CONSHOHOCKEN, Pa., Aug. 14, 2017 (GLOBE NEWSWIRE) — Symphony Health, a leading provider of data, cloud-based analytics and consulting solutions to life science companies and healthcare organizations, today announces the launch of a new series of high-deductible health plan (HDHP) analytics from the company’s Managed Markets consulting practice.
The premise of HDHPs is to lower overall health spending by shifting more of the actual care costs to the patient in an upfront deductible period, making them more aware and cost conscious when it comes to healthcare decisions. The plans, which feature lower premiums, require patients to fulfill a high deductible – defined as no less than $1300 – before the plan’s standard coinsurance or copays will apply.
Since the plans appeared on the market over a decade ago, there has been little data available on how patient behaviors change in a HDHP setting versus a traditional HMO/PPO setting, especially related to prescription drug expenditures. The new analytics from Symphony Health delve into the company’s vast IDV® (Integrated Dataverse), an anonymized data set containing claims and prescription dispensing information for over 280MM patients. Longitudinal analysis of this data reveals cohorts of high-deductible patients, which can then be linked to plans and analyzed year over year to determine shifts in prescription acquisition trends and behavioral dynamics.
“We were interested in looking at whether or not patient cost-consciousness really does change in a HDHP setting, especially in the first quarter following a benefit year change when people are faced with meeting that big deductible number,” stated Ki Park, VP and Practice Head, Managed Markets Consulting. “In practical terms, our clients wanted to know whether or not patients would continue with therapy, or if they were dropping therapy in that first quarter due to having to pay the full cost of the prescription.”
Data shows that there is a corresponding spike in abandonment across therapeutic classes among HDHP patients during the first quarter of a new benefit year. Symphony Health’s new analytics can determine the average amount of time it takes patients to get through the deductible phase, as well as help pharmaceutical manufacturers understand how costly marketing programs like coupon cards might influence patient behavior in HDHP plans, and where they are most likely to have the greatest impact.
The new offerings include HDHP Patient & Spend Analysis, Deductible Phase Brand Strategy, Copay Buy-Down Program Optimization, and syndicated reports. For more information, visit Symphony Health or contact us at email@example.com.
About Symphony Health:
Symphony Health provides best-in-class data, analytics, technology, and consulting solutions with actionable insights. The company helps clients grow while enabling a transformation of the healthcare ecosystem by connecting and integrating a broad set of primary and secondary sources, health research, analytics and consulting. Symphony Health delivers a comprehensive perspective on the real dynamics that drive business in the life sciences market. For more information, visit www.symphonyhealth.com.
CONTACT: Media Contacts Heather Varela Symphony Health Heather.firstname.lastname@example.org (602) 463-7838