How Automated Healthcare Data Analytics is Reshaping PBM Reporting
To achieve the two important goals of generating value and helping to improve patient health, benefits managers need accurate, timely information that they can use to identify opportunities for improvement and savings.
Unfortunately, with the constant surge of data, PBM reporting can often take months — leading to negative effects on patient health and financial loss. That’s why automated healthcare data analytics is so beneficial. Here’s a look into how it’s reshaping PBM reporting.
Gain Access to Real-Time Data
One of the largest benefits of automated healthcare data analytics is that it provides a nearly real-time, daily update of changes in the market. This allows benefits managers to quickly construct and review reports to identify opportunities and take action — rather than react to events that have already had an impact on the industry.
For example, the market is currently seeing an albuterol inhaler shortage as hospitals are using it more frequently to combat respiratory issues associated with COVID-19. With real-time data, reporting would have reflected these changes in the market immediately, giving customers time to seek alternative options ensuring patient health and well-being.
Chris Robbins, CEO of Arxcel, believes real-time data allows customers to be proactive without consultation from the PBM, “It provides the opportunity to give clients time-sensitive information and recommendations without waiting for retrospective insight from the PBM.”
Additionally, real-time healthcare analytics can provide:
Client savings opportunities: Quickly identify things like drug utilization and clinical management patterns and work to find solutions.
Patient adherence issues: Identify drug options with lower copays and fewer side effects to combat a patient not consistently taking their medication.
Client retention: With a snapshot of the market on a daily basis, rather than pages of reports only provided monthly, quarterly, or yearly, customers can be proactive and strengthen retention.
Ryan Rice, the Principal over Pharmacy Strategy at Prism Health Strategists and ScripPoint thinks traditional PBM reporting is a thing of the past, “Historical information sharing doesn't address the fast pace in which healthcare trends are constantly changing. Real-time interpretation of complex data empowers our firm with aligned decision support and immediate intervention capabilities.”
Eliminate Manual Lengthy Report Analysis
It’s no secret that analyzing hundreds of reports monthly, quarterly, or yearly for savings opportunities is a tedious and time-consuming task. Not to mention, with a quickly-changing market, by the time you’ve completed your review, it could be too late for your clients to make changes that are truly effective.
Now, imagine if all the heavy-lifting was done for you automatically on a daily basis. With automated data and insights at your fingertips, you won’t have to spend hours reviewing and analyzing data to see where opportunities for improvement are. As a result, you get much of your time back to focus on what matters most - helping your clients improve the performance of their pharmacy benefits.
Not only does the elimination of lengthy data analysis give precious time back to benefits managers, but it can also contribute to increased business. Since less time is being spent on pinpointing cost-savings opportunities, benefits managers can service more clients, more effectively.
Quickly Identify Cost-Savings & Improved Health Opportunities
Along with reducing lengthy report analysis, automated healthcare data analytics can instantly pinpoint where the problems are and reveal opportunities to fix them, resulting in cost savings and improved health.
Nelly Rose, AVP of Clinical Pharmacy at Valued Pharmacy Services (VPS), believes that this streamlines both medical and pharmacy data, allowing for improved management for overall healthcare. “Real-time data is reshaping PBM reporting by enabling actionable insight on trend utilization, medication adherence and price transparency. It enables opportunities for consultants and clients to be proactive in their management strategies for cost containment as well as identifying changes in market events for early intervention.”
Let’s say an account manager manages 100 different accounts — it’s highly unlikely that he/she can synthesize all this data and pinpoint problems effectively. Automated healthcare data analytics platforms, like Xevant, essentially finds the “needle in the haystack” and shows them the problem and how to resolve it.
Xevant takes all your data and converts it to create instant client improvement opportunities. The automated healthcare analytics intelligence is embedded into the Xevant solution allowing benefits managers to quickly assess vast amounts of data with near real-time updates.
Simplify and Automate Client Optimization with Xevant
With the current system, there are too many reports to compile and analyze to make effective changes. This is why Xevant is imperative.
Xevant is an all-in-one platform that provides an innovative and highly effective way for Consultants/Brokers, payers, PBMs, and TPAs, to better manage clients, increase client satisfaction, decrease the cost of client management, provide client reporting and improve the overall performance.
Xevant delivers innovative and timely solutions that generate immediate results. As an example, Xevant’s COVID Module enables clients to pinpoint its financial and health risks caused by the Coronavirus pandemic in nearly real-time allowing them to pivot if needed.
The bottom line is, Xevant’s automated solution allows you to analyze data and assimilate it into actionable, measurable, long-term strategies.