Tabula Rasa Healthcare, a healthcare technology company focused on medication safety, is hoping to pump up its technological might, and this week took a step in that direction by completing its acquisition of SinfoníaRx, a provider of Medication Therapy Management technology and services for Medicare, Medicaid, and Commercial Health plans.
SinfoníaRx has been growing pretty rapidly of late. Originally established in 2006 at the University of Arizona College of Pharmacy, SinfoníaRx became a wholly owned subsidiary of Sinfonía HealthCare Corporation in 2013 to further develop a scalable MTM solution to meet the needs of large payers. Today, the company offers a full suite of MTM solutions supporting more than 50 million patients.
Those solutions include Part D compliant MTM programs, Star improvement programs, community pharmacy performance programs, and transition of care/chronic care management programs.
"Medication safety is, and has always been, our highest priority. SinfoníaRx's mission of improving medication therapies is consistent with TRHC's vision," said Dr. Calvin H. Knowlton, TRHC's chairman and CEO, in a statement. "We view this transaction as an extension of our vision, which is to be the vanguard in optimizing medication therapy while providing outcomes that improve quality of life and conserve resources."
What the acquisition does for TRHC is expand its MTM programs to strategic markets -- namely Part D providers, commercial payers, pharmacy benefit managers and self-funded employers.
Exposure to those customers is expected to enable TRHC to expand its support tools into the broader market, as well as grow in scale and diversify its revenue stream. SinfoníaRx generated revenue of $27.1 million in 2016 and is projected to generate revenue of $31 million this year.
"In addition to our aligned business philosophies, Tabula Rasa is a good cultural fit,” said Kevin Boesen, PharmD, CEO of SinfoníaRx, in a statement. “From a solutions standpoint, the combination of our industry leading MTM offerings and technology, as well as integration of Tabula Rasa's proprietary Medication Risk Mitigation Matrix® and Medication Risk Score, elevates our value proposition of optimizing medication therapy and improving quality for our members."