Empowering Employers: Unveiling the Importance of Transparency in PBM Data Analytics
Employers, who bear a significant responsibility in ensuring the well-being of their employees, have found themselves at a disadvantage due to the opacity of access to data analytics from traditional Pharmacy Benefit Managers (PBMs). These PBMs have been notorious for their tight grip on member data, leaving employers in the dark when making informed health care and cost-benefit decisions.
AffirmedRx is on a mission to transform this industry by providing unparalleled transparency and data analytics, empowering employers with the tools they need to make impactful decisions for their employees and their families.
A Lack of Access and Clear Data
Traditional PBMs have been notorious for their reluctance to share this data with employers, leaving them in the dark about health care trends and the needs of their employees. Without access to this critical information, employers cannot craft well-informed health care strategies that reduce costs and enhance the continuity of care for their members, thus compromising the pharmacy benefit solution that members deserve.
Even with legally required published access to prescription drug data, much of the data provided is in an unreadable and inaccessible format.
Transparency in Data Analytics:
AffirmedRx upholds our values of clarity, integrity and trust by championing ownership and access to data:
- Data Transparency and Ownership: AffirmedRx recognizes the paramount importance of data ownership. Employers partnering with AffirmedRx gain complete access to member data, enabling them to make better health care and cost-benefit decisions confidently. This unprecedented level of transparency instills trust and empowers employers to take charge of their members’ well-being.
- Data Analytics for Anticipating Challenges: AffirmedRx leverages cutting-edge data to anticipate and address challenges proactively. This proactive approach ensures members receive the care they need when they need it.
- Real-Time Insights: AffirmedRx offers instant, actionable data within minutes of processing claims. This real-time data empowers employers with immediate, deeper insights into operational, clinical and financial aspects. Employers can drill down to the claim level, gaining a granular understanding of their members’ health care journeys.
- Customizable KPIs: AffirmedRx goes the extra mile by allowing employers to define their Key Performance Indicators (KPIs). This customization ensures employers can focus on metrics that matter most to their unique objectives.
- Real-Time Dashboards: The infrastructure at AffirmedRx enables the creation of real-time dashboards. These dashboards provide a holistic view of health care operations, allowing employers to track progress and make informed decisions on the fly.
Empowered with this transparent access to data analytics, employers partnering with AffirmedRx are better equipped than ever to navigate the intricate health care landscape. They can optimize their health care strategies, reduce costs for members and ensure that every decision aligns with their members’ well-being.
Are you interested in rating your PBM? Ask the following questions to see if you have clarity and actionable access to your data:
- Do I have complete ownership and access to member data?
- How will I use data analytics to address health care challenges proactively?
- What level of customization is offered, and can data be tailored to my specific needs?
- Is real-time data available, and can I easily drill down to claim-level details?
- Does my PBM offer real-time dashboards for a comprehensive view of health care operations?
By asking the right questions and demanding clear and actionable access to data, employers can take charge of their members’ well-being, reduce costs and ultimately pave the way for a transparent future. AffirmedRx is dedicated to a transparent future for pharmacy benefits management and a system where patients are prioritized over profits.