Global healthcare systems have been taxed in recent years with aging populations seeking care in greater numbers. Big data and analytics have seen large increases in the market as healthcare stakeholders seek to use information to increase efficiency, lower costs, improve patient outcomes, and innovate. Frontline and independent providers have benefitted from improvements to their digital systems, but data insights are a rare commodity. Regardless of size, digitization of healthcare as global trend will encourage the usage of data analytics to improve care and allow us to compete in an intense healthcare market. Per Valuates Reports, the global healthcare analytics market was estimated be over $10 billion in 2019 and is expected to increase to over $40 billion by 2025.
Through our wholly owned subsidiary, ClearMetrX, we offer data management and reporting services to support healthcare organizations. Our 340MetrX offering includes data management and TPA services for 340B Covered Entities, pharmacy analytics, and programs to manage HEDIS Quality Measures including medication adherence. These offerings address the glaring need for frontline providers to understand best practices, patient behaviors, care management processes, and the financial mechanisms driving decisions. We deliver data access and also deliver actionable insights that providers and support organizations can use to improve their practice and patient care.
We believe that the key to performing data management is adopting a platform that can efficiently aggregate, index, and prepare data for pharmacy business and professional use. Through our PharmMetrX offering, we believe client pharmacies can leverage the extraction and use of data improving the quality of care for patients, while increasing the profitability of their client medical practices. We believe pharmacies, physician practices, MSOs, can benefit from our data management services in many ways:
1. Strategic Planning and Budgeting: Develop yearly strategic plans and roadmaps of financial contributions.
2. Performance Metrics: Create a dashboard of internal and external key performance metrics to manage the business.
3. Managed Care Reimbursement Profitability: Mine data to identify potential ways to increase reimbursements and boost profitability.
4. Pricing and Working Capital Strategy: Analyze millions of Rx SKUs to determine optimal prices to maximize revenue, profit, and use of working capital inventory.
5. Compliance: Perform desktop audits and analyses to address compliance trends and avoid or mitigate potential business and regulatory risks.
6. Shopper Insight: Identify insights that drive strategies for customer acquisition, retention, and optimization of best loyalty offerings. Identify best customers who can increase consumption basket size and frequency of spend.
7. Medication Management and Adherence: Develop programs and best practices to improve customer compliance and adherence, increase formulary compliance, avoid harmful drug interactions, remove duplications of therapies, avoid gaps, and lower patient overall healthcare spending.
8. Value-based Performance Tracking of patients with specific chronic conditions, medications or both: Create actionable performance reports to monitor, track, and trend pharmacy delivery of clinical services to meet payer contract and star ratings expectations.
9. Operational Optimization and Efficiency: Increase visibility into pharmacy operations and opportunities to identify and address “leakages in profitability.” Streamline operational processes to control cost and improve efficiency.
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