Innovative Analytics to Reduce Pharmacy Costs

Innovative Analytics to Reduce Pharmacy Costs

 

Quest Analytics Group assists clients in decreasing their pharmacy spend by utilizing the Quest Rx Dashboard, which performs a detailed analysis on paid claims over a 12-month period. Smaller time periods can be utilized for the analysis, but having data for a full year eliminates the influence of seasonal medications. The analysis is not the typical comparison of drug discounts clients are used to receiving from other consulting organizations

The Quest Rx-Dashboard is a proprietary analytical snapshot of the core economics of a client’s pharmacy benefit. The Rx Dashboard derives a benchmark from a client’s paid pharmacy claims against other groups of similar size, geographic location and drug mix. In addition, it will reveal the actual average script price, discounts from national wholesale price averages, brand/generic drug dispensing rates, specialty drug discounts, member copays and vaccine utilization, along with potential savings opportunities. 

In 2019, clients of Quest Analytics Group continued to see a decrease in their pharmacy costs, increased member satisfaction and decreased uncertainty of their ongoing pharmacy costs.

Rx Dashboard Sample

  2018 Average Script Price (ASP) Trends


What is the Cost to perform the Rx Dashboard? 

If you cover over 500 members, there is no charge to benchmark your current pharmacy benefit. 

What is the Turn Around Time to Complete the Claim Analysis?

After steps are taken to ensure the confidentiality of your member data, the Rx Dashboard takes approximately 48 hours to perform.  

QuestRx-RFP is Complete Project Management of the PBM Proposal and Selection Process. 

QuestRx-RFP alerts multiple Pharmacy Benefit Managers (PBM’s) of the opportunity you control. It fosters competition to lower your plan cost. Our unique Average Script Price (ASP) agreement lowers future price-inflation risk that “pass through” and “fixed discount” proposals place on the buyer. Your result is a lower cost plan that is competitive with the market, has lower risk to price inflation and has more predictable future costs. 

Are There Fees Associated to Quest Performing an RFP? 

Generally, there is no client out-of-pocket or upfront cost. The fees to perform the RFP are paid by the client selected PBM.  

 

Why Use QuestRx RFP? 

The QuestRx RFP process saves you time and gives you the power to negotiate. It allows HR and procurement professionals to remain focused on their internal operations, while we manage all activities and communications. Program management continues through the bid evaluation process including, PBM presentations made to the client, proposal screening and creation/review of the final PBM contract. Quest ensures that their client contracts are constructed to be fully auditable. In addition, independent audit services are included and scheduled annually. 

How Effective is the QuestRx RFP Process? 

Over the past year, Quest Analytics Group has continued to lower their clients’ pharmacy benefit costs, increased members service levels and decreased the uncertainty of future pharmacy costs.

 

Contact us to learn more