LexisNexis Risk Solutions has expanded its healthcare solutions for the life sciences marketplace. The company will leverage its leading, healthcare provider and claims databases to improve effectiveness and efficiencies, resulting in reduced costs, competitive advantage and greater identity transparency for life sciences organisations.
LexisNexis estimates more than one-third of crucial provider information changes every year based on internal analysis of data. Between demographic changes and data entry errors, approximately 40 percent of the customer files for a typical life science company have missing or inaccurate information. Incorrect or outdated medical provider data is a serious problem and has significant impact on regulatory compliance reporting, sales, marketing optimisation and account management. More daunting is that upwards of 30–50 percent of the customer files are duplicated across internal databases, making it difficult to join together.
By leveraging its suite of data management solutions, LexisNexis can deliver data on over 6.5 million healthcare providers in the US, helping life sciences companies align their sales and marketing strategies by identifying the right providers to target. Accurate provider and claims data also enables health sciences organisations to achieve compliance of federal and state laws and regulations such as the Physician Payments Sunshine Act and the Prescription Drug Marketing Act (PDMA) of 1987.
LexisNexis enhances the data management efforts and enables pharmaceutical company and medical device manufacturer customers to implement best practice Master Data Management such as integration, cleansing, and 'golden record' creation; conduct targeted marketing via comprehensive transactional data sources, accurate provider profiles, organisational hierarchies and HCP to HCO account affiliation; and support compliance efforts related to provider data – such as the Sunshine Act, PDMA, and others.
In addition, LexisNexis solutions proactively address cost-containment issues by leveraging data and technology that enables healthcare payers and providers to manage provider files more efficiently and gain greater transparency into the identity and claims patterns of each provider. Advanced detection capabilities help health customers reduce fraud, waste and abuse by better assessing the risk associated with provider identities and quickly identifying hidden, complex and collusive activities.
In less than two years, LexisNexis has expanded its healthcare portfolio by acquiring Enclarity, an industry-leading healthcare provider data and information solutions company in September 2013; MEDai, a clinical-analytics-focused business, in July 2013; and EDIWatch, a provider of fraud, waste and abuse technology solutions, in the fall of 2012.
