Being able to see into the future has to be every plannerâ€™s fantasy. As our ability to analyze and extract insights from data expands, this dream is becoming more and more of a reality. Increasingly sophisticated algorithms and models are delivering insights that help us and the plans we serve be more effective in all aspects of managing pharmacy benefits â€”Â from plan design selection to cost management and member communications.
Current market volatility makes prediction both more challenging and more critical than ever. The CVS HealthÂ analytics teams continuously work on evolving and refining our predictive models to help answer fundamental payor questions. For example, we are investing in advanced analytics to provide more personalized services and efficient operations, such as the development of our Predictive Adherence Index (PAI), which needs only three months of prescription claims to predict a memberâ€™s long-term adherence trajectory. These analytical algorithms enable us to determine which members are at risk of skipping doses or stopping their medications, and to design educational programs to help them stay on therapy. These types of analytical tools are also designed to ensure compliance with applicable laws and client contracts.
How Will Implementing This Solution Affect Trend?
Read more about how data can help CVS HealthÂ forecast how plan members will act, how drug prices may change on our Insightscommunication series.
You can learn more about the CVS Health Analytics team on our career site. He is actively searching for top talent to join the team. Search for and apply today. You can also connect with Bob and his team on LinkedIn.
You are the future of health care. Connect with our recruiters about career opportunities at CVS Health. Follow CVS Health Careers on Twitter, Facebook,LinkedIn and Instagram
At CVS Health, data drives our success. Join us and help find new ways to interpret, test, model and analyze information and ultimately help people on their path to better health. Join our talent community to stay in touch with our team.
The buzzword â€śBig Dataâ€ť generates a lot of hype in health care these days â€“ but many companies are still struggling to develop efficient ways to use their vast data sets to build competitive advantage. While continuing technology advances make it easier for companies to capture, analyze and report on larger quantities of data than ever before, the sheer volume of information can be overwhelming and costly to manage. At CVS Health, we are investing in myriad new ways to use the power of data to reinvent pharmacy to extend the front lines of care. The most critical component of our data strategy is ensuring best-in-class security. However, our data also must be accessible in a cost-effective way to appropriate end users. With our IT partners, our analytics team has launched several initiatives to make it easier for colleagues, prescribers and others to use our data every day to make better decisions. We also are investing in advanced analytics to provide more personalized services and efficient operations. Here are just a few examples:
Our investment in data visualization has helped us demystify billions of rows and columns of data tracking our PBM clientsâ€™ spend on pharmacy benefits. We now can offer simple, meaningful visual presentations to help these clients understand whatâ€™s driving their drug spend, and then design benefit plans that improve access for their members while reducing costs.
Our ExtraCare team leverages internal and external data sources and advanced predictive modeling to identify interests and buying habits of more than 70 million customers. This allows the team to offer targeted coupons, discounts and other services to specific customers who are most likely to use them.
We have developed algorithms that predict adherence rates for more than 75 million CVS Caremark members. These algorithms enable us to determine which patients are at risk of skipping doses or stopping their medications, and to design educational programs to help them stay on therapy.
These are just a few examples of the innovative ways that teams across CVS Health are using advanced analytics. We are continuing to roll out new initiatives that will further demonstrate how data, â€śbigâ€ť or â€śsmall,â€ť can help us reinvent pharmacy to drive value for our customers.
Bob Darin,Â Chief Analytics Officer, CVS HealthÂ
You can learn more about Bob and his team on our career site. He is actively searching for top talent to join the team. Search for and apply today. You can also connect with Bob and his team on LinkedIn.
You are the future of health care. Connect with our recruiters about career opportunities at CVS Health. Follow CVS Health Careers on Twitter, Facebook, LinkedIn and Instagram.