Solution
Patient Risk Scoring Model
Solution
Patient Risk Scoring Model
Industry
Healthcare & Life Sciences
Region
US
Context
Global pharmaceutical companies spend about USD 5 billion yearly on Patient Services Programs (PSP), yet only 3% of eligible patients actively participate. Factors like low awareness, an inefficient value proposition, and the complexity of PSPs contribute to the low enrollment. To enhance return on investment (ROI), companies need to optimize and expand their PSPs. This involves a detailed assessment of current programs and the strategic creation of personalized risk profiles for each patient. Such a strategy is crucial for developing streamlined programs benefiting both patients and healthcare providers.
Problem statement
A research-based biopharmaceutical company in the US wanted to identify patients who are at risk of falling off their Patient Services Program (PSP) that is offered for their blockbuster drug. The PSP offers financial assistance, a dedicated nurse representative, and therapy assistance through email, apps, phone, and the website. The company wanted to design a risk scoring algorithm that could enable them to evaluate the standard of care for patients enrolled in the program.
Impact
- Improved the patient engagement strategy
- Optimized patient experience
- Enhanced patient retention