Data Asset Series
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The Big Picture
The Health Care business of LexisNexis® Risk Solutions offers the most comprehensive and accurate provider, patient, and member data in the industry. Through proprietary linking, claims analytics and predictive science, we help payers, providers, pharmacies, life sciences organizations, and health IT companies improve patient outcomes, prevent fraud, protect patient identities, reduce costs, enable compliance, and provide market intelligence. LexisNexis Risk Solutions is committed to using data for good, and it’s healthcare business is focused on unlocking key insights that help solve some of the industry’s toughest challenges and ultimately improve patient outcomes and create healthier communities. One of the products we offer is a medical claims-based suite of solutions called LexisNexis® MarketView™, which helps solve a wide array of challenges from marketing, physician relations, strategic planning, and corporate development. We provide targeted datasets to offer a tailored solution based on the customer’s requirements
Data Capture
The specifics of our data assets vary from solution to solution. We obtain information from public records and publicly available data sources, and we also obtain non-public information from third-party data sources. All our data is provided to us lawfully and is governed according to the highest privacy and security standards. We provide insights that benefit people, businesses, and societies across the country, and we invite you to visit our website and connect with us directly to learn more.
Strengths
According to several customers, we offer the most comprehensive medical claims database. We’ve built sophisticated projection models over the last 15 years to project the data up to the actual market size where appropriate. We don’t have one view for commercial data and a separate view for Medicare data; we have a fully integrated solution spanning all major payers. MarketView also easily integrates both professional and institutional claims. Just about every data vendor can offer provider targeting data, but we take it a few steps further. In addition, our solutions offering early alerts which allow customers to target specific physicians who treat a patient population. We can also notify our customers of a newly diagnosed or newly treated patient within days of the interaction occurring. This has proven most valuable when quick decisions must be made in a treatment plan such as with an oncology or rare disease diagnosis.
Gaps
Like many other data vendors, we do not have data from outside the United States, and we do not capture data from closed health systems or from the DOD or Veterans Affairs. We do not capture data from the U.S. Prison System or the Indian Health Service, the federal agency responsible for providing health services to American Indians and Alaska Natives. For the past 15 years, we focused on growing our medical claims repository to create a comprehensive database. We continue to evaluate and assess not only additional medical claims but other data assets as well, such a prescription and lab data.
In terms of things to look out for, it’s important to remember that healthcare data is growing exponentially, and it is easy to get overwhelmed with too much data. It is critically important for organizations to spend time defining the problem they’re trying to solve and identifying what data they actually need to solve that problem. Being diligent about pinpointing the exact data you need will save time and deliver better results. You do not need everything; you need what matters the most to the problem you are intending to solve.
How to Start Exploring
We are very transparent about our data and want to show our customers what they will be getting before they purchase data from us. Prior to every data purchase, our customers will work with a consultant and implementation analyst who specialize in medical claims data to correctly scope a dataset that will answer our customer’s needs. We start by understanding the business need or use case of our customers. Once we understand what type of data would be most useful to a customer, we run a coverage report to share how many claims and patients we have for the therapy area/dx/px codes, settings of care, and geography of interest. If needed, we help perform coding research to ensure the project is defined correctly in terms of ICD10 and/or CPT/HCPCS codes. We refine the codes and settings as necessary, then our team will run data samples and share them with our customers, so they can validate the data and start evaluating the results and usability of the output. Our solutions are priced based on the number of therapy areas we are providing insights on and the geography of the project.
Where do you see healthcare data used by pharmaceutical manufacturers evolving in the next 2 – 3 years?
A patient-centric perspective is in high demand, specifically when it comes to clinical decisions and research outcomes. Patient-level care leveraging Real-World Data (RWD) will continue to receive a high level of investment over the next 5 years, specifically from the pharmaceutical industry. The 21st Century Cures Act has laid the path of a framework for evaluating the potential use of real-world evidence (RWE) to help support the approval of new indications potentially taking millions out of cost of each clinical trial. The underlying high-quality real-world data will be critical. We expect to see an increased need for non-medical attributes to evaluate real-world data as well – such as social determinants of health. Does a newly diagnosed oncology patient have the means to travel to their numerous doctor appointments? How does one’s income status affect which facilities they receive treatment at? Pharmaceutical data is becoming more and more data-savvy, and researchers and analysts want to pick and choose the data they want to work with.
If you would like to know more about this vendor, please visit The Health Care business of LexisNexis® Risk Solutions
If you are a data vendor and intend to be a part of our Data Asset Series, please get in touch with abhilasha.khullar@chryselys.com
If you want to find how to leverage the best data assets, please get in touch with us at https://chryselys.com/contact/
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