Let’s talk about the big picture of data at the highest level. Data is a strategic priority for our business. Over the past several years, RxBenefits has made a massive investment in our data strategy and technology. I’ve been with the business about four years, and we were in a great position when I joined. But in that four years, we made tremendous progress in back-end platforms, analytic technology, and data science. We also added some great humans to the mix as well.
We are in a batch-driven industry, and we are all somewhat captive to that. It could be overwhelming, so let’s talk about how we can help. There are several common perceptions about the role of data and pharmacy management. We have data, you have data, and your clients have data. But how do you use it? It can be overwhelming. It’s under-utilized, inconsistent. It’s confusing.
From a data perspective, the fields are common, right? But you may be wondering who’s watching this data? What does it mean? What does it mean when it’s correlated with something else? You also may be wondering, why did this happen? Why didn’t it happen before? And is it going to happen again? All of the different data points that you see on a daily basis are kind of churned through, leaving the door open for confusion, overload, and errors in making sense of it.
The reality is that there is huge potential for all of this pharmacy data. There’s relevant data for the CFO and for the HR leader. But we have to overcome data overload.
You are given data from many sources and potentially bombarded with PBM reports. This is where RxBenefits comes in, to help make sense of things. We organize the data with an actionable overlay, with client-specific clinical oversight, and with the utilization management insights – the analytics. This is some of the data science work we’re doing now, and we’re getting into some prediction capabilities as well.
As we manage your contracts, perform market checks, and the like, what we are driving forward is empowerment. We are focused on empowering you and your clients to move toward true data-driven decision-making at the client level, independent of the PBM. This is really where it gets exciting for us and for me, specifically.
To learn more about pharmacy data’s role in optimizing pharmacy benefits outcomes, check out our free on-demand data analytics webinar.