Symphony Health Solutions, a provider of high-value health data, analytics, technology and consulting solutions for life science manufacturers, researchers, payers and providers, today introduced PHAST™ PayerRx, the latest audit in the next generation PHAST Powered by IDV® online market analytics solution. PHAST PayerRx reveals national level market access dynamics via a visually-rich, intuitive solution. The new audit evaluates prescription performance at the payer level by segmenting all retail, mail order, and specialty prescriptions filled in the US by the managed care organization or pharmacy benefit manager that ultimately paid for the prescription. This view rapidly delivers key brand insights, such as the top plans contributing to brand growth, share of brand within plans, market access dynamics for a brand relative to competitors within specific national level plans, and how payment type impacts prescribing based on physician specialty.
“We saw a need for a solution that would give clients rapid insight into payer access dynamics at the national level. Our existing managed care audit, PHAST Payer, gets into the detailed “why” of what is causing certain payment type trends within a brand, but clients wanted a way to quickly take a pulse of their payer landscape to see “what” was occurring within an MCO or PBM,” said Derek J. Evans, SVP, Product Management. For example, PHAST PayerRx was used to look at how top MCOs for a company’s newly launched brand might be impacting growth. In one quick report, the audit revealed that the top three MCOs were driving one-third of total Rx volume, but that declines occurred in two of those three in the months shortly after launch. This information provided rapid directional insight to assist business development teams, financial analysts and brand teams to effectively evaluate business opportunities.
PHAST PayerRx, the latest complementary audit to PHAST Payer and PHAST Prescription Monthly, includes projected retail and mail order prescriptions as well as attributes for primary payer with MCO and PBM details including plan type and payment type. PHAST PayerRx offers the fastest monthly data refreshes available on the market today allowing timely action and decision making.
The PHAST Powered by IDV® suite of audits leverages the industry’s largest sample of retail prescription sales and claims data to give brand managers, marketers, and financial analysts a cutting-edge business intelligence tool for market research, business development and sales forecasting. All PHAST modules come with access to a visual insights solution, where users can view pre-built reports and dashboards, or create customized dashboards to provide at-a-glance visualizations of the data and attributes that are most important to them. As with all of PHAST’s reporting solutions, PHAST PayerRx is updated automatically with each new refresh of the data.
PHAST PayerRx is available immediately as an annual subscription. For more information, visit the Symphony Health Solutions website at www.symphonyhealth.com.