Health IT

Health IT company Tabula Rasa files for $115M IPO

Tabula Rasa provides technology and IT services for medication risk management, with the goals of reducing hospitalizations, improving patient outcomes and saving money.

IPO initial public offering

Provider-focused health IT company Tabula Rasa HealthCare is planning an initial public offering worth as much as $115 million. The Moorestown, New Jersey-based entity disclosed this in a registration statement filed Monday with the U.S. Securities and Exchange Commission.

Tabula Rasa provides technology and IT services for medication risk management, with the goals of reducing hospitalizations, improving patient outcomes and saving money. Tabula Rasa’s properties include medication management and distribution pharmacy CareKinesis.

The company targets healthcare organizations in risk-based reimbursement environments; it claims to be the “market leader” in medication management for the federal Program of All-Inclusive Care for the Elderly (PACE) under Medicare and Medicaid.

With the expected acceleration in the shift toward value-based payments, Tabula Rasa is bullish on the future, and hopes the stock market feels the same.

Five-year-old Tabula Rasa has built its technology around a proprietary construct called the Medication Risk Mitigation Matrix. “The MRM Matrix analyzes a combination of clinical and pharmacology data, population-based algorithms and extensive patient-specific data, including medical history, lab results, medication lists and individual medication-related genomic information, to deliver ‘precision medicine,” Tabula Rasa described in its SEC filing.

The company hasn’t reported its full-year results for 2015 yet, but has operated in the red since at least 2013, according to the SEC filing. Tabula Rasa posted a net loss of more than $3.9 million for the nine months ended Sept. 30, compared to a $259,000 loss in the same period a year earlier. However, nine-month revenue in 2015 increased by 45 percent, to $50.2 million, from $34.7 million in 2014.

Photo: Flickr user Simon Cunningham