Rishi Khullar EVP, Chief Product & Technology Officer, Pharmaceutical Strategies GroupToday, health plans and employers are on a constant lookout for advanced spend management programs in order to actively manage the soaring specialty drug costs. However, as more specialty drugs are billed to the medical rather than pharmacy benefit, there is a lack of visibility to true specialty spend and trend. Enter Artemetrx—an intelligent data platform offering advanced analytics and specialty cost management solutions—to empower plan sponsors with a holistic view of the specialty drug spending across the medical and pharmacy benefits.
“We are on a mission to take on the challenge of rising drug costs through our technology, analytics capabilities, drug channel insights, and clinical expertise,” highlights Rishi Khullar, EVP, Chief Product and Technology Officer, Pharmaceutical Strategies Group (PSG).
As the data platform of PSG, Artemetrx combines its technology capabilities with PSG’s extensive experience and knowledge in drug management to provide actionable insights to help payers and employers reduce specialty drug spend across the pharmacy and medical benefit while improving quality of care. Artemetrx brings a unique value proposition to the market with unparalleled clinical expertise and reimbursement management knowhow in specialty drug management. These capabilities put plan sponsors in a better position to manage specialty drug spend.
As a pharmacy intelligence and technology company, Artemetrx strengthens its data analytics with a Population Health Management (PHM) solution—originally developed by a group of researchers at the University of Kentucky—that brings relevant data insights pertinent to medical and pharmacy right into the decision making process. The PHM solution helps in building a unique model for patients and therapies.
Building on its big data proficiency and robust patient, disease state, drug therapy, benefit design, reimbursement, clinical efficacy and pricing models, Artemetrx leverages machine learning techniques to help clients identify specialty spend optimization opportunities.
Artemetrx’s intuitive web-based tool, Specialty Monitor, utilizes the data analytics, algorithms, and models to monitor its clients’ specialty drug trend and present potential savings opportunities.
Michael Lonergan RPh, President
The specialty drug intelligence based on pharmacy and medical benefits and management analytics built into Specialty Monitor enables clients to identify hidden spend and pricing competitiveness.
“While Specialty Monitor allows clients to benchmark spend, the tool also offers recommendations and specific interventions to track and reduce drug spend, while improving outcomes,” highlights Khullar.
It also helps clients to measure the performance against their forecasts and provides new recommendations for further improvement. Through APIs, Artemetrx provides an added advantage of automating the actions on Specialty Monitor’s recommendations.
“Last year, we were engaged by a public sector plan sponsor which provides health coverage for 300,000 people to help with managing their $150 million and growing annual drug spend. We executed a holistic diagnostic covering all aspects of specialty drug spend—including site of care, clinical management, reimbursement management, plan design and co-pay assistance program—using Specialty Monitor and updated more than a hundred clinical policies. So far this engagement has helped the client save $20 million of spend in year one,” says Michael Lonergan, RPh, President, Artemetrx.
With a proven track record of saving clients millions of dollars through optimizing specialty drug utilization, Artemetrx is bullish about delivering greater outcomes to its clients in the form of self-service and more customization in its offerings.
“We have a very smart team of clinicians and analysts working on new analytics to support our clients. This year, we plan to open up our platform and analytics tools to our users so a broader community of clinicians and analysts can collaborate and contribute to making our analytics better and finding new opportunities for drug cost management. With our self-service analytics, collaboration tools and an analytics repository, we will be the GitHub of clinical analytics,” concludes Khullar.