LexisNexis® Risk Solutions today announced it has expanded its health care solutions for the life sciences marketplace. The company will leverage its leading, health care provider and claims databases to improve effectiveness and efficiencies, resulting in reduced costs, competitive advantage and greater identity transparency for life sciences organizations.
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 Incorrect or outdated medical provider data is a serious problem and has significant impact on regulatory compliance reporting, sales, marketing optimization and account management.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 health care providers in the U.S., 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 organizations 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’ portfolio of data management solutions enables life sciences companies to utilize next-generation targeting techniques for sales and marketing while maintaining high standards in industry-wide compliance,” said Warren Gouk, Senior Vice President and General Manager, Health Care, LexisNexis. “Our track record is solid – our solutions have helped a leading pharmaceutical company identify and manage spend data errors resulting from inaccurate and duplicative provider records.”
LexisNexis enhances the data management efforts and enables pharmaceutical company and medical device manufacturer customers to:
In addition, LexisNexis solutions proactively address cost-containment issues by leveraging data and technology that enables health care payers and providers to manage provider files more efficiently and gain greater transparency into the identity and claims patterns of each provider. Our 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 health care portfolio by acquiring Enclarity, an industry-leading health care 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. Click here for more information on the LexisNexis health care portfolio.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX Group (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.