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 Insights communication series.