RxBenefits’ VP of Information Technology, Nathan Holman, spoke with Electronic Health Reporter to explain the value of optimizing pharmacy benefits with data. In the article, Nathan shares insight into how employers can leverage their pharmacy data to maximize savings opportunities and improve health outcomes for their members. The following is a brief excerpt; you can read the full article here.
How can we use data analytics to drive better decision-making and lower costs in pharmacy benefits?
Clinical misalignment results in employers overpaying by an incremental 5% to 10% per year. It’s essential that employers have full visibility into the actual performance of their plans in order to improve the health of their employee population at the lowest net cost.
Applying data analytics enables employers to evaluate and compare pharmacy benefits options as well as gain insights into plan performance and utilization in order to make better decisions. Advanced pharmacy data analytics can uncover any potential financial and clinical risks lurking beneath the prescription drug program’s surface, which can contribute to wasteful spending.