LexisNexis® Risk Solutions, a leading provider of data, analytics and technology, today announced the rebranding of Health Market Science, its most recent acquisition, as LexisNexis Risk Solutions in the Pharmacy market. The rebranding initiative reflects the organization’s commitment to combine its industry-leading public records footprint and prescriber data, leveraging analytics and big data technology in the Pharmacy space.
“Over the last four years, we have charted and achieved a very specific course for growth within the health care data analytics market, and the Pharmacy space has been a top priority since day one,” said Jeff Klein, Senior Vice President and General Manager, LexisNexis Risk Solutions. “We are pleased to have partnered with all of the major retail pharmacy chains and the majority of the Pharmacy Benefit Managers (PBM) over the years and look forward to working with them and other industry leaders to forge the future of data analytics in the Pharmacy market.”
The company acquired Health Market Science in 2014, combining public records, claims and medical data with solutions tailored to pharmacies and PBMs, including VerifyRx™, a real-time and compliance validation solution specifically for pharmacies and PBMs and Provider Data Masterfile™, the industry-leading provider referential database of more than 8.5 million U.S. health care practitioners, including prescriber credentials.
“The Pharmacy market, like the rest of the health care industry, is transforming; and big data technology is at the heart of that transformation,” said Craig Ford, Vice President of Sales, Pharmacy, LexisNexis Risk Solutions. “LexisNexis Risk Solutions is ready to build on its heritage of quality provider data and lead the Pharmacy market through the maze of compliance requirements and into the brave new world of population health management and socio-economic data.”
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.
“It’s a good time for our brand to reflect what LexisNexis Risk Solutions brings to the Pharmacy market in terms of member and patient data assets, visualization, analytics and services that allows Pharmacy and PBM customers to increase member engagement,” said Dan Schofield, Director, Vertical Market, Health Care, LexisNexis Risk Solutions.
Non-adherence to medication has been estimated to cost the health care industry $290 billion¹ per year, as patients seek hospitalization, 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.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (lexisnexis.com/risk/) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of RELX Group plc, a world-leading provider of information and analytics for professional and business customers across industries.
Our health care solutions combine proprietary analytics, science and technology with the industry’s leading sources of provider, member, claims and public records information to improve cost savings, health outcomes, data quality, compliance and exposure to fraud, waste and abuse.
1 New England Health Care Institute, Thinking Outside the Pillbox: A System-wide Approach to Improving Patient Medication Adherence for Chronic Disease, August 2009