Xevant’s Powerful PBM Tools for Improved Cost Management & Transparency

Access to critical pharmaceuticals at the lowest net cost for patients remains an essential objective that drives the American healthcare system. PBMs play a significant role in this equation, negotiating with manufacturers and navigating the complexities of drug pricing to achieve the best possible offers. However, the market’s dynamic character, combined with developing rebate structures, requires some deviation from typical data management and reporting approaches. Xevant, a revolutionary pharmaceutical analytics platform, addresses this issue, providing a full suite of must-have analytics solutions that equip PBMs with the tools they need to achieve maximum cost reductions and transparency for their clients. 

To directly tackle these challenges and drive the realization of maximum cost reductions and transparency, Xevant has developed three key products designed to empower PBMs with the advanced tools necessary for delivering unmatched value to their clients.

DataLogic: Streamlining Data for Informed Decisions

Pharmacy Benefit Managers (PBMs) must take a data-driven approach due to the soaring pharmacy claims data projected to reach a Compound Annual Growth Rate (CAGR) of 4.3% by 2032. Xevant’s DataLogic automates reporting and provides real-time insights, hence eliminating manual analysis errors. This enables PBMs to gain critical insights for making evidence-based decisions. DataLogic connects many data sources, resulting in faster, more accurate reports that reflect current market trends. This allows PBMs to intervene more quickly and get the most cost-effective drugs.

Additionally, DataLogic facilitates supplier comparisons, resulting in faster, more informed decisions and potentially lower net costs for patients. DataLogic helps PBMs manage the data flood, allowing them to optimize costs and assure pharmaceutical affordability for their insured populations.

AlertLogic: Proactive Monitoring for Cost Optimization

The fluctuating nature of drug pricing needs ongoing monitoring throughout the healthcare ecosystem. AlertLogic addresses this issue by offering real-time claims data monitoring and assessment capabilities. Stakeholders can tailor the platform to focus on certain parameters, with instant notifications for severe deviations. This enables proactive intervention and cost-cutting techniques, resulting in optimal drug affordability for insured populations.

AlertLogic goes beyond simple data monitoring by enabling extensive claims analysis. Users can use historical comparisons and industry benchmarks or even create new parameters to acquire a comprehensive understanding of potential cost drivers. This data-driven strategy enables Pharmacy Benefit Managers (PBMs) to spot trends and anomalies, resulting in better benefit plan design and stronger negotiations with pharmaceutical manufacturers. This complete study promotes educated decision-making, resulting in enhanced drug accessibility for patients.

ScripLogic: Data-Driven Benefit Design

Xevant’s ScripLogic technology generates real-time notifications to Pharmaceutical Benefit Managers (PBMs) about benefit utilization structures, removing the need for manual data collecting across several spreadsheets. The platform enables stakeholders to design performance zones, giving them control over pricing, utilization, and management objectives. This data-driven strategy enables PBMs to work with customers and healthcare providers to optimize benefit plans, resulting in cost savings and better results.

ScripLogic also offers insights on member and drug management, allowing PBMs to discover areas for improvement, such as pushing generic alternatives or dealing with adherence issues. PBMs can use these findings to design more successful benefit plans that increase medication adherence and save healthcare expenditures.

A Future of Affordable Medication Management

A critical challenge in the healthcare industry is ensuring affordable access to essential medications. Xevant’s award-winning suite of analytics solutions empowers Pharmacy Benefit Managers (PBMs) to address this challenge head-on. Recognized with a PBMI Excellence Award in Cost Containment, Xevant leverages real-time data and actionable insights to optimize the medication pricing system. This data-driven approach provides transparency and demonstrably reduces net costs for prescriptions. By empowering PBMs to make informed decisions, Xevant ultimately contributes to improved medication access and affordability for all Americans.