Data requirements largely consist of patient and prescriber demographics details, claims and dispensing information, call center metrics, and clinical data. Manufacturers can become overwhelmed with specialty pharmacy data complexity. As technology evolves, data continue to be a key component of patient care in the specialty pharmacy (SP) landscape. Our Specialty Pharmacy Analytics and SP Scorecards diagnose performance and identify actionable coaching opportunities. Update: Value-based pharmaceutical contracting has emerged as another key use case for multiple stakeholders. It can tell you how well your new specialty drug is working for patientsâand point out ways to make it work even better. Manufacturers, payers, and specialty pharmacies would benefit greatly from a robust data infrastructure allowing cleaner and faster reporting to stakeholders. MedicoRx® Specialty Pharmacy is licensed in the state of California. He explained that specialty pharmacies are in a unique position to monitor patient response to your drug. When do those side effects occur along a course of therapy? The Specialty Pharmacy Times Industry Guide is setting the standard on providing commercialization tools for both the industry and pharmacies in the area of specialty therapeutics. The same process can also be leveraged for specialty pharmacy data. These services fall into three areas along the continuum of care: As you can see, specialty pharmacies have a lot of control over how patients access and use your drugs. For prescribers, the value is outcomes, and outcomes depend on adherence. IQVIA's patented patient de-identification process enables the ability to aggregate anonymous patient-level information and integrate data from multiple sources so you can make more informed decisions. Puerto Rico requires first-fill prescriptions to be transmitted directly to the dispensing specialty pharmacy. NOTES FOR NERDS. So which data elements can be most helpful to your biopharma company? What payer formularies include or exclude your drug? Providers and vendors should work with SDOs and professional pharmacy associations represented by the Pharmacy HIT Collaborative to implement standards for interoperability and data exchange. All communications via that telephone line are confidential and compliant with FCC confidentiality guidelines. How are patients responding to your drug? And better outcomes strengthen your relationship with prescribers and build brand loyalty to your drug and your biopharma company. Hospitals, clinics, and pharmacies could use the data to identify patients at highest risk and provide focused interventions, improving outcomes and benchmarking data to drive competition. By Karen Tirozzi. Specialty pharmacies perform a number of patient management services for you and the prescriber. There are data capture points within those conversations and these assessments are customized to match each disease and drug. These pharmacists treat those with cancer, multiple sclerosis (MS), autoimmune diseases, and other chronic conditions. Specialty pharmacy leaders should work closely with accreditation agencies, standard development organizations, vendors, the Pharmacy HIT Collaborative, and other stakeholders to develop a strategic plan for implementing data standards across the industry. Specialty pharmacists work closely with the clinicians Specialty pharmacy describes high-cost, high-touch medication for complex diseases. Electronic patient-reported outcomes systemsâor ePROsâlet patients use their laptops, tablets, smartphones and even pill-bottle sensors to send in their data. Specialty Pharmacy Analytics www.hdms.com | 312.701.1320 With specialty pharmacy analytics, organizations can: » Track specialty drug trends year-over-year to support forecast models and understand the financial impacts of specialty pharmacy needs within specific populations. Specialty Pharmacy Data Analytics . You may be able to reformulate your drug, reduce the pill count and improve adherence. Are those side effects expected or unexpected? A specialty brand’s goals for diagnostic patient journey analytics and actionable insights are highly dependent on decisions made when drawing up specialty pharmacy provider (SPP) data contracts. The EHR is already integrated into the health system. In this situation, data on hospitalizations and emergency department visits can be useful to your biopharma company. ... Cigna's Accredo/Freedom Fertility revenue accounted for 20 percent of all Rx specialty pharmacy … Quality measures allow payers and providers to quantify performance to set quality standards for the industry. The data you collect from specialty pharmacies can help you demonstrate the value of your drug to health plans, pharmacy benefit managers, employers and other payers. Many companies do not report prescription revenues from specialty drugs. Weâre passionate about creating tools to improve health and delivering a delightfully unexpected experience for patients & providers in a world where their experience is usually an afterthought. *Make no mistake – the specialty pharmacy market is hot. This allows pharmacists to access existing information on patients, such as labs, current medications, and doctor visits. There are no requirements that specifically target specialty pharmacy providers or specialty pharmacy vendors. Pharmacies use clinical assessments to guide their talks with patients, which is also one of the main ways they collect data. A Specialty Pharmacy drug pricing app that streamlines and organizes drug pricing data. The role of specialty drugs in the pharmacy industry; Our latest data on specialty pharmacy accreditation; Commentary on PBM’s role in the specialty industry; The data are drawn from our 2020 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers. Each time a pharmacy touches your patient, that touch is a chance to collect an invaluable piece of data for your biopharma company. Other sectors of the health care system can follow this framework to leverage health data. For more, see Chapter 3 of our new report, which provides a comprehensive analysis of the specialty pharmacy market and detailed profiles of the largest specialty pharmacies shown above. It could be pill fatigue, which pharmacies could relieve through counseling. Clinical data (ie, past medical history, family history, adverse drug event history, genomics information, laboratory values, procedures, interventions, and outcomes) are difficult to obtain because of inconsistencies in legacy documentation practices and proprietary medical record systems that contain the information. You can leverage this data to understand the key players in the specialty pharmacy arena and how these entities are moving and transforming in real time. In his blog post, my colleague Brandon Tom wrote about how your biopharma company can benefit from working with a specialty pharmacy. Data Aggregation Platform. Click here to contact the team at DocStation. This is especially important for high cost, resource-intensive specialty pharmacy industry. Building A Wall Wonât Prevent A Global Pandemic, The shape of life: polio, disease and my mum, How Climate Change Is Challenging American Health Care, Why Some Americans Are Risking It and Skipping Health Insurance. The pharmaceuticals manufacturer then contracts with the specialty pharmacy to regularly track the patient’s adherence, report any adverse events, and address This data can be provided by phone, by email and by text. Here are four ways you can use this data for your benefit. The most successful approach to data analytics is based on aligning a manufacturer’s specialty pharmacy data requirements with its business needs, therapy category and pharmacy capabilities. specialty pharmacy and delivered to their home. Some specialty pharmacies build a program for data collection internally, others purchase a third-party platform, and still others configure the health system’s existing EHR to fit the pharmacy’s needs. Specialty pharmacy evaluation and defining service-level agreements. All stakeholders would benefit from specialty pharmacy data standards. Insights from your specialty pharmacy information. Data have a major impact on the industry for clinical and business reasons. Specialty Pharmacy Is Different. The ability to collect and aggregate data is essential for success in specialty pharmacy. deliver comprehensive data that’s pulled directly from patients’ electronic health records. There is still more work required to achieve a data environment to leverage data exchange health analytics. Most specialty pharmacy data today are administrative and lack patient-specific clinical information. Oftentimes, the incompleteness can make the data difficult to use. Manufacturers could use clinical data to study post-market adverse drug events and patient-specific outcome variations in relation to genomic profiles, providing enhanced insight into research and development efforts. How much financial help do foundations give to your patients. Ann Steagall is Director of Clinical Policy at Biologics. Depending on which forecasts you look at, the general consensus is that over the next few years specialty products will comprise 33-50% of all pharmacy benefit spending. SPECIAL NOTE: Patients with hearing impairments may choose to communicate with our staff via a National TTY-TTD telephone line at 711. Quality organizations, such as the Pharmacy Quality Alliance (PQA), should expand quality measures for specialty pharmacy. Data is valuable currency to your biopharmaceutical company. On the clinical side, your specialty pharmacy can uncover the following data: On the financial side, your specialty pharmacy can determine the following: Specialty pharmacies collect all of this information and send it to a data aggregator. Discontinuation data is also important from a commercialization and brand strategy standpoint. Specialty Pharmacy Data Elements • New/Refill Prescription numbers • Profit margin per Rx (drug, payer, overall) • Broken down by therapeutic category • Patient numbers per drug, payer, prescriber • Pull out numbers from traditional business Accreditation Standard development organizations (SDOs), such as HL7 and NCPDP, have developed standards for documenting and exchanging electronic health information including Fast Healthcare Interoperability Resources (FHIR) and the SCRIPT standard. You can use the data from specialty pharmacies to: First, let me tell you where that data comes from. Specialty pharmacy is a unique and complex sector of the health care industry. 4. In her role, she leads the clinical oversight committee, manages the development of care plans and clinical assessments, facilitates training for clinical and non-clinical team members and collaborates with the biopharma business development team on new therapy launches. This data can be provided by phone, by email and by text. . The use of big data is by no means a new phenomenon in health care. This would provide a true solution for population health analytics and value-based reimbursement. The collaborative has developed a process to publish documentation codes in form value sets that align with standards for interoperability and data exchange for clinical pharmacy. I agree with Brandon. These buyers want the best outcomes for the lowest cost. For specialty pharmacies, data is critical to every aspect of operations. DATA FIELDS The database, with 1,000+ pharmacy locations, updates its … Maybe the efficacy of your drug peaks after a certain amount of time. Ever since electronic health records were mandated, in 2004, the industry has dreamed of rich, structured, and minable digital data sets. We give providers up-to-date access to compare current drug prices, giving patients access to some of the more expensive brands and some of the hard to get covered generic medications. Enjoy this post? Specialty Drugs Replace Traditional Drugs as Growth Drivers . Maybe your drug is effective at treating an additional condition or subset of patients. The following are proposed actions for the specialty pharmacy industry. Directly accessible data for 170 industries from 50 countries and over 1 Mio. What actions did the pharmacy take to control those side effects? across specialty pharmacy data sets without ever exposing the underlying PHI. According to the American Pharmacists Association (APhA), "Historically, a pharmacy benefit manager (PBM) is a third-party administrator of prescription drug programs. Today's specialty products require a litany of complex processes to create the optimal commercial strategy. Effective data aggregation is the key to building a comprehensive patient-level integrated specialty pharmacy dataset. What side effects or adverse events are patients experiencing with your drug? Specialty pharmaceuticals are more challenging to track and understand performance. Technology is also making it possible for patients to electronically report their experiences and outcomes directly to specialty pharmacies. Several services within SP are data dependent, with many of them being measured from an aggregate level, such as inventory control and patient services. Specialty Pharmacy Solutions for Patients and Caregivers. A framework exists for the standard exchange and consistent reporting of health information. And I think heâd also agree with me that data is just a lot of numbers unless your biopharma company knows what to do with it. We have therefore used various methods and primary sources to estimate the data. What is the payer mix of the patient population taking your drug? ©2016 Health Data & Management Solutions, Inc. Outlining clinical data standards would guide software vendors to develop solutions that allow the documentation, reporting, and exchange of clinical data consistently across the healthcare system. In a session presented by Pharmacy Times Continuing Education™ at the Asembia […] Some data comes from a patientâs EMR, but most of it is collected directly from the patient. What is the average co-pay a patient experiences? To learn more about this upcoming release and how you can more easily understand the complicated market of specialty pharmacies, contact us and mention the Specialty Rx product. She earned her bachelorâs degree in nursing and social work from Mars Hill College. Products are dispensed by CVS Specialty and certain services are only accessed by calling CVS Specialty directly. That puts pharmacies in a great position to gather information. Anecdotal reports from specialty pharmacy leaders working closely with manufacturers and payers report that many of these stakeholders are unable to specifically identify additional data they are interested in; however, they know it is important. These data are reported in many different formats, which produces a time and cost intensive scrubbing process to make it actionable. Determine if a specialty pharmacy needs to reposition as centers of excellence in key areas of practice. All these options bring advantages and challenges. In-store pick up is currently not available in Oklahoma. Specialty Pharmacy Data More Important Than Ever. Analytic value. She has over 25 years of experience in nursing, focusing most of her career in oncology. You can use all this information to improve your therapy for patients who depend on itâand it all starts with the data that specialty pharmacies collect. About DocStationDocStation is a technology company that connects payers and pharmacists to run value-based care models. How Specialty Pharmacy Data Can Boost Your Drugs Success, Partnering with a Specialty Pharmacy to Improve Patient Outcomes, Business Consulting & Revenue Cycle Analytics, Oncology EHR, Regimen Support & Analytics, specialty pharmacy services for drug manufacturers, Drive the commercialization and brand strategy of your drug, Demonstrate the value of your drug to health plans and other payers, Strengthen your relationships with prescribers and other providers, Improve outcomes by enhancing the therapeutic value of your drug. Now, the question is what you can do with all this information. Being diagnosed with a complex disease can be overwhelming. Related: Learn more about McKessonâs specialty pharmacy services for drug manufacturers. Samm Anderegg, Pharm.D., MSCEO | DocStation. With the Wellsky specialty pharmacy software, CareTend, save time, fulfill orders quicker, and maximize growth with real-time business intelligence tools.Built to manage compliance and the complex workflows unique to specialty pharmacies, our all-in-one solution helps your … Value sets provide a subset of standardized data elements needed for reporting and exchanging clinical information. Itâs no longer in a controlled clinical trial setting with a narrow group of patients. How many times do your patients go to the hospital or emergency department? Tokenbased - matching supports the creation of a longitudinal record of a patient’s specialty prescriptions, regardless of where the drug was dispensed. The best way to gather this data is by partnering with a specialty pharmacy. *Specialty delivery options are available where allowed by law. By using these assessments, the pharmacies collect the same data points from each type of patient on each type of drug consistently over time. Lower hospitalization and emergency visit rates mean lower long-term costs for patients on your medication. But, with your therapy, fewer patients need hospital or emergency care, because it has fewer side effects. Setting quality benchmarks incentivizes providers to optimize treatment regimens and strategies to achieve the best possible patient outcomes. As a trusted specialty pharmacy provider, we are focused on assisting patients, families and caregivers through the complex healthcare maze of … Click here if you can’t see the video below. Payers could use the same data to identify high quality providers for accountable care networks, design more precise risk modeling calculations, and gain greater insight into the care provided to beneficiaries. Most importantly, the data collected by specialty pharmacies can improve the therapeutic value of your drug and lead to better outcomes for patients. 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