RxBenefits VP of IT, Nathan Holman, was featured in Healthcare Global to discuss the important role of data analytics in reducing pharmacy benefits costs. In the interview, Nathan shares key trends emerging in the pharmacy benefits industry, and how RxBenefits’ PBO model leverages data analytics and clinical expertise to identify risks and improve pharmacy benefits management. The following is a brief excerpt; you can read the full article here.
How does RxBenefits use data?
Our PBO model leverages advanced Business Intelligence capabilities and data modelling, which is derived from our proprietary analytics platform, RxAnalyzer, to identify risk areas and trend drivers in a company’s claims data – such as chronic health conditions and high pharmacy utilisation – and to forecast cost trajectory and program impact. By applying clinical expertise to this data, we’re able to recommend hyper-targeted strategies to help the employer address any potential issues.
We’ve also started to incorporate AI/machine learning and predictive analytics into a new technology platform called ONE.RxB. This platform, along with our other capabilities, will enable us to analyse a broader array of employer trends, patient demographics, prescription patterns and more, as well as model that data, flag important insights and share recommendations to employers in real time – meeting a growing industry need for better access to data insights.
By advancing our data analytics capabilities we’ll provide employers with deeper insights into employee health trends and tools to make more informed decisions about their pharmacy benefits.
Continue here to read the full article on how data analytics helps reduce Rx costs in the U.S. healthcare sector.