In January, AI in pharmacy saw its biggest shift in pharmacy benefits management (PBM) as RxSense launched its cloud-based RxIQ analytics platform, delivering real-time data insights and optimized efficiency for healthcare organizations.
The technology departed from traditional systems of the past introduce advanced analytics and effortless integration into the broader healthcare ecosystem. Theapplication of AI in pharmacy was able to quickly make data-driven decisions, driving member service and operational responsiveness with RxIQ.
RxIQ real-time capabilities help organizations adapt to market changes, setting a new standard for AI in pharmacy benefits management.
Modern Technology vs. Traditional PBM Systems
Legacy PBM systems are challenged by slow batch processing, rigid architecture, and data fragmentation, hindering real-time insights, complicating integration, and limiting responsiveness to market change.
How is AI used in pharmacy and how could that enhance the sector? AI used in pharmacy showed how modern cloud-based PBM platforms, like RxSense’s RxIQ® product suite, possess several benefits. These are real-time data and analytics, scalability, and faster processing of updates.
“Legacy PBM models provide you with monthly or quarterly reports,” says Zevzavadjian. “By the time you act, it’s too late. RxIQ Business Intelligence gives you insights in real-time, so organizations can respond immediately.”
Among the most significant solutions, RxIQ Enterprise allows customers to trigger formulary updates in one hour, rather than 90 days, adding cost-effectiveness and reducing financial risks.
Enhancing Efficiency Through AI-Based Solutions
RxSense’s future-generation PBM platforms move beyond incremental improvements. Their toolkit features AI in pharmacy tools including:
- RxIQ Autosave: Automatically compares copay vs. cash discount pricing to achieve peak savings.
- RxIQ Price AI: Monitors contracts and refining prices in real-time.
- RxIQ Savings Genius: Leverages predictive analysis to reduce members’ and plan sponsors’ prescription costs.
Through the use of AI in pharmacy and machine learning, RxSense aims to automate client onboarding, reducing implementation times by 25% without compromising on quality. Zevzavadjian highlights the company’s direction as a blend of advanced technology with industry expertise, fusing pharmacy benefits with clients’ business goals.
Future of AI in Pharmacy
The future of AI in pharmacy management depends on companies integrating industry expertise with technology.
Advanced PBM systems like RxIQ are transforming benefits management through real-time analysis, automation, and efficiency, for better health plans, member experience, and organizational outcomes.
Firms looking to improve pharmacy benefits programs are assessing a full embrace of AI drug identification in pharmacy to boost performance through innovation – accelerating drug discovery and treatment efficiency.
AI in medical technology (MedTech) is slowly shifting to focus more on advancing healthcare through its own digital offering.
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