4 Innovative Companies that are Revolutionizing Prescription Compliance
The drug industry is faced with many challenges from risk management to price fluctuation. One of the biggest impediments is the lack of prescription compliance. In fact, prescription compliance issues are responsible for 125,000 deaths each year and cost the healthcare industry $300 billion annually.
With growing contentions over drug spend, there is pressure to create solutions that produce quick results. These 4 companies are doing just that, making waves in the healthcare sector and revolutionizing how we approach medication adherence for years to come.
Xevant is a comprehensive pharmacy analytics platform that provides real-time insights into the drug market. This automated solution allows benefits managers to analyze data and assimilate it into actionable strategies quickly and more effectively resulting in a reduction of drug spend and better patient outcomes.
By providing a high-level view of the drug market and identifying opportunities for both cost savings and patient care PBMs, providers, and pharmacies can make immediate changes giving them the ability to intervene before non-adherence occurs. More specifically, the Xevant platform provides:
Real-time data analytics- Xevant automatically analyzes data trends, pinpoints any areas for improvement, and alerts users of immediate savings opportunities.
Automated notifications- Alerts to performance and accuracy issues are provided through modules addressing cost and utilization (ScripLogic), and clinical program optimization (ClinicalLogic)
Quick and responsive data outputs- Highly-customized client plan reviews can be cultivated with a customized PowerPoint presentation in seconds.
Daily reports- Daily claim information and real-time insights are generated into a report, so users can make instant recommendations to clients.
Forecasting- As users review data, the Xevant platform provides crucial insights and forecasts to better guide them to the solutions they need.
Additionally, Xevant offers a customized module for adherence, giving users access to real-time insight into the adherence trends. For example, if a new generic option with a significantly lower cost hits the market, Xevant can generate an alert allowing benefit managers to be proactive rather than reactive.
Care delivery is often time-sensitive, which is why having access to real-time analytics can make all the difference. The utilization of Xevant can help users mitigate issues with prescription compliance before it becomes a problem, ultimately improving patient outcomes.
The Medisafe app assists patients in managing their medication and provides transparency into their daily behavior. Additionally, the data from millions of users is gathered and shared with providers to cultivate collaboration and transparency at every level of the healthcare industry.
Medication management- Through an integrated platform with a cloud-based architecture, the patient interface is linked with support resources and a clinical interface to optimize the patient experience.
Patient support- As a patient navigates through therapy, the platform will deploy specific resources and content at especially pivotal times.
Customized programs- Additional support resources can be added that details things like how to administer the medication and/or financial assistance information.
Healthprize’s mission is to enable people with chronic conditions to improve their health through education, gamification, and rewards. Healthprize manages programs for employers, providers, and pharma and takes an overarching approach to patients focusing on individual people by providing daily support, encouragement, and motivation to create long-term adherence. Specifically, their programs offer:
Gamification- Patients are actively engaged with leaderboards, winning streaks, short quizzes, challenges, and competitions that enable learning organically.
Behavioral economics- Patients can see the effect their prescription compliance has on their overall health with the use of framing, loss aversion, and reward substitution.
Rewards- Brand loyalty and engagement are increased by incentivizing patients with rewards.
Human Care Systems is a technology platform that provides an integrated, personalized patient experience. They offer support services at different levels aimed at ensuring adherence for brand and patient populations including:
Digital adherence program- Connect with patients using brand-tailored and patient-personalized SMS messaging (email optional) that addresses barriers like; cost, side effects, resilience, etc.
Treatment Initiation Virtual Coaching- Nurses, social workers, or customer service professionals contact patients via phone, video, or click-to-chat with personalized talking points that address things like; self-injection, motivation, cost, expectations, etc.
Case Manager Adherence Program- Nurses, social workers, or customer service professionals contact patients via phone, video, click-to-chat with personalized talking points to engage and support patients throughout the treatment journey.
Patient Adherence Lawyer- Powering in-house adherence solutions with software to deliver omnichannel patient experience and complement existing CRM. This gives a comprehensive 360° view of patient experience with treatment.
Start with a High-Level Approach
Working with patients directly to improve prescription compliance is vital to improving outcomes. However, it’s a bottom of the funnel approach that may not solve overarching issues such as financial barriers. That’s why looking at the top of the funnel is so important. For example; catching a generic cost-saving drug that’s about to hit that market. This is where companies like Xevant are vital.
Xevant’s groundbreaking platform providers payers, PBMs, and benefits managers real-time insights into the drug market. Rather than waiting for antiquated reporting, Xevant users can access the information instantaneously enabling them to pivot where needed and create cost savings for clients and patients. This proactive approach to patient adherence is a game-changer for the drug industry as a whole as it has the ability to solve problems before they occur.