LexisNexis® Risk Solutions, a provider of data, analytics and technology, has announced the rebranding of Health Market Science, its most recent acquisition, as LexisNexis Risk Solutions in the Pharmacy market. The rebranding initiative reflects the organisation's commitment to combine its industry-leading public records footprint and prescriber data, leveraging analytics and big data technology in the Pharmacy space.
The company acquired Health Market Science in 2014, combining public records, claims and medical data with solutions tailored to pharmacies and PBMs, including VerifyRxTM, a real-time and compliance validation solution specifically for pharmacies and PBMs and Provider Data MasterfileTM, the industry-leading provider referential database of more than 8.5 million U.S. healthcare practitioners, including prescriber credentials.
In a market with an increasingly stringent and complex regulatory environment, pharmacies without the ability to perform real-time compliance checks put themselves at risk. By combining the industry-leading provider referential database with the company's public records footprint, analytics and big data technology, LexisNexis Risk Solutions can offer a continuum of prescriber data assets, analytics and services that allow pharmacy customers to remain compliant.
Non-adherence to medication has been estimated to cost the healthcare industry $290 billion per year, as patients seek hospitalisation, expensive treatments or the emergency room for illnesses that could have been properly treated with medication. The combination of member and claims data, analytics and public records data with big data technology, enables pharmacists and PBMs to use socio-economic health attributes to predict and score the member's motivation to take medication and take ownership over their own care.
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