3 Problems Facing Specialty Pharmacy Reporting
Multiple articles have cited that specialty pharmacy will be on the rise in 2020. Specifically, an article from Drug Channels says, “We project that the pharmacy industry’s revenues will exceed $483 billion in 2020. Almost all of the growth will come from specialty drugs. Meanwhile, pharmacy revenues from traditional drugs will be almost flat, despite higher demand.” While it looks like specialty pharmacy may be the most lucrative, this sector of the industry isn’t short of obstacles, especially when it comes to data.
What do we mean when we say obstacles? Here are 3 problems specialty pharmacy faces when it comes to reporting:
1. Accurate data tracking
There are many parties involved when it comes to specialty pharmacy -stakeholders, data aggregators, manufactures, just to name a few. With all of these different parties involved, it’s no surprise that accurately tracking the data can be difficult.
2. Reporting on patient outcomes data
According to an article from Pharmacy Times, “outcomes reporting has really become a core competency of the specialty pharmacy.” Specialty drug manufacturers and payers rely on specialty pharmacies to accurately report on data such as adherence metrics and clinical indicators linked to a drug over time.
Manufacturers depend on this reporting for insight into “the real-world application of their drug as opposed to data compiled in a controlled clinical trial setting.” On the other hand, payers need to know their patients’ health is benefiting from the care they’re receiving by a specialty pharmacy, so “the pharmacy must provide patient data back to the payer to prove that their care fits these criteria.”
To accurately report on patient outcomes, it requires access to multiple data feeds, which can be complicated to orchestrate.
3. Meeting data reporting requirements
From stakeholders to manufacturers, there is not a shortage of data requirements for specialty pharmacies. To keep all parties satisfied, finding and inputting the data can become a daunting task for your pharmacy team.
What’s the solution?
Finding a solution to help your pharmacy team accurately and efficiently report data will not only ease your team’s mind on stressing about compiling and inputting data correctly, but it will also allow your team more time to focus on connecting and educating the patient.
Envoy Dx™, our new data organization and transmitting solution, leverages data from the Explore Dx® data warehouse to organize, transform, and send data that is sourced from your pharmacy management and clinical services systems to meet various reporting requirements.
Gaining and maintaining access to specialty and limited-distribution networks involves adhering to specific procedures and meeting reporting requirements set by manufacturers. The process can often be tedious and complex, calling for access to multiple data feeds such as prescription status, clinical diagnoses, inventory information, and more.
Contact us to learn more about Envoy Dx™.