I know my claims data is being loaded each day, but how can I see what the real-time trends are, so I can be proactive in managing them? Typically, trends are identified at the end of the plan year (using stale claims data) when it is often too late to make any necessary adjustments.
The XEVANT Solution
TrendLogic, an Xevant module, provides quick, on-demand reports allowing you to optimize your plan performance while making industry rate comparisons. It guides you to improved performance and reduced cost through a comprehensive trend analysis utilizing your pharmacy claims data. Additionally, it can identify key drivers that directly impact your bottom line.
The Xevant Result
TrendLogic breaks your drug cost increases and decreases into five pharmacy cost drivers:
- 1. PBM Discounts – Pinpoint how much your contracted PBM discounts are increasing or decreasing your overall costs. Not all PBM price improvements are passed along to the actual benefit payers. If they we’re passed along, they could impact the drug spend of the benefit payers.
- 2.Drug Inflation – Determine the amount that drug cost inflation from pharmaceutical manufacturers, drug distributors, and network pharmacies is driving drug spend up.
- 3.Drug mix – Gain insights into your increased or decreased drug spend resulting from shifts in the types of medications used to treat conditions with a focus on specialty and generics.
- 4.Utilization – Evaluate fluctuations in the number of members utilizing medication and how it relates to increased or decreased costs.
- 5.Intensity – Review cost changes resulting from the increase or decrease in the amount of medication that a population is prescribed and is taking. Here, population means the client’s member population.
TrendLogic thoroughly examines the five pharmacy cost drivers, determining how much each driver is increasing your pharmacy costs. Armed with this information, along with the included PBM pricing analysis, you will be empowered to make changes that result in immediate and long-term pharmacy cost savings.
The Xevant How to Guide:
- 1.Log into DataLogic and upload your data using New Client Customers
- 2.From here, you’ll fill out your customer basics, key metrics, and other information
- 3.Next, upload your data.
- 4.Log into Xevant
- 5.Go to “TrendLogic”
- 6.Select the report level
- 7.Enter your dates
- 8.Select your client(s)