(Birmingham, AL) ProxsysRx has launched Rx Risk Management™, a medication risk management tool that enables hospitals to reduce health care costs by improving patient health status through pharmacy-levered population health management. Rx Risk Management™ strengthens patient care by delivering a solution that coordinates prescription drug therapy and medical care.
“Rx Risk Management™ takes a team approach to reducing health care costs by engaging patient, pharmacy, and physician in changing patient behaviors to enhance health status and reduce drug therapy problems,” said ProxsysRx Chairman and CEO George B. Salem. “ It’s a win-win. Patients are healthier when they stick to their prescription drug regimens, and health care costs are reduced. A key component is the hospital’s ability to validate the change in behavior downstream with claims analysis,” added Salem.
The announcement comes on the heels of news that U.S. health care costs for 2014 rose 5.3% over 2013 numbers. The 2014 total, $3.03 trillion, reflected the biggest annual increase since 2007, according to a report released December 2, 2015 by the Office of the Actuary, an independent agency affiliated with the federal Centers for Medicare and Medicaid Services- “CMS”. The report shows health care accounted for 17.5 percent of the gross domestic product in 2014, up from 17.3 percent the year before. The implementation of the Affordable Care Act and the upward spiral in prescription drug prices are cited as leading factors in the 2014 spike in healthcare spending. Proxsys Rx programs help hospitals navigate those issues and others.
How Rx Risk Management™ works
Rx Risk Management™ identifies drug therapy problems, provides a means to resolve issues and validates actual prescription and medical savings. First, patient data is analyzed using dynamic algorithm-based analysis to flag drug therapy problems. Identification triggers intervention that includes physician targeting and patient prioritization. Pharmacist, physician, and patient tackle the problem as a team. Behavioral changes are implemented and claims-based evidence validates the resolution. This proof point is a distinguishing aspect of the proprietary process.
Rx Risk Management™ can be used on its own or in tandem with the ProxsysRx Pharmacy Benefits Management program (PBM). Hospitals, self-insured employers, Accountable Care Organizations, (ACO), Medicare shared savings programs and other organizations are eligible to realize benefits provided through ProxsysRx services. Benefits include reduced prescription drug costs, reduced medical claims via Rx Medication Risk Management, and overall increased quality of care.
ProxysRx, the nation’s largest Integrated Outpatient Pharmacy Provider, IOPP™, provides a broad range of pharmacy-levered population health management services including pharmacy benefit management (PBM), 340B administration, advanced medical risk management, and claims-based medication reconciliation. ProxsysRx integrates outpatient pharmacies into the continuum of care, providing hospitals and health care systems with long-term quality of care and economic impact by focusing on key strategic indicators such as reducing readmissions, improving patient experience scores, and lowering the cost of employee benefits. ProxsysRx services help hospitals comply with Meaningful Use guidelines and other important regulatory standards. Additional information is available at www.Proxsysrx.com.
Media Contact: Melanie McCraney
McCraney Communications for ProxsysRx