One thing that sets MaxCare apart from other PBMs is our focus on providing true transparency in our data analytics for our customers. A common and frustrating issue in the industry for plan sponsors and their consultants is not having access to their claim data.
At MaxCare, we understand it’s your data, and our analytics team provides it to you in a user-friendly format that is easy to understand.
What does transparency really mean?
We believe in providing true transparency to our clients, and we are a truly transparent/pass-through PBM. We disclose our revenue streams and fees to our clients, and we pass any discounts and rebates we receive directly to our clients.
Many PBMs claim they are transparent but do not disclose all vital claim details that can greatly impact your plan’s performance. MaxCare discloses these details to you about your plan, including pharmacy provider performance and rebate transparency so you always understand what you and your plan members are paying for.
MaxCare’s Data Analytics Team
There are many layers of pharmacy benefit data and reporting, including the plan cost, member cost, clinical solutions, and savings and rebates. Our team is solely focused on the data and analytics utilized to accurately reflect your plan’s data. Our reports not only provide you with your plan’s performance, but they also assist our account management and clinical services teams to have informed conversations with clients and allow clients to make informed decisions.
For example, having this detailed claim information available helps our clients budget for fund utilization, year-over-year (YOY) spending, increased or decreased trends, and specialty medication costs while also revealing where their healthcare funds are being spent and what opportunities are available to decrease cost.
MaxAnalytics Real-time Data
Our team is developing a self-service analytics tool, MaxAnalytics, that provides clients with on-demand, virtual real-time plan data. Because we’ve been a transparent PBM that has shared all plan data with our clients, MaxAnalytics is the natural next step, and we are very excited to make this tool available.
Clients will be able to access plan specific data like membership, member spend, drug details, and member demographics. They will also be able to compare data to previous months, quarters, or years. This proprietary tool allows clients to see a snapshot of their plan’s performance at any time they need to or wish to review.
Through the development and release of MaxAnalytics and beyond, both our clinical and account management teams will continue to work with our analytics team to serve our clients and pharmacy partners.
Why Transparency in data analytics is important
The data associated with your pharmacy benefit plan is YOUR data. You should be able to access it and utilize it to make decisions about your benefit plan. Having on-demand access to this information will enable our clients to understand the impact of cost savings programs, rebates, and other services to allow clients to make informed decisions about plan benefits and any needed changes. True transparency in plan data benefits our clients, consultants, and pharmacy partners.
We don’t just talk about transparency, we live it, that’s the MaxCare difference!
Contact us to learn more about MaxCare and MaxAnalytics.