TRHC - Earnings call transcript Q4 2021 | Tabula Rasa HealthCare, Inc.

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Operator

Good day, and thank you for standing by, and welcome to the Q4 2021 Tabula Rasa HealthCare, Inc. Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your host today, Kevin Dill, General Counsel. Please go ahead.

Kevin Dill

Thank you, and good morning. Counsel Rasa Corporate Dill, Kevin for HealthCare. Tabula I'm itself safe Litigation harbor company Act intends of the avail to Securities The provisions of the XXXX. of Reform Private within call Certain during will the meaning be statements of this forward-looking made law. that statements risks or subject could Rasa forward-looking implied results by statements actual other materially differ Tabula and to the forward-looking factors uncertainties These from HealthCare's to are that cause those expressed statements. and healthcare potential the developing to nature the products and and that risks technology-enabled services regulations clients. uncertainties include and These our changes market laws of impact for may

page Tabula For with additional information through Rasa risk XX-K over on HealthCare to including of Calvin of and the SEC website A for Tabula refer a our Rasa the available factor filings accessible be Chairman, Relations and Dr. risks call days. this our today. of will link is our I'll the facing filed to the section HealthCare. Founder XX please on of Knowlton, CEO, turn it the recording call Investor

Calvin Knowlton

that today morning, Kevin. a continued behind maximize to going solid to going three outline our you, morning, growth point we're strong demonstrate have our foundation everyone. points Thank value first is the business. in And to with salient for us, that shareholders. COVID HealthCare we long-term This for we're very Good CareVention

quarter we growth. improve third, taking positive balance are to third and in Second, the and And Healthcare discuss are we to will a cash different sheet approach we accelerate how thereafter. flow strengthen reveal also our MedWise initiatives by profitability, business become underway will that

to initiatives. executing we will on XX next these how discuss the minutes, we for are thrive strive So

a on into want to delve fourth-quarter short I did results. we these areas, Before summary our three provide

the fourth-quarter end our revenue of high at million, year-over-year that's increased $XX.X First, guidance. to and XX% organically

half while second XXXX saw a revenue, X% in the first growth XX% The saw of half growth.

in $X.X million three balance Adams, our million do? executing we tactics. us, strengthen I in sales. flow. strategy, cash to those better the begin one, of long-term the leadership value Brian quarter This to align also sheet. on have Tom of range call focus EBITDA and last made Number changes participating hired XXX% positive while toward announce We Last for of significant Officer. we of Financial going first of which as Moorestown time he'll with is materially ahead product we we guidance promoted fourth on Co-President TRHC explain tactics focus moving we're our we us and as short that did And generated further we is what said steps with to we new today delighted and that to Brian in will $X.X one This have Tabula Rasa. earnings free our adjusted his allow within organizational role, three have Second, time important And his several our am work Tom since of over Chief shortly. earnings Cancro, progress mentioned November, his shareholders. I'm the call. to our maximizing we to

our restructured We savings. in $X senior also leadership in million resulting annual team

community This we purchase our a our value On three our PACE, us to The Rx strengthen buyer of decision we at-risk markets: and focus noncore the options X, help well-qualified February unlock including a groups, pharmacies. tactic evaluating mentioned were we on will from health provider announced second of to was assets. DoseMe intent key business. plans, letter

conjunction are few materially designed new made balance our to months. other These being evaluate that to are could the in continuing with and value shareholder unlock are to noncore run through sheet. assets additional expect strategy process enhance decisions our We this and next

at this transactions further comments make not will We time. to other potential related or DoseMe

have our well process as our us partnerships, companies and In organizational one that announced and in strategic with as last our partners active We divestiture several strategic could platform transformational call, of business. cost our few changes in earnings scale leadership Since and relationships. evaluating initiatives we optimize new in CareVention for MedWise using identifying, that cultivating division addition endeavors help our noncore our a incredibly MedWise release savings. generate the process tactic earnings can was TPA assets, to new exploring including been business of business and in these three engaging, outsourcing

some multimillion We expect on savings generate going Brian specifics. an this partnership basis more highlight dollar to and will annual forward,

turn then to to Orsula? as I'd report financials. MedWise Healthcare our at on Healthcare our to on Orsula like provide well our So to CareVention time, our as Brian it over - to and this review division division

Calvin Knowlton

Thanks, exciting I'll the Very PACE Healthcare our of indeed. in growth speak division. CareVention Cal. to

very contract organizations First, 'XX. being less attractive the and Tabula their less over entities part to broadly, entry XX,XXX across XX launches year this for-profit start to in XX,XXX participant our expanding communities U.S. NPA has PACE that key with do for-profit XX% alternative not currently National the program Health, duals nursing COVID-XX population. ER PACE and such per XX% to hospitalized duals rehospitalization less for PACE and with nursing to Rasa. immense are hospitalization enrollees with a show per now COVID-XX to to over expansion has Medicaid growth over restarting to 'XX, settings. XX rate meet participants one the now X,XXX there home with is to residing ER the non-for-profit as partner less lower to XXXX than in currently that reports compared are in also to those a rate. go been that homes. lower There XX PACE To were active XXX,XXX value. placement participants. visit XX as the access is which organization rehospitalized likely a new is XX new According new and and in of only. PACE likely nursing enrollees Association, home organizations kindling growing are person likely are of be XXX be Studies PACE The PACE they PACE, XXX XXX of about the an PACE more have that longtime centers for needs elderly organization the opened potential Welby in programs, and estimating PACE to a A have of represents participants servicing states, plus PACE than

aggressive We their across U.S. the are supporting expansion

in started in growth, across the XX a solutions Care number lines. new service quarter addition, Coast. those East Concerto the CareVention With to pace X XX CareVention service PACE our better are We new our Once are believe we of fourth $XX unique our while leveraging 'XX, organizations development service XX the and regions of coming reflection with that and increase cross-selling MedWise new equating we long-standing activities annual manage we In includes settings managing during care our retention all we lines XXXX, superior value-based have in solutions management open clients only number implemented service revenue the recently of on of testament U.S. exceeded us two this business net will health a new into PACE support all onboarding I clients regard to our the in our Health structure lines, How across again, and structure, implement to when Entering of to reorganized revenue an positions, relationships. with allowing million six Healthcare other we is similar who and care technology at that account this? XXX% and full to in XXXX, an of a CareVention on our track providing across in are The by members opportunities clients. team capacity. driven sheer

clinical piece already we of Now highlight practice science the Act, another pharmacogenomics. to are Right would pleased are of the of want the the which application The a platform this, appropriate testing Dose expand behind entire national to I we software only Since outcomes. digitally is improve to innovation. patient doing MedWise incorporates pharmacogenomic incorporation the that of see diffusion effort legislation. Lastly, foster to Drug into

Our Tabula only have on the Rasa, to services, makes. census. is I and Part that, to a our and Adams. started positive precision With available pharmacotherapy clear will pharmacogenomic D value option by Brian? covered clinical we demonstrate their PACE make this This to participants appropriate the programs with by impact have turn offered Brian to published results it humanistic proposition over it the

Brian Adams

you, Thank Orsula.

have want Tabula Rasa We all, First with role tightly made how I the align to to and sales, my over progress our members of a we team. product, and forward dedicated impact outlook to position about Tabula strategy, lot I underway more am of past beyond, Rasa working new operations our say will and closely excited sheet and believe coming these for to we you balance growth months. initiatives months in our some over with that of sharing look few the that business and materially XXXX I

In recap of I addition CareVention a of MedWise segments, and to to including of primary a our financial MedWise growth some Sales, and short focus the our want in areas, few on drivers commercialization, results, guidance.

Healthcare, full and revenue was a we by on an and grew of total basis. revenue increased basis. XX% for which basis quarter XX% respectively, X%, fourth growth and on organic our CareVention on organic year, the For driven again, reported total Once and revenue an accounted XX% XX%

this I'll driver my We the further key expect commentary. in guidance expand CareVention revenue on Healthcare to remain and in XXXX,

Slide and X, which growth the shows service in Healthcare So turning sequential census number CareKinesis to net line. CareVention monthly our

the continue February death in each - It's this internal our CareKinesis have As our we rate consistent have our with important Rasa. was albeit below monthly not we a XX both was we sequential XXXX distribution census major With versus we PACE it first growth our seen X% in respect continues participants. and target, note to trend material for growth monthly past slide takeaway in witnessed to medication months near improvement growth line positive strong January in that leveraging expect growth delivers sequential rate this the XXXX MedWise in We is growth. pharmacy driver with sequential of among was from change management, monthly to of seen services, but March. two XXXX, what expectations X% and Tabula represent rate the and The main of targeted in to averaging a seen reminder, and and the year, January science, that growth materially any beginnings experienced into February, we've the rate last sequential of months year. it

Xx census, reported only on to reflect one CMS CMS' CMS Lastly, caveat the faster reports monthly figures or that pace. PACE a we than by basis grow elected in XX% have February monthly follow number rate. the numbers participants that investors PACE of those continue - the at XXXX on know as We year-over-year, Medicare

our in of This significant who clients least PACE other at high as yet number eligible becoming be is is Medicaid-only not PACE grown for participants to the The recently organizations plus is enrollees. has XX% Medicare. which cohort, growing rapidly, are as more and

medication Rasa, Tabula Management to to contract CMR new that comprehensive to health plans we beneficiaries from medication certain significant portion those is or to includes meet requirements. coverage year with which Therapy this down of or For A due our which previously MTM safety services, that announced. CMRs, derived Medication are services CVS Medicare the loss is review revenue of a the offer required

CMS declining payer We aggregate, program from are this revenue helping the are XX% and encouraged Medication increased year. division final our strength MedWise CVS loss and XX in top headwinds its in XXXX which, in from year revenue the Therapy counter Management accounts, to in Enhanced by our

a offering million and Part the materially in at new Launched to adults Medicare in opportunities generated measure represents XXXX in pipeline. place the on C opportunity contracts and important of care materially XXXX, for be Tabula - is $X older higher in for addressing Star offering, this end based growth revenue XXXX newer during of over Rasa. Our large-scale an expected

and the sales XXXX by XXXX our on hospitalizations for chronic a of in XXX finished to to on related complex activity our disease care trillion increased $XX.X compared but is division Patients XX% note and a include: prescriptions excluding million XX% for in MedWise Important costs. Moving chronic bookings system. XXXX pharmacists health have strong very solution for with this polychronic medication COVID and from payer modestly will - which overall of of and sales testing, accounting for increasingly our new The from polypharmacy MedWise have to accounts in first, drivers a and and highest sweet Americans filled. of care titled some important of history, are patients. for in $X key This output accounting - quarterly recent explores growth X sales role the X takeaways health of regimens spot report, report Trust. the long-term winning XXXX, accounts. Slides report with disease, the existing MedWise Prescription the million company business highlights U.S.

positioned Today, to we network a patient solutions direct parts number health delivery are transition pharmacists integral become system, MedWise fill provider role. preventative care, and care to counseling, the the care management. patient to of Second, models, and including more our are major continues care at-risk a groups and gaps payment of telepharmacy industry working with value-based play and as can more

type MedWise for position begun Turning recently our Farah's that solutions, business rooted targeted a interest MedWise launched to launch for heading target new Chief our leadership, with prescribed development and the we about to seeing We future, will hope the existing which we've the Officer, press Product market appointed the our will X be this I certain tell clinical Please I'm XXXX. with a Last, noted X% in the end, to MedWise Madhat newly of existing We're reference the To to and the guidance have solid you series We for her turn develop full of We've confident our will already the address our disease significant offerings, plan to capabilities. that X Commercial on growth one X% excited segment, Chief will and to Officer. we of have product technologist but quarter our wellness of solutions interest incremental continue MedWise conditions that tested in that focused background our well clinical emerging during solution. focusing commercialization leverage Under market first in solutions efforts. and in in Between pipeline as we new bridge. of created to are to states. that hit efforts. of new diabetes lead and quarter. solutions Farah to pharmacist completed to Farah's second Dr. the release. Slide begun positions be starting populations able as be quarter. the to to, develop our and year on to science, bringing the pipeline second we our full-year for our a in search various

balance free with we're along to improving driving profitability revenue committed sheet. higher XXXX, addition In to flow in and cash strengthening our

reflects two Our is that of XX% with million $XX the we've versus witnessed a revenue ago range $XX XX% to million first-quarter year to growth past consistent and years. pattern the sequential in

release $X adjusted Our implemented range initiatives well savings efforts we've our that $X to and press we noted fully cited EBITDA million that earlier other currently does not are cost of as as evaluating. as in the million reflect

starting the see of full of in We these expect quarter the actions to XXXX. benefit second

our represents our provided growth earnings during November revenue For consistent the projections full $XXX million is to XX%, which our with XXXX, $XXX year to of range initial million of XX% call.

turn comments. will primarily back HealthCare. for driven Cal by and I'll over profitability closing With Our to that, it CareVention growth be

Calvin Knowlton

you, Thank Brian.

we thing Healthcare our were foundation to we going we was business. have growth for solid First continued a that mentioned in strong CareVention demonstrate

mentioned. thirdly, On looking numerous year. already additional PACE the expansions from nonclients for side, trajectory conversions of under steep participants this CareVention to Orsula a and of and associated at X,XXX TRHC as CareKinesis current participants we startups new contracted client contract, are with from revenue pay

was in Second HealthCare growth. to reviewing a salient different point taking approach accelerate are MedWise business our how we

QX thereafter. processes changes balance strengthen MedWise and and we positive discussing quarter. On improve completely become sheet cash third, And to side, as flow underway These our have launched structure, by mentioned, and the the profitability, revamped initiatives this strategies.

Our with all and successful in of assets, divesting growth our CareVention XXXX. noncore year focus very well banner coupled our pivot strong in of a MedWise, ongoing bode for

Our team is very excited.

years We are us. of very two that behind stagnation COVID is pleased

our COVID, it equipped current we especially growth. we While the during XXXX the that bottom our to with employee doing focusing we fully cost by believe operationally retention line, so, on By are absorb us tailwinds. choice made right

stakeholders sustained for now We successful for questions. TRHC TRHC are we also answer on team. very Operator, a our ready return our bullish for a to and and meaningful are for future spectacular

Operator

question from Markets. RBC And first Instructions] Capital [Operator comes our Sean Dodge from

now is line open. Your

Sean Dodge

MedWise, kind clinical around Is a In focusing incremental there mentioned costs or on these you there you Brian, pivoting the support you guess think developing talk now new the where bit savings an anything you required to to I shared of that? solutions. about And investments broader offset already significant looking XX some MedWise is that? you've area last or where generate investments at structure, over the organizational maybe some help areas you there? Can efforts cost made Any can structure you're months.

Brian Adams

the Yes, Sean, point of question. we're And that's leveraging to is at this beauty great be capabilities. that our a the going strategy

investment. fact, the solutions there's incremental to that shifted some And to launching. in around So resources existing these of we've no be clinical more focus we're going new

So in anticipate the fact, investment. position. charged leadership, Under cost having Ferah's these to and there's further do programs. going about new requires I'm excited with capabilities to incremental in been existing overall launch that versus savings be She's we really leveraging creating versus this something her

now. to about really getting it's the some a of the parts place are have of of tools some lot we of in the market So that focus today interesting really on that attention repositioning right

Calvin Knowlton

are Sean, add that target strategic right our would in on MedWise remarks, the I working of And that we're Brian's now partnerships just which three division. to its are on right

enhancement. announce Brian to using a said, expense, that - going can it's an not as see it be going were we solidify once it's to we're revenue so be not it. And and - you'll But we

Sean Dodge

level mentioned is anything outset, things these you are Is the sales, there sensitive - divestiture. you talked about high is it, can kind more significant to are talking? the at we maybe where the hear you can we asset Cal, about sales? And there expect know how talk DoseMe but that? then maybe potential And Okay. I at you're about with asset provide around significant thinking to When of about other more

Calvin Knowlton

really I going say have would about that you'll by advised But - can't that. Is we fair? second talk We what's we will that on. been the quarter, hear

Operator

our Glen from Santangelo comes next Jefferies. question And from

now is open. line Your

Glen Santangelo

questions. the on for Thanks want up to follow taking I MedWise. also

last like it what may just the about going of specific understand EMTM. that is you're X%, I'm Services. of and having little talking will a guess us term, add by clients what for you're growth This impacted will total just I I think, trying MedWise. in was algorithm are Obviously, impacted a and maybe to also by new to the are Safety really X% CVS. look look to with year, think growth X% division, be trouble bit in And business longer lot trying software what is that new algorithm year to I to should both add revenues. like the And about 'XX struggling Medication understand what talking subscriptions

So us think maybe XXXX? about even a things how and could you bit we should through talk little maybe beyond that

Brian Adams

is year. Yes. This Thanks top question. today point payer this would that. you we mentioned comments, first, the in Glenn, that XX I What XX% Brian. as great my for grew clients that's a have I is, to

XX%, of indicator investments EMTM, business our two growth to I that out, can MedWise as reposition of growth that the our on would those grow that's the that there's should reason the I bit side engine we go-to-market And pointed of So right, would kind that an where we longer of be believe expect But in type going date of see you levels. forward. the we've is growth think a that that no strategy, as of good events, term. that, We feel this that, not we made a that so on of for a do CBS think to like do the expect and end all north the business based outside the house. of of indicator we real

Calvin Knowlton

is this And Cal.

companies MedWise minutes think are I the on now ago, all that couple on they're side the with large and of working we're I you just would three or partnerships that that mentioned a know. as right strategic

think make about we little are we can that. direction get a on bit We you'll saying once get early announcement, anything can I and it deal substantial lot So just yet. those can an a more

Glen Santangelo

follow you. just Cal, maybe with one's for if two I up can quick

other that I perspective, was minds digits? curious of that's people's the And think is back what you think the bring on from double margin the about deal. I I talked into lot thing your BPO of to the margin. levers biggest get, sort are mean just do a you to

You the PBM a release in new press deal. mentioned

your And to think a we'd on the little the So on levers in debt. more this secondly, Thanks. understand that a love meaningful And kind sheet, margin balance a of the debt overly about is side. think with level of I of the sheet amount through goal concerned considerable bit are the then Or time? sales I way? down asset you on at to balance not these get debt

Calvin Knowlton

very let you Brian answer that, It's Well, doing. said. what way meaningful is tell the I'll a are hit I'll we you but of what

Brian Adams

Yes.

to margin in the this we order lot couple that as over without we're incrementally like we've obviously, Glenn, of past to we're in support expecting absorb mentioned growth year well-positioned having feel remarks, on investing add the years, So to a his business. workforce been of that the Carl and side,

year. going be us a that's this big for to So lever

in that not are go going but mentioned of were and in this Some remarks forward. those the to the Cal's just meaningfully margin in year, contribute earnings initiatives expansion, release to

is right have significant the and other flow and months. cash increased a margin anticipate activities. profitability. to are underway expansion related and and being things be are able meaningful communicate in And to we'll we So without But our specific of now, savings too cost there efficiencies coming goal those to number that

coming that great there's will we with of that's got senior concerns question. there. anytime due not a danger I relationship and in We've So segue debt have tell There lenders, the into are liquidity. no ample any maybe We're soon. Right our tripping debt no now, you covenants.

third feel and charge the we of our positive about business really the that. very So cash-flow to become feel by comfortable the confident liquidity about quarter, I

Operator

comes our next William from question Daniels Blaire. And Ryan from

is line Your now open.

Jared Haase

growth, This for specifically in basic it I engagements disclosures with of the increasing of disclosure the medication MedWise think coming should Ryan. segment. of about reviews is just of those contract curious that number just, maybe here. kind the I penetration Or you the kind largely a increase of with of we the drivers as of the in that that But by grew technology to Jared that an clients cohort? I a XX% around the with blocking tackling a level similar top all more of growth I'm from reflection services of ask is appreciate that sort and guess, sort adding Haase a one beyond more medication of question. scope of XX review? wanted your theme expanding and and

Calvin Knowlton

Yes. use MedWise It's CMRs model. of expansion It's of software not at the former. the SaaS the se, It's in It's not of all. the per an latter. an expansion a really

in partnerships the ways. of we're issue now right three that address places it working all on and using MedWise, So way is strategic of new now new the to

Brian Adams

opportunity pieces And expanding real some my was And for and driver measures. to - the of a business Jared, Star kind the and going consider different forward. we talked services about address that one growth that's been I of commentary in of the

it's our as customers existing new with into So describing. deeper just Cal going offerings, was

Jared Haase

to $XXX just clients the around to then sort member think But growth suite I of of appreciate to a opportunity disclosure to to per engine that of quick there. PMPM Can And you QX, in per all-in sort across about us helpful. time? things. how side continue month flip of of care services maybe over penetrate CareVention follow-up, the your as going and total with the PMPM Perfect. PACE remind I'm how Okay. you That's the potential expect

Calvin Knowlton

the the I Orsula going the capture we're fill of total PMPM. you and can you rest on how the can to give

just somebody $X,XXX today. of were So if solutions using our it's quickly, to CareVention PMPM all be

Orsula Knowlton

morning, from a program time, Miami all we had new for contracted in then this contract Yes. over in services. And that come instance, for a

new in we're same selling our for are service least programs, individual - we PACE one. using the typically, services XX% one at of have existing for organizations, So PACE And startup time. at least at all about

new benefit management clients is how their they So gymnastically our them strategy, participants integrated and economically, would that to benefit educate clinically, with team. goal are our other would really our about their services account that and and

Operator

comes is question from now next SVB line from Leerink. Stephanie your Davis our And Stephanie, open.

Stephanie Davis

you the for at this best is Thank attempt but name. I of value Cal, company for any thoughts. the appreciate one I'd your guess

initiatives? imagine that are from the like? does our level done Tabula with these positioned with moves kind of now, to role What you security get you are the to What striving we made done thrive. Let's look years in two look to it's you secure What's have strategically Rasa Where team to like? are you market? that next that gives

Calvin Knowlton

we ever. will the It so we've you, unfold that pumped up, the first nice be And with the was you. honest thanks, two got pipeline we've had such months to a with year. We're of year never we've this type converted - talking - Steph. throughout Well, of really never much in a

where as and we didn't we've - got - let anyone horsepower go we're So forego or now we enough mentioned, anyone. I

very added research And doing so what We're on clients, everybody's have, software pushing well that there to wanted many, where where we MedWise. today, our the be a wish It's we're took, by right I out and - it's and just strategic our a initiatives adherence. saving of been quite over active. about were new really excited we and in people. many, papers there XXX doing it's is fake to not new And number again, that's We're whole this to I'm We example. we in actually, side. published the yet, to our velcro we to that them We've that help show peer-reviewed not pivot we're the goal. very, This very these again exactly it's new are could the going a is months for I news. but them places to out work. we're initiatives show is lives like many shape. MedWise, initiative, in of papers more advance to keeping that last great helping with now. PACE mean, right And not partnerships We're hospital. XX announce

we're target. right So it's on -

Our a now lot bit stepped has Atlanta actually. also analytics up group a

programs, And to into the PACE people do them - Milliman services from PACE move they are. nicely. us show which really dashboards to bid to about to very our to ever That's better personalized before D excited put need so off for has to than we The we're taking where had huge, what is know we precision Part allowed and able let that's pharmacotherapy, that. pharmacogenomics

- we're the tank, got trajectory. huge got a We're COVID. post So in just lot and we're we've a good. gas of We've feeling

is this feeling it's for right now a us. So good really -

Stephanie Davis

that, census growth you given to of And stays of I it about your MedWise like do sure CareVention on versus make sounds CareVention of is between more initiatives that guess view as the Brian really going follow-up the the just and some well. the business. mentioned the lean? think How focus to business majority balance the the

Calvin Knowlton

do is the as traditional lot in to a going year. you're fast. think, in example, get not CareVention be the is challenge hard, the it's the the to this software CMR MedWise because to to Yes, like that huge. so to but us challenge MedWise going per - far - of what Orsula, CareVention Also, the anytime a see for so se The growing for MedWise, or growth in percent, - stuff that's Brian stuff, growth, as soon you the XX-XX, that going is darn I is

Brian Adams

see great that underlying a the markets, terms growth could some would right today Yes, beyond of around for in leverage opportunities We've even rate a see work learned in comment, actually we're pace. that's good be because that's I the CareVention lot CareVention suite that the we product doing to we adjacent into in in revenue a shift challenging significant something mix think business Cal, now. market and the that

what of significant lot I've can investment for already go-to-market that capitalize stepped focus But the We clearly think into the to role MedWise with amounts So comments refine since we've don't built. quicker. as been a strategy a this about that and has business think what really I I invest grow we've my could and side, lot to Sean, to really of that talking made even was done, there. And thinking. we've we I need that goal on leverage

making opportunities there's there's we've a most that real been think of So big a some resources few said, so to stay we're as focus, a lot the Stephanie, you putting where market and efforts potential. around we lean,

future, that business think the tell about this So we're few a focused acutely of I but on in the areas we're that excited to at just you more point.

Orsula Knowlton

think And I space likely a there's point. of client the at some merger

Health We even requested organizations other opening are of lines Care more being CareVention plans Service health and more are PACE organization. amongst and seeing care value-based types

I future. think So we'll see interesting an

Orsula Knowlton

Good. the Well, we you hoping I'm hear and time. guys can of next more that wishing best on luck

Calvin Knowlton

Thanks, Steph.

Operator

And Piper question Jessica our next Tassan comes Sandler. from from

open. line is Your now

Jessica Tassan

detail center Thanks. the there a launch when can and you enrolling interested way questions, pay to thanks of Ursula, know really ramp? my morning. kind begins roll a role Tabula Tabula help maybe this Rasa when taking Tabula for centers help Is all patients? Rasa starts? that understand for compliantly Just start And for of the as and us you Thank

Orsula Knowlton

implementing So record, on in probably months team. really to health getting getting when up and we technology and educating starts, medication, speed up people new electronic our the place went equipment safety, start six start-up before that,

right group the Our in third-party administration around date. comes start

the part application. contracted D are as services actually Our PBM Part of

So a because the all on our And a assistance date, then be we first services center PACE National program PBM that's new our - of or shared start are really the the who Association. really, are they've technical go. time partners with the could first contacted hear

services adjustment for the to there's payments data risk that they back Our do Medicare at when of side are able assuring receive. the diagnosis of appropriate coding look the

Calvin Knowlton

on to was studies, the folks evaluation, in team, add TAC an very decides early in even cases, to start And these Jessica, feasibility with on technical as before helping that, or with Orsula organization our many to the they're just program PACE are a systems mentioning application involved consulting process.

get very organizations our exposed these to in us early services. So

really place have for backlog pipeline part services. That's in of was we of a important and that Orsula we morning the that all significant are we is us a just describing as today. signed our and for So how this one great funnel generating that

Orsula Knowlton

why management service Which lines. our across is account we systems integrate the

Jessica Tassan

additional you year the And X% they then the and That's X,XXX that helpful. really in are follow-up. incentives? quick When Or incremental? course just kind of included mentioned ramping one those sequential individuals enrollees, are over growth of the

Calvin Knowlton

and signed. Those second be in third quarter. contracts probably mostly signed are Yes. coming They'll

So -

Brian Adams

included numbers. the Those are not in X%

back anticipate do half are loaded. year the those we of So

Operator

Asset And question for comes Group. Millrace from our next Kitchel Bill

now open. is line Your

Bill Kitchel

recognize Thank comments some the their to got don't and recognized potential. and last by referencing shareholder you've years. that your challenged be underperforming create to assets initiatives yet you. of seem couple by execution Cal, And been over value. tremendous And you've clearly, started are you've the

before based If we've prescribed now. transactions your on you growth be wellness care twice have in potentially so that about health revenue cap some that be place $XXX or in equity business. look CareVention year seen could vehicle have thinking what the worth the a on that of area, a the at market could multiple is in taken the million a even right industry, you This in

this? is maximizing you a shareholder in had Is some these offer involved of other think shareholder extent to maximizing of challenging have support investors So to been is the in potentially and is How able I initiatives question seeking been hands. their very tolerance they so What to because oversight have should assets value board transpired be commitments period And the far? what what's is, and value? the their Board of for my in what the involved?

Calvin Knowlton

call It yes, and than financial We And Board helping engineering us or Board, financial we've that's the working of - it with meetings and we've the what Bill, other thanks that engineering. the with for months mentioned. you had very helping your with six question. almost for do us a quarterly Hi this - the on we involved. last our the that's we've - meetings standing had is quarterly And the subgroup recognize evaluation Board. there Board, the numerous comments is if will. with been probably The last you

at We together, reveal further with of us to able everybody than anything But And very telling I'm the they're and actually this pushing well a sled it's point Bill. wonderful aren't what we that. we supportive have, aware are financial the we on engineering. board you, have, just is lead this and taking

Bill Kitchel

is of divisions separately their of some operating combined entity. mean more correct. question it is So the worth others that could to they are as these beyond are than That's I commitment asset particular sales be really, segments. a

So shareholder in Board pursuing value the is committed - recognized to

Calvin Knowlton

number That's number one. gate. of That's That's right it the out our now one - why mentioned focus I right

Operator

And our from Stifel. David question Grossman comes next from

Your line is now open.

David Grossman

to let of a - were me follow-ups earlier. of follow. That's some questions just question a asked quick to had couple tough But that I the

question first just to mechanics. is the the guidance So I want the about sure I make understand itself.

is So confirm growth just communicating. want backlog of you're in that to guided XX% that that's what XX% the I you've currently? to

Brian Adams

XXXX. this and to in get sell $XX wins of year, need to $XX Brian. $X Sorry, revenue got recognized which X% into it's We've million We go to closed X% we that is million David, million. in-period to

for year. So our we a is target reasonable very GoGet this like that feel

David Grossman

DoseMe include as And of XXXX? it's Right. pulled but you guidance? guidance you your have - think out it in don't I your that material, for Or did

Brian Adams

you DoseMe but the in it's note. is currently guidance, pretty immaterial, as

David Grossman

free you the you should for cash think flows And quarter. thoughts - year? Any hitting think free Got flow I talked cash cash Right. third about flow what we positive give on the in did it. the about

Calvin Knowlton

So of I for right would year. assume now, a the kind basis neutral

We you that's that be flow we cash positive think to quarter. the we're XXXX, in able materially that place cash do I to throw anticipate to but said, the in XXXX, third as some start. right going off anticipate growing,

David Grossman

Right. I'm team. initiatives the this, but prepared about cost if that you specifics And some missed just talk million from savings if better the already you frame your restructuring from don't the And and and give any Can by what timing executed? cost were about, even able I management of you initiative, sorry you about us savings in of announced execute. talked think, the talked want to we cost sense you remarks, to then I $X you've

Brian Adams

- work leadership and to of very our is around MedWise Without getting house the the have that well. perspective, and into is go-to-market Cal ultimately specifics, commercialization the we on we We the the side going well like strategy. feel better - is too shared strategy fantastically CareVention sales many as from around MedWise here more Where division. some our a needed to goal positioned of have the a we're do

leadership of a some where done of a some effort terms with have really better to lot strategy, that's and work efforts restructuring a So the in spent and is the product align we've place sales. of from time to there's from be that standpoint, taken needed

you today. So that's what tell I'd

David Grossman

start can - Yes margin deal just Brian, fully I that that in expecting coming changes guide? with there about of terms executed the the terms cost we savings questions, to PBM you've with really, one [indiscernible] the - think way gets really the the cost something was Or here recognized of is in savings So more XXXX I the in think question those Accenture right incremental or of

Brian Adams

Yes.

missed I one. that Sorry,

XXXX not our they to And are It's into material then there much would savings guide. yes, we half savings of second to some in beyond. So expect see year. fully start generate. and in the the baked incremental more become of XXXX that We the

we structure much savings. efficient as his that So that's Carl to the really are today. BPO businesses that going savings where multimillion we these more TPA, in-house grow, the keep see dollars annual in on generate. And with especially expect talking as points, we an on to cost the to mentioned we're were it's if of than a of basis But

David Grossman

of of you one initiatives. be any specific about in it's when savings kind these you the cost on year more can't But what of Okay. exiting expect would just terms

Brian Adams

I an annual the of would million $X three from north So on say basis. it's efforts, combined

David Grossman

top And the XX Medwise then talked growing XX%. you clients about

of same-store stabilize vast you new just going, is Or trying is Just similar logos going new to do year? is then is of to new how and that are versus drive now growth as seeing in can you're logos Just growth? Or sense let's growth what that any you sign clients? for of much really the a frame say, kind would way that get from there - majority these you it you expect cohort? after first that XXXX, it

Calvin Knowlton

lot got Yes. clients. I We've some the that I newer top call. on of slowing our don't with rate a programs see the earlier interest that of mentioning on growth was

So down. I slowing that see don't

customers forward. of new In help are I fact, rate to the a going number as got that really well think growth we've going that

combination of getting these some bringing customers a deeper existing So it's as between that as new logos we're within on. our well

David Grossman

these in on signing some getting clients are newer MedWise? of So growth in that double-digit the base you're same-store you

Calvin Knowlton

Yes, correct.

Operator

call. showing no you you. I Thank further for today's conference concludes am And This questions. Thank participating.

speakers. disconnect. You Thank may you, now

Tabula Rasa HealthCare (TRHC) 25 Feb 222021 Q4 Earnings call transcript