MedImpact Receives Patents for Pharmacy Benefit Management Innovations
SAN DIEGO, Calif. – Dec. 20, 2012 – MedImpact Healthcare Systems, Inc., the nation's largest privately held pharmacy benefit manager, has been awarded three patents from the United States Patent and Trademark Office (USPTO) for technological innovations in drug benefit management.
"The intellectual property of these patents is imbedded into MedImpact's information technology and work processes for delivering state-of-the-art drug benefit programs," said Greg Watanabe, MedImpact president. "Our patented innovations contribute to the low net cost drug trend performance experienced by our customers who are the nation's leading managed care organizations, hospitals and employers."
The company's System for Pre-processing Drug Benefit Claims According to Processed Drug Lists filters and sorts pharmacy claims to support proper adjudication and reporting for Medicare Part D. This facilitates Part D drug determination, claims adjudication, and Prescription Drug Event (PDE) reporting by distinguishing various drug types and identifying claims scenarios that require special coverage rules such as Medicare Part B versus Part D and protected class drugs.
"The MedImpact customers who serve more than 500,000 Medicare beneficiaries benefit economically from our operational expertise and compliance excellence resulting from this pre-processing methodology," said Watanabe. MedImpact's PDE acceptance rate has been higher than the industry average annually since the program's inception. The PBM's year-to-date (YTD) PDE acceptance rate is 99.75% compared to industry average of 99.67%. Every 0.01% increase in YTD 2012 PDE acceptance equates to $230,000 in additional Part D reconciliation based on MedImpact book of business data.
MedImpact also received patents for:
• Maintaining Patient Medication Lists methodology to manage electronic prescriptions issued by multiple professionals in different practice settings to reduce out-of-pocket expenses for consumers.
• Improving Pharmaceutical Selection Ratios in Pharmacy Implementation of Prescription Medication Dispensing Plans to operationalize MedImpact's Fixed Fee Program® or reference-based pricing for third-party reimbursement of pharmacy prescription claims at a therapeutic class level.
MedImpact Healthcare Systems, Inc., is the nation's largest full-service PBM that derives revenue by managing the drug benefit, not from dispensing drugs. We use information technology and human capital to improve the practice of managed care pharmacy. MedImpact partners with the nation's finest health plans, hospitals and employers to provide pharmacy benefit management services to more than 35 million members. Our membership includes more than 23.2 million members in managed pharmacy benefit plans with the balanced enrolled in discount and other drug assistance programs.
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