Precision Xtract Launches First-Of-Its-Kind Translation Service To Comprehensively Master BIN-PCN Group Identifiers

BETHESDA, Md., Jan. 23, 2020 /PRNewswire/ -- Precision Xtract, part of Precision Value & Health, today announced the launch of a new subscription-based translation service, providing its clients with the ability to accurately connect and unmask health insurance BIN-PCN Group numbers contained in specialty pharmacy, direct reporting pharmacy, hub, copay card and other data sources. The new service, available for preview at www.BPGLookup.com, unlocks a previously unattainable level of analytic insights to multiple stakeholders, including pharmaceutical manufacturers, specialty pharmacies, payers, data aggregators, PBMs, EMR vendors, and hospital systems.

Subscribers will have immediate access to Precision's comprehensive, cross-asset data clearinghouse—governed and stewarded by a dedicated team of payer data experts—facilitating the development of next-generation, sophisticated commercial analytics and reporting capabilities. Specifically, Precision's new translation service now gives subscribers the ability to accurately record transaction volume, measure the impact of data capture issues, and control downstream delays in reimbursement, enabling pharmacies to process Rx claims efficiently and reduce costly delays.

All too often, pharmaceutical manufacturers and other key healthcare stakeholders find it increasingly challenging to master the wide array of available payer data sets to measure market share and gauge influence on an individual brand or product. Adding to that challenge, a constantly evolving payer landscape necessitates the issuance of new or revised Rx BIN-PCN Group numbers, as well as the initiation of frequent changes in the way transactions are recorded, requiring additional sustained research to stay current and maintain accurate mapping of cross-asset data to the appropriate health plans.

With Precision's new subscription translation service, clients are immediately able to leverage longstanding, curated data relationships with all major payers and PBMs, also accessing detailed channel descriptors of commercial health plans, employers, unions, worker's compensation, ADAP, Medicare, EGWP, managed Medicaid, state Medicaid, voucher programs, and more. As these complex data systems continue to evolve and redefine their internal coding and external transmission protocols, Precision's team of dedicated payer data specialists provides constant monitoring and updating support to deliver the only comprehensive Rx BIN-PCN Group translation capability available in the marketplace.

Commenting on the critical need for this proprietary, first-of-its-kind service, Ashwin Athri, Senior Vice President, explains, "Precision's new translation offering is a vital tool that the healthcare industry has done without for far too long. With all of the increased attention directed at advances to be derived from commercial data analytics, we know the importance of utilizing the most insightful, accurate, and actionable payer data. However, without being able to translate the BIN-PCN Group identifiers, this data is only minimally useful-- and as things change in the marketplace, the connections between the data sets need to change as well or the insights are lost. Precision understands this and we are very excited to now offer our clients direct access to the first and only central clearinghouse of BIN-PCN Group information."

For an on-demand, free demo of Precision's unique Rx BIN-PCN Group translation service, please visit www.BPGLookup.com.

About Precision Xtract
With more than 150 employees in 8 offices worldwide, Precision Xtract is a real-world research, health economics, data management, and payer analytics consultancy that helps leading pharmaceutical and life science companies get innovative therapies in the hands of providers and patients who need them most. For global pharmaceutical, life science, and device companies seeking to improve patient health in parallel with commercial success, Precision Xtract is here to help. Contact us at [email protected].
www.precisionxtract.com
www.BPGlookup.com

Media Contact:
Louis Landon, Precision Medicine Group Media Relations
310-984-7707
[email protected]

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SOURCE Precision Xtract