Top 3 Things You’ll Learn
- How a comprehensive pharmacy analysis improves pharmacy benefits decision-making
- Leveraging pharmacy benefits data to uncover current and future opportunities
- Using data analytics to maximize savings and member health outcomes
When it comes to making the best and most informed pharmacy benefits decisions, it’s all about the data. Common perceptions about the role of data analytics in pharmacy benefits are that it’s inconsistent, complicated, and overwhelming. However, pharmacy benefits data can provide your self-funded clients with valuable insights into their pharmacy plan performance when used to its full potential.
Overcome Data Overload
It’s easy to feel overwhelmed with the amount of data there is relating to a self-funded pharmacy benefits plan. The reality is that there is huge potential for employers to lower costs, risks, and member disruption by taking a data-driven approach to managing their pharmacy benefits. By using data-driven pharmacy decision-making, employers can often reduce their pharmacy spend by more than 25% on average the first year and shield themselves against future cost drivers. Furthermore, insights provided by data can lead to clinical strategies that support medication appropriateness and employee safety.
Reducing Risk & Recognizing Opportunities
Using data analytics to evaluate how high-cost medications impact your clients’ prescription drug spending is key to tailoring an optimal pharmacy benefits strategy. Applying data analytics to pharmacy benefits gives employers a greater opportunity to maximize savings and improve health outcomes for their members. Advanced pharmacy data analytics helps surface potential financial and clinical risks hidden within the prescription drug program contributing to wasteful spending. Additionally, by using both historical and current data together, you have the insight to compare your clients’ trends year over year to help them evaluate current opportunities and strategize for the future. This ability to leverage pharmacy benefits data is essential to self-funded employers struggling to cut back on their prescription drug spending.
The Bottom Line
With everything that your clients’ pharmacy benefits data has to offer, leveraging it should be a priority in your pharmacy benefits management strategy. By carefully evaluating your clients’ pharmacy data, you gain insight into their unique prescription drug utilization patterns to help determine the best strategy to help them overcome their specific risk areas. Looking at your client’s data to see where they have been and where they are will indicate where they need to be.