Contract Variance and Variance to Brand, Generic, Mail Order, Specialty, and Retail
There are so many different variables to my contract with the PBM. How can I monitor and measure all the individual variables? Is it possible to make real-time changes based on those variables?
The XEVANT Solution
Xevant offers automated contract monitoring, providing status updates regarding pharmacy claims paid versus the contractual amount to be paid. Users can set thresholds, based on the claim or contract requirements, and receive alerts and updates when there are changes in performance, high drug cost, or changes in drug prices.
The Xevant Result
The contract variance widgets — Xevant’s automated analytics in the form of a targeted tool/dashboard — illustrate the performance of pharmacy claims when compared to contractual requirements. This is a high-level overview of PBM performance. You can automatically evaluate your contract’s performance comparing actual results to the expected contracted results. Some of our contract variance widgets include:
- 1. Guaranteed Ingredient Cost – This widget shows the guaranteed ingredient cost amongst all claims compared to the total billed ingredient cost.
- 2. Contract, Mail Order Specialty, and Retail Variances – This widget provides insights into the variances between your contract, by channel, and contracted amount by the same channel.
- 3.Brand and Generic Variance – This widget analyzes brand and generic claims in all channels, proving overages and shortages.
- 4. Overage and Shortage of Contractual Discounts – This widget tracks the overages or shortages of contractual discounts. It separates the data between brand and generic so it can easily be seen how the two are performing in comparison to each other.
- 5.Contract Dollar Variance by Channel – This widget tracks the monthly contract dollar variance for all claims within a specific channel over time.
- 6.Discount Guaranteed Scorecard – This widget lists the claim count, AWP performance, average discount, percentage variance, and contract variance per channel and type.
- 7.Top Ten and Bottom Ten Drugs by Contract Variance – These widgets provide an analysis of the ten overperforming and the ten underperforming drugs compared to the contract.
The Xevant How to Guide:
- 1. Log into Xevant
- 2. Go to FinanceLogic
- 3. Click “Contract Performance” tab.
- 4. Compare your contract against channels using the KPIs in this tab.