[January 06, 2014] |
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RxAdvance Deploys a Patent-Pending Innovative Service "Donut Hole Predictor & Medication Management Using Therapeutic Alternatives" to Avoid Donut Hole, Increase Adherence, and Reduce Avoidable Costs.
SOUTHBOROUGH, Mass. --(Business Wire)--
According to NEHI, prescription non-adherence is costing the US
healthcare system $290B annually. Over 15% of the Medicare beneficiaries
reach the prescription coverage gap or "Donut Hole" annually and over
50% of these beneficiaries discontinue medication refills. RxAdvance
announced today a unique and patent-pending service called "Donut Hole
Predictor & Medication Management Using Therapeutic Alternatives"
solution that can predict which Medicare beneficiaries are likely to
reach the donut hole very early into the benefit year, and how to
prevent them from reaching it using innovative technology, people, and
processes. In addition, identifying target populations and offering
alternatives and appropriate low cost therapies can promote medication
adherence and reduce medical and pharmacy expenditures.
Today, more than 15% of Medicare beneficiaries enter the donut hole
which has the unintended consequence of discouraging people from filling
their medications when they have to pay higher costs. Many researchers
have pointed that Medicare Part D beneficiaries are twice as likely to
completely stop taking their medications when they enter the donut
hole. People with chronic conditions, such as Alzheimer's
disease, diabetes and depression, have a much higher risk of reaching
the coverage gap. According to studies, beneficiaries with
cardiovascular conditions who had no financial assistance during the
donut hole coverage gap were 57% more likely to discontinue their
medications than beneficiaries with consistent drug coverage. As a
result, there are many mdication adherence problems in elderly
patients, which ultimately cost billions of dollars in terms of
avoidable emergency room visits, hospitalizations, physician visits and
other healthcare costs.
RxAdvance, as a full service pharmacy benefit management (PBM) company,
believes that the responsibility lies with PBMs to predict the coverage
gap for each patient, determine alternative paths, and collaborate with
the patient, prescribing provider, and the plan sponsor's clinical and
pharmacy staff to extend the coverage period and improve adherence. "We
had a deep insight into this issue, and our goal was to get the answer
plan sponsors are looking for. RxAdvance's analytics predict the
patient's drug spend well in the beginning of the benefit year using a
patent-pending cutting-edge algorithm, which combined with our
data-driven clinical approach, predictive analysis, and comprehensive
services, power our 'Donut Hole Predictor & Medication Management Using
Therapeutic Alternatives' solution. It precisely studies patient
disease, medication history, and utilization patterns to predict when a
beneficiary would reach the coverage gap, and also provides alternative
lower cost paths and comprehensive services to help beneficiaries avoid
the donut hole," says Ravi Ika, President and CEO of RxAdvance
Corporation. "This system gives real-time calculation capabilities with
system suggested low-cost therapeutic alternatives and the ability to
override for some of the preferred choices by patients and providers,
while re-estimating the coverage periods for informed decision making.
It not only reduces avoidable medical expenses significantly but also
helps to engage the patient through mobile platforms and the provider at
the point of care," Ika adds.
About RxAdvance Corporation
RxAdvance is a full service pharmacy benefit management (PBM) company
created specifically for transforming the future of healthcare. We are a
single resource to help you better understand and manage standard
formulary and specialty pharmaceutical and biologics usage. We bring
together member, provider, and payer pharmacy and care management staff
with our own pharmacy and care management staff to facilitate the type
of information sharing and decision making that ultimately yields the
best clinical and financial outcomes. Our tailored, world-class services
for all plan sponsors - health plans, accountable care organizations
(ACOs), state Medicaid programs, and employer groups- blend
state-of-the-art technologies with experienced and talented professional
teams to optimize the plan sponsor's return on investment and
competitive stance in the market. For more information, visit www.rxadvance.com.

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