A specialist in cloud-based data analytics for store operations and loss prevention, Agilence said 20/20 Rx was built on the foundation of its 20/20 Data Analytics platform and with input from customers like Rite Aid to bringing added visibility and business insight to pharmacy operations.
20/20 Rx enables pharmacies to identify and prevent drug diversion activities more easily while ensuring regulatory compliance with federal and state standards. The new software also helps pharmacies identify and report prescribers who may be overprescribing controlled substances and patients who are attempting to fill invalid prescriptions.
To thwart diversion, 20/20 Rx analyzes the flow of drugs — including orders, transfers, fills and inventory adjustments — to quickly identify potential losses that occur from day-to-day inefficiencies as well as deliberate theft by employees. Prescription data also is analyzed automatically to flag possibly improper attempts by providers and patients to acquire controlled substances, helping pharmacies stay compliant.
Agilence said the software, too, streamlines the time-consuming process of handling insurance submittals and navigating federally funded prescriptions, helping to reduce labor, chargebacks and fines.
“Pharmacies have the unique task of remaining compliant with federal and state regulations and keeping track of the controlled substances that pass through their system to ensure no one is abusing or stealing them, all while delivering exceptional customer service,” explained Russ Hawkins, president and chief executive officer of Agilence. “20/20 Rx provides pharmacies with the ability to easily identify drug diversion and regulatory compliance issues that can lead to significant fines and even the loss of their license, allowing them to proactively solve for the unexpected.”
With 20/20 Rx, all staff — from C-level executives to store managers — gain improved visibility into business information on operational efficiencies, regulatory compliance and loss prevention, Agilence noted. The data analytics software features executive-level dashboards, predictive modeling, prescriptive alerts and operational-level reporting in one solution.
“20/20 Rx delivers unprecedented functionality for pharmacy operations and asset protection,” stated Derek Rodner, vice president of product strategy for Agilence. “Through automated analysis, identification and notification of anomalies, pharmacies are able to focus on running the business while 20/20 keeps them compliant.”