How RxBenefits is Using Placekey to Enhance Efficiency and Accuracy

RxBenefits is the employee benefits industry’s first and leading benefit manager, focused exclusively on helping employee benefits consultants and their self-funded clients access and deliver an affordable, best-in-class pharmacy benefit. To ensure they are offering their clients the best possible value, their product and development teams sought to streamline its entity resolution processes to enhance the accuracy and speed of its client deliverables. The company identified a need for an innovative offering to optimize its manual data matching process and provide more accurate data.

Challenge

RxBenefits faced two key challenges:

1. Their manual processes for data matching were time-consuming and prone to errors, creating inefficiencies in their workflow.
2. They faced the critical need for accurate and precise location-based data to provide better healthcare insights to a range of clients, including employers, healthcare providers, and insurance companies.

The objective was to find a provider that could streamline these data matching processes and enhance data precision.

Solution: Placekey

After evaluating several providers, Placekey stood out as the ideal entity resolution service for its superior data matching accuracy, affordability, and willingness to collaborate closely with RxBenefits. Ben Humbert, Product Manager at RxBenefits, noted, "We searched for a bunch of different competitors but were drawn to Placekey because of its cost-efficiency and unmatched accuracy in address matching, which was crucial for our market needs." The integration of Placekey’s API into RxBenefits’ systems was a pivotal move. It enabled automated, accurate address matching and revolutionized their approach to data processing, shifting from manual to automated, high-precision methods.

The Result

The adoption of Placekey led to remarkable changes within RxBenefits. Humbert reported a significant reduction in time spent on data matching, noting, "After integrating Placekey, we saw a 50-70% time savings in data matching." They were also able to achieve the capability to process 240,000 rows of data in approximately 20 minutes, a task that previously took over two hours. More importantly, the accuracy of their location data saw significant improvement, which had a direct impact on the quality of client insights and decision-making.

"The level of precision Placekey brought to our location data was a game-changer, ensuring our clients receive the most relevant and actionable insights." -Daniel Camburn, Application Development Team Lead at RxBenefits

By harnessing the power of advanced address matching and data enrichment technology, RxBenefits not only streamlined their internal processes but also significantly raised the quality of their services, reinforcing their position as a market leader in pharmacy benefits management.