Navigation Links
Oklahoma State Medicaid Adopts Drug Price Benchmark, PAC
Date:10/1/2013

TAMPA, Florida, October 1, 2013 /PRNewswire/ --

OK Medicaid selects Predictive Acquisition Cost (PAC) to improve efficiencies in managing pharmacy reimbursement and reduce drug spend

Elsevier, the leading provider of scientific, technical and medical information products and services, announced today that Oklahoma State Medicaid, managed by Oklahoma Health Care Authority - SoonerCare, has selected Predictive Acquisition Cost (PAC) to better manage its State Maximum Allowable Cost (SMAC) drug price list to improve administration efficiencies and reduce overall drug spend.

PAC, developed by Glass Box Analytics and exclusively published by Elsevier's Gold Standard, is a new drug price type that more closely tracks true acquisition cost by leveraging proven concepts from other industries and applying the power of predictive analytics to drug pricing. Independent tests show that PAC comes closer to true acquisition cost than alternatives.

SoonerCare (Oklahoma Medicaid) is a health coverage program jointly funded by the federal and state government. The Oklahoma Health Care Authority (OHCA) is the state agency that administers and determines financial eligibility for the program. SoonerCare currently serves more than 790,000 members under the fee for service pharmacy benefit.

In search of a more efficient method for managing pharmacy reimbursement, the agency found that PAC is cost effective and allows for better analysis of drug cost and reimbursement amounts.

"PAC provides an accurate reflection of the true acquisition cost for all drugs and helps our agency know where to set SMAC prices that reflect the true drug cost. The goal of the SMAC program is to set reimbursement that is fair to both the state and to the parties we reimburse," said SoonerCare Pharmacy Director Nancy Nesser. "It gives us accurate information that is easily accessible and requires fewer resources. Reimbursement should reflect the best estimate of acquisition cost, and we feel with PAC that we can achieve this."

State Medicaid programs can save significantly by using PAC to evaluate their state MAC lists. PAC displays a price range for each specific drug. The state MAC should lie within that range. PAC identifies cases where reimbursement is too high or too low, which allows Medicaid programs to ensure that their pharmacies are being reimbursed at market-based rates. SoonerCare will also be utilizing PAC to track the true costs of specialty drugs.

"All state Medicaid programs are seeking ways to improve pharmacy reimbursement management and Oklahoma was already doing a great job," said Kay Morgan, Vice President, Drug Products & Industry Standards, Elsevier. "In PAC, they recognized an innovation that would help them reduce prescription drug costs further, while also improving operational efficiencies."

For more information about Elsevier's Gold Standard, visit http://www.goldstandard.com.

About Elsevier

Elsevier is a world-leading provider of scientific, technical and medical information products and services. The company works in partnership with the global science and health communities to publish more than 2,000 journals, including The Lancet and Cell, and close to 20,000 book titles, including major reference works from Mosby and Saunders. Elsevier's online solutions include ScienceDirect, Scopus, SciVal, Reaxys, ClinicalKey and Mosby's Suite, which enhance the productivity of science and health professionals, helping research and health care institutions deliver better outcomes more cost-effectively.

A global business headquartered in Amsterdam, Elsevier employs 7,000 people worldwide. The company is part of Reed Elsevier Group plc, a world leading provider of professional information solutions. The group employs more than 30,000 people, including more than 15,000 in North America. Reed Elsevier Group plc is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV.

Their shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RUK and ENL.

Media contact
Christopher Capot
Director, Corporate Relations, Elsevier
+1-212-633-3164
c.capot@elsevier.com


'/>"/>
SOURCE Elsevier
Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. Riding to Cure Arthritis from New York to Oklahoma
2. University of Oklahoma Housing and Food Likely to Surpass Budget, My Cleaning Products Recommends Pest Control Products That Could the Department's Spending in Half
3. Mayor of Oklahoma-Tornado-Impaired Town Proposes Storm Shelter Bill, My Cleaning Products Offers Complimentary Molderizer and Safe Shield to Help Victim with Looming Mold
4. Experts Alert Doctors of Oklahoma Tornado Victims of Mold Infections; My Cleaning Products Suggests Solutions to Effectively and Safely Counter Impending Mold Problems
5. Arizona State University engineers aim to improve performance of technology in extreme environments
6. MarketsandMarkets: Global Prostate Cancer Therapeutics Market worth $6,457 Million by 2020
7. Antelope Valley Hospital Converts to Masimo rainbow SET for State-of-the-Art Noninvasive Patient Monitoring Capabilities
8. CSL Behring Awards LEAD Grant to Patient Organizations to Educate Constituents on State Insurance Exchanges
9. Mexican State of Tamaulipas Starts Training Doctors in Sangui Wound Management
10. Animal Husbandry Equipment Market in United States: Business Report 2011
11. Discovery of a dark state could mean a brighter future for solar energy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/24/2017)... Provectus Biopharmaceuticals, Inc. (OTCQB: PVCT, ... oncology and dermatology biopharmaceutical company, today is providing ... its previously announced rights offering of up to ... stock and Series C Convertible Preferred Stock to ... As previously announced, the rights offering ...
(Date:2/24/2017)... 24, 2017  Driven by consumers, preference towards ... the fastest growing categories, finds the recently published ... Personal Care: Multi-regional Market Analysis and Opportunities ... firm Kline. "Biotechnology actives are derived ... more effective for skin and hair care applications," ...
(Date:2/24/2017)... 2017 China Biologic Products, Inc. (NASDAQ: CBPO) ("China ... company in China, today announced its financial results for the ... Fourth Quarter 2016 Financial Highlights Total ... in RMB terms, or increased by 13.6% in USD terms ... of 2015. Gross profit increased by 13.3% ...
(Date:2/23/2017)... NEW YORK , Feb. 23, ... , a leading digital health company, and ... of telemedicine and remote patient monitoring, announce they ... reimbursements.  DN Telehealth maximizes collaboration ... real-time, extending consultations beyond a physical clinical setting ...
Breaking Biology Technology:
(Date:2/2/2017)... 2, 2017  EyeLock LLC, a market leader of ... paper " What You Should Know About Biometrics in ... user authenticity is a growing concern. In traditional schemes, ... However, traditional authentication schemes such as username/password suffer from ... authentication offers an elegant solution to the problem of ...
(Date:1/26/2017)... 2017  Crossmatch, a leading provider of security and ... at combatting fraud, waste and abuse in assistance operations ... Action on Disaster Relief conference in Panama ... agencies and foreign assistance organizations throughout Latin ... are a largely unacknowledged problem in the foreign assistance ...
(Date:1/23/2017)... DENVER , Jan. 23, 2017  The latest ... biometric smartphone prices have dropped dramatically. The quarterly average ... Q1 2013 to $276 in Q4 2016.  There are ... average price of $116, up from just 28 a ... According to Maxine Most , Acuity ...
Breaking Biology News(10 mins):