AVON, Conn.--(BUSINESS WIRE)--Magellan Rx Management, a division of Magellan Health Services, Inc. (NASDAQ: MGLN), today announced the launch of MRxAudit, a comprehensive tool to help determine the effectiveness of pharmacy benefit management (PBM) services. The tool is being offered on a complimentary basis for a limited time, to help groups gauge the effectiveness of their current PBM.
“In today’s dynamic and competitive healthcare environment, it is essential that groups are able to implement the most effective benefit structure possible in order to streamline costs and manage member health,” said Matthew Mertel, senior vice president of product and market at Magellan Rx Management. “MRxAudit is an easy-to-use tool that evaluates current pharmacy benefit performance and benchmarks this data against industry averages. We believe strongly that the information this tool provides is critical to help identify areas of potential improvement and accountability, which is why we’re providing it on a complimentary basis for a limited time.”
MRxAudit works by auditing a group’s pharmacy claims data to derive contract terms, benefit design and network construction. It provides an in-depth analysis and reporting on prescription claims data, validating expected contract pricing, identifying effective co-pay design and summarizing cost structure in intuitive, visual format that is easy to read and understand.
“This tool helps turn data into knowledge,” said Mertel. “By truly understanding the needs of our customers and non-customers alike, Magellan Rx Management helps to empower decision-makers with easy-to-use tools and insightful cost savings solutions that improve member health and help to make more informed decisions.”
Magellan Rx Management is led by Chief Executive Officer Robert W. Field, and includes a complete suite of industry-leading pharmacy offerings, consisting of pharmacy benefit management, Medicaid pharmacy benefit administration, and specialty and medical pharmacy management.
Groups interested in learning more about MRxAudit should visit MagellanHealth.com or call 1-800-659-4112.
About Magellan Health Services: Headquartered in Avon, Conn., Magellan Health Services Inc. is a healthcare management company that focuses on fast-growing, complex and high-cost areas of healthcare, with an emphasis on special population management. Magellan delivers innovative solutions to improve quality outcomes and optimize the cost of care for those we serve. Magellan’s customers include health plans, managed care organizations, insurance companies, employers, labor unions, various military and government agencies, third party administrators, and brokers. As of December 31, 2013, the company served approximately 34.3 million members in our managed healthcare segments and 17.7 million members in our specialty solutions segment. Our pharmacy management segment processed over 69 million adjusted claims on behalf of 0.4 million commercial PBM members, 9.5 million medical pharmacy members and 25 states and the District of Columbia in our PBA business. For more information, visit MagellanHealth.com.