HealthApril 23, 2024

The complexity of drug pricing requires a refreshed healthcare data strategy

A fragmented drug delivery system favors payers who invest in a data-centered culture

Healthcare data strategy is becoming an increasingly critical component of a payer’s overall operation. According to Jeff Rivkin, Research Director of Payer IT Strategies, IDC Health Insights, building this strategy will require a data-driven and comprehensive view of an organization’s data. In his video "The Power of Aligned Drug Data for the Payer Enterprise", he outlines the impact of proactive data planning.

A healthcare data strategy is critical for payers

Payer data is the key to multiple areas of insight, including drug utilization, cost trends, and consumer demands and decision-making. Payer data is especially impactful when balancing efficiency and profit with patient and member safety. This level of nuanced decision-making requires aligned data that acknowledges all players involved in health plan decisions—especially drug and pricing information.

Both patients and employers are demanding more value from their drugs and medications, largely in response to increasing costs, more challenges to accessing and navigating care, and more interest in convenience. These pressures are especially severe for demographic groups who face disproportionate economic and social pressures.

To improve their experiences as members, Rivkin recommends that health plans invest in increasingly sophisticated data collection, analytics, and an overall healthcare data strategy focused on equity. This level of data use will require accurate member data as the basis for understanding the needs of diverse populations who benefit from targeted health equity initiatives. But these populations present a challenge in data collection, especially those who fall under the umbrella of ethnic, racial, and economic disparities. Payer investment in data collection and analytics will be a boon to any health equity strategy, as well as overall organizational goals.

These investments will also help support more sophisticated and effective care delivery systems and demonstrable equitable outcomes as you build a robust and resilient organization.

The drug data landscape is changing rapidly

Navigating the drug data landscape is only becoming more challenging. The volume, speed and complexity of drug data is steadily increasing, and even introducing new transactional sources, including retail and patient-generated data.

This dynamic is probably best illustrated in the drug and healthcare data strategy challenges around value-based care contracting for prescription drugs—efforts that have been slowed because of challenges in intra-provider data sharing. Value-based care initiatives will favor players working on common systems where all parties can access a patient’s health history, the drugs they’ve been prescribed, adherence, and their outcomes as information for contracting. Interoperability at this level requires data that reflects a patient path as they move between providers and payers, when they begin new prescriptions, and when they receive a new diagnosis or begin a new treatment.

Step into a future of aligned data in drug pricing

The future of payer success in drug pricing will require a healthcare data strategy that can keep up with a new pace of change in drug pricing and proactive decision making. Now is an excellent time to integrate new and historical drug pricing and prioritize a higher level of usability, speed, and efficiency in your operations.

Aligned data provides a single modernized view of a fragmented drug delivery system. The results of this level of alignment are multifold: efficient workflow and operations that can be innovatively automated, better patient satisfaction with reduced adverse events, increased medication safety, and improved patient medication adherence.

Watch the video from IDC analyst Jeff Rivkin and learn more about the impact of a solid data strategy.

Watch the video by filling out the form below.
Embedded drug data and clinical screening modules to support appropriate medication prescribing
Organizations use Medi-Span® drug data and clinical screening modules to support appropriate medication decisions, and to help reduce prescribing errors by optimizing alert systems.
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