PBMs capture vast amounts of data through the on-line adjudication process. Unlike hospital or lab data that can often lag by months, pharmacy data is collected in real time as the member is accessing the pharmacy network. Araya compiles this pharmacy data into valuable reports for our clients. Our interpretation of this data empowers our clients to make informed PBM decisions. Araya leverages the data frequently and consistently to make sure we are maximizing the value for our clients.
- Every five minutes: Araya reviews your data, monitoring our on-line edits to ensure medication regimens are aligned with our published protocols.
- Daily: we review data to ensure we are adjudicating as per our client contract terms.
- Monthly: we perform Medication Therapy Management reviews looking at member utilization over time for opportunities to improve patient care and reduce costs.
- Quarterly: we track performance of specific clinical and cost reduction initiatives.
- Annually: we perform a complete plan review providing historical trends and recommendations for the next plan year and budget projections.
How often does your PBM share information with you beyond the bi-monthly invoice? Annually? At contract renewal? Araya believes the information we glean from the data is the most valuable deliverable we bring to our clients. We use it and share it with you as soon and as often as possible.
