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Managing the Cost of Prescription Drugs through Data Analytics

ExpressPathHere’s another example of a company applying data analytics to a business problem and coming up with clear, helpful answers. A company called Express Scripts set out to use data analytics to help manage prescription drug costs, with great results.

Express Scripts also wants their project to improve patient outcomes. Express Scripts is the largest prescription manager in the country.

Last year, the company launched an online portal called Express PAth, and paired it with a proprietary claims processing engine that manages both pharmacy and major medical benefits. That’s important: about half of all specialty drugs are processed under major medical insurance rather than under the patient’s pharmacy benefit.

…The Express Path portal provides real-time information on coverage and rules to assist in optimal prescription choices.

The portal uses Express Script’s proprietary rules for crunching pharmaceutical manufacturer’s guidance, claim adjudication data, clinical standards and prior authorization rules.

Express PAth then offers advice to doctors, such as recommending a more cost-effective or clinically appropriate drug, or identifying a lower-cost clinic that can provide recurring treatment. One health insurance provider, for example, saved $45,000–and its patient avoided extra treatment–when the portal noted that a drug had been prescribed for too long.

Are costs running out of control in your organization? Data analytics might help, if you launch your project correctly.

How can you ensure that you’ll create a good project that will offer enormous cost savings to your organization? Register for TMA’s free webinar, then choose one of TMA’s data analytics training courses. You can put data to work for you no matter what industry you come from, so long as you start out on the right foot.

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