LEHI, Utah, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Xevant, a leading provider of healthcare analytics and technology solutions, announced several key advancements to its PBM analytics platform making it easier to put data to work for the pharmacy benefits market, with the speed, scale, and user experience (UX) needed to drive down prescription drug costs and increase access to affordable medications. These platform enhancements include a complete migration to Amazon Web Services (AWS), a transition to Snowflake data cloud, and updates to Universal Data Modeling, making it easier for organizations to understand, engage, and leverage data.
Xevant's real-time data automation and optimization capabilities empower pharmacy benefits stakeholders with timely, comprehensive, and transparent information, enabling them to uncover key insights faster and more accurately. These enhancements highlight how the Xevant platform gives organizations and their leaders the tools to make massive volumes of data accessible and analyzable, and the ability to transform that data with an architecture that scales to trillions of records and thousands of users. These include:
Amazon Web Services (AWS) Migration: AWS is at the forefront of ensuring access to safe data storage while providing reliable and scalable cloud computing, critical for running workloads efficiently. Migrating resources to the AWS cloud is a game changer for Xevant and unbeatable when it comes to provisioning resources quickly driving greater business value.
Snowflake Data Cloud: Snowflake’s ability to scale data warehouse processing capacity up and down almost instantly makes it an ideal platform for data migration projects. Snowflake is a true data cloud warehouse with built-in support for semi-structured data, ACID transactions, and dynamic scaling. These are just a few reasons why Xevant is migrating customer workloads to the cloud.
New Universal Data Modeling: Data models help design databases that can be used for visualizing the insights found in big data. The value of big data assets is made accessible through data modeling and allows the information to be used to improve enterprise business intelligence. Xevant is leveraging best practices of data modeling to achieve this for its users.
The scarcity of timely access to data among many traditional PBMs and pharmacy benefits stakeholders is a significant challenge in achieving transparency in the pharmaceutical industry and optimizing drug spend and quality of care. PBMs typically collect data manually, which leaves a substantial margin of error and can result in millions of dollars lost from consumers' pockets. In contrast, Xevant's capabilities offer a game-changing solution.
With Xevant's platform, users gain immediate access to critical information regarding drug rebates, markups during spread pricing, therapeutic alternatives, and the vast landscape of the pharmaceutical ecosystem. The significance of timely access to data cannot be overstated, as transparency becomes meaningful only when it happens in real-time rather than months or years after an impact has occurred.
Xevant, led by CEO Brandon Newman, stands at the forefront of the drive for transparency in PBM practices and is the only platform capable of providing pharmacy benefits stakeholders with real-time, automated, and completely transparent data from the entire pharmacy benefits ecosystem.
"Our mission at Xevant is to identify and achieve the lowest net healthcare cost through real-time, automated technology,” said CEO Brandon Newman. "We’ve assembled a band of experts to lead our product and development teams to make this our reality. Today’s announcement underscores our commitment to expand and enhance the Xevant platform, harnessing the power of real-time data automation so the vision of affordable healthcare can become a reality, benefiting individuals and the entire healthcare network."
The future vision for Xevant’s platform will extend beyond hosting its own solutions and will allow clients and partners the ability to deploy custom applications on Xevant’s intelligent and fully automated analytics platform.
Scott Sorensen, Chief Technology Officer stated, “As the healthcare industry continues to evolve, Xevant remains committed to providing best-in-class technology solutions that address the ever-changing needs of our clients and the industry. Our solutions represent a leap forward in pharmaceutical claims management, providing transparency, advanced analytics, and the tools needed to navigate the complex healthcare environment in real-time.”
About Xevant:
Xevant’s revolutionary pharmacy benefits platform infuses real-time automation and alerts throughout the data analysis process, accelerating and simplifying the painstaking task of report building for PBMs, TPAs, Health Plans, Brokers, and Consultants. With Xevant, critical pharmacy analysis that took weeks, months, or more can now be done instantly. The results are optimized business processes, reduced operating costs, and improved patient outcomes. Xevant is recognized as one of Modern Healthcare’s Best Places to Work and America’s No. 1 Fastest Growing Private Software Company on the 2022 Inc. 5000 list.
