Most specialty pharmacies produce and manage a significant amount of data, including prescriptions, prescriber information, insurance company particulars, and patient details. However, merely having data analytics in pharmacy and effectively using it to predict and enhance outcomes, improve quality of life, prevent adverse events, and boost the bottom line of your health system are two very different things.
As reported by Pharmacy Times, “pharmacy focus on data has traditionally involved capturing and using data relevant to specific transactions, such as refills, insurance, and pickups but there is much more data generated within a specialty pharmacy, often in separate systems.”
The benefits of leveraging data analytics in pharmacy
- Gain access to limited distribution drugs (LDDs)
Firstly, by reporting data to pharmaceutical manufacturers and payers, specialty pharmacies can gain access to LDDs and payer contracts. Without this data, specialty pharmacies may struggle to access LDDs, forcing patients to use preferred specialty pharmacies, which drives business to their competitors. - Achieve and maintain accreditation
Additionally, specific data is required by URAC and the Center for Pharmacy Practice Accreditation (CPPA) to gain accreditation—which is an essential prerequisite for gaining access to LDDs and contracts. - Centralize information across systems
Data often resides in various systems, such as electronic medical records, payer claims, pharmacy information systems, and sales records. By consolidating all data into a single repository, pharmacies can efficiently store, report, and exchange data. - Provide additional value to all stakeholders
Manufacturers can use clinical data to gain insights for research and development. Hospitals, clinics, and pharmacies can analyze outcomes across health systems and use benchmark data to drive competition. Patients, in turn, can receive faster access to treatments and improved benefits.
Why you shouldn't go alone
Clearly, data analytics in pharmacy is vital for informed decision-making, but aggregating data can be time-consuming. Specialty pharmacies can benefit from a partner like VPL to access valuable insights without the complexity of extensive data organization.
VPL Traject Rx offers centralized reporting with an advanced pharmacy data analytics solution, with a primary focus on compliance. With this solution, you can:
- Monitor the success of optimization efforts over time, with insights categorized by location, carrier/courier, and retail/specialty
- Evaluate carrier and courier performance trends to enhance on-time delivery and cost control
- Access exportable metrics to ensure distribution accuracy
- Utilize electronic proof of delivery to maintain audit compliance and safeguard against payor clawbacks
If your specialty pharmacy is ready for an all-in-one shipping, tracking, and compliance solution that delivers the data you need to succeed, click here to learn more and set up an appointment to talk with us today.
