Authority (EDA)-supported company became a publicly-traded entity, expanded into a larger location in Moorestown, and inked an agreement with a trade association serving hundreds of healthcare organizations, the company said Wednesday morning.

TRHC, which formerly did business as CareKinesis, partners with healthcare organizations to provide and coordinate services for those with complex medication needs.

It offers personalized services, robotic reminder packaging systems, and an online medication risk mitigation portal.

“Unintentional overdoses and misuse of prescription drugs result in more than 100,000 deaths annually, approximately 125,000 hospitalizations, and one million emergency room visits,” TRHC Chief Executive Officer (CEO) and Chairman Dr. Calvin Knowlton said. “Through our patient-centric, data-driven technology, we are striving to reduce adverse drug events, enhance compliance and quality of care, and mitigate patient risk.”

TRHC, which currently employs 250 people, moved into a 75,000 square foot building in Moorestown this year.

The move was encouraged by the approval of Grow New Jersey (Grow NJ) tax credits, and was the result of the company’s growth, an annual rate of over 80 percent since its launch in 2011, according to the company.

Grow NJ is the state’s primary program for job creation and retention.

The company received a $500,000 loan from the EDA in 2012 through the Edison Innovation VC Growth Fund to support working capital needs.

Created to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales by providing up to $1 million in subordinated convertible debt financing.

“TRHC is a prime example of a New Jersey company that is leveraging State resources to accomplish its goals and positively impact the healthcare industry,” EDA CEO Melissa Orsen said. “It’s exciting to watch innovative companies like TRHC grow in New Jersey and expand their presence in the marketplace.”

TRHC also entered into a three-year agreement this year with NJHA Healthcare Business Solutions Inc., a subsidiary of the New Jersey Hospital Association (NJHA), to offer TRHC’s proprietary Medication Risk Mitigation products and services to NJHA’s nearly 400 member healthcare organizations.

The attached image from Tabula Rasa's Moorestown ribbon-cutting was provided by the New Jersey Economic Development Authority (Credit: Tabula Rasa)