BRENTWOOD, Tenn., Feb. 18, 2013 (GLOBE NEWSWIRE) -- Artemetrx, a healthcare analytics and solutions company, today announced the release of its Specialty Medical Solutions for specialty drugs covered under the medical benefit. The solution suite is designed for employers, labor groups, and health plans who want to reduce their specialty drug costs while maintaining high quality care.
The Artemetrx Specialty Medical Solution is a comprehensive program for uncovering and controlling specialty drug costs hidden under the medical benefit. A foundation of the offering is proprietary analytics to extract the high-cost specialty drug and administration spend from the claims data, including HCPCS code and revenue code-based billing.
"Our experience shows that plan sponsors can save 30% or more on their medical specialty drug spend through more active management," says Brenda Motheral, PhD, President of Artemetrx. "Plan sponsors are looking for solutions that are not tied to specialty pharmacy distribution, which is unique to our offering and allows us to provide objective guidance on the optimal site of care, lowest net cost strategy, and clinical program implementation."
Key program components for capturing savings include: 1) ongoing assessment of financial performance (discounts, fees, and rebates) against pricing benchmarks for each channel, 2) identification and transition of patients to more cost-effective sites of care, 3) contracting for medical specialty rebates, and 4) clinical management to address inappropriate use and optimize dosing.
"Currently, fifty percent or more of the specialty spend typically resides under the medical benefit, yet most plan sponsors cannot track, let alone manage, the specialty medical spend," says Corey Belken, PharmD, Vice President at Artemetrx. "Our research shows that specialty drug spend will surpass traditional spend in the next five years, making it critical that plan sponsors have a comprehensive view and management solution for their specialty drugs."
About Artemetrx
Artemetrx is a healthcare analytics and services company that offers a suite of analytic solutions and clinical intervention programs that leverage the integrated pharmacy and medical data to improve care and control costs. These programs range from programs focused on specialty drug management to population health programs.
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