As an analytics and data management company, we are unique in the Canadian health benefits space because we are not a benefits consulting firm, nor do we sell group insurance products. Our focus is benefits intelligence, and as such, Cubic Health’s value proposition is our technology platform, the innovative tools we have built to dissect health benefits data, and our team of experts that can interpret the relevant analytics.
Cubic Health Canadian Drug Database™ (CHCDD)
- Contains information on more than 70,000 drug products and medical devices.
- Maintains both public and private sector pricing data on each product and tracks historical pricing changes to each product.
- Maintains provincial drug plan & formulary coverage information of each drug product in every jurisdiction across Canada and tracks changes over time.
- Contains all of the relevant drug scheduling information for each drug in each jurisdiction across Canada, as well as classification information, NOC dates, drug type status, and a number of proprietary indicators related to each product in the system.
The CHCDD allows Cubic Health to apply a wide range of product level information otherwise absent in pharmacy claims data to each transaction in a given data set based on the time and location of the claim.
SFC Therapeutic Classification System™ (SFC)
- Cubic Health developed its own proprietary, three-tiered drug classification system to solve the problem of dated classification systems (such as the AHFS classification system used by most insurance companies and governments that was initially developed in 1959), and those which are far too clinical for use with plan sponsors (such as the Anatomical Therapeutic Chemical (ATC) system developed by the WHO).
- The SFC system allows plan sponsors to track drug utilization and spending by specific disease states, including the incidence of disease within their plan member populations, as opposed to the higher-level categories most have had to try to make sense of.
- The SFC system also accounts for the ever-growing complexity in drug therapy whereby a given drug product is used for multiple disease states.
SFC allows plan sponsors and health benefit stakeholders the ability to reverse engineer the complete medical profile of a given plan population.
Health Benefit Data Integration
- The ability to integrate prescription drug claims data with claims from other important and related benefit lines, including absence and disability data, has been achieved within Cubic Health’s analytics platform.
- The opportunity to look at the complete burden of illness for a plan allows for a much more precise and meaningful return on investment measure when looking at the impact of health and wellness programs, and allows plan sponsors to make more effective plan design decisions with the ability to see the full impact of different options.
Financial Modeling of Future Drug Expenditures
- It has been challenging for plans to strategically plan for the future without knowing what the future holds.
- The use of simple, broadly based “trend factors” has proven to be of little value to individual plan sponsors because every plan has a unique demographic, disease-state and utilization profile.
- The ability to assess future cost trends using current claims data has proven to be a valuable resource for plan sponsors who are looking to make changes in their plan structure and/or funding options.
- Those plan sponsors who provide post-employment health benefits can also use the financial modeling capabilities to better assess their own plan-specific future claims liabilities so they are not overstating or understanding these figures on their financials.
Quantifying the “Shoebox Effect”
- It is a long held belief in drug plan mythology that plan sponsors who are on a paper-based reimbursement structure would see enormous cost increases if they move to electronic pay-direct drug (PDD) adjudication at the point of sale.
- Cubic Health’s ability to quantify the “shoebox effect” within a given reimbursement plan, along with the savings that come with a transition to a PDD environment, allows plan sponsors to calculate the net cost or savings in considering a move away from paper-based reimbursement plan.