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Craig Ford, VP of Sales, Pharmacy Markets, LexisNexis® Risk SolutionsGeorgia-based LexisNexis® Risk Solutions offers products that support pharmacies to tackle the effect of regulatory changes on workflows and ensure proper linking of medical records to improve patient outreach. “LexisNexis helps pharmacies remain compliant and offers a robust patient engagement data analytics offering to enable them to better understand patients,” says Craig Ford, VP of sales, pharmacy markets at LexisNexis. Initially, LexisNexis offered services to help pharmacies integrate prescriber demographic and licensure data into their workflow. Today, the company offers solutions that leverage patient insights and analytics to aid clients in reducing risks while enhancing compliance and adherence.
The company has developed solution suites—Provider Intelligence Suite, Fraud Waste Abuse suite, and Patient Identity Intelligence Suite—to resolve the core challenges in the Pharmacy and Pharmacy Benefits Management (PBM) market. The Provider Intelligence Suite offers prescriber data and real-time prescription validation to assist pharmacies in staying compliant with state and federal prescriptive authority requirements. This suite offers three solutions—Provider Data MasterFile, Provider Data Enhancements, and VerifyRx™—to assist pharmacies in operating efficiently through the growing regulatory complexities.
Provider MasterFile is a golden-record that is consolidated from hundreds of prescriber sources delivered to the clients through API, batch file delivery, and a web-based user interface. Meanwhile, Provider Data Enhancements is a robust data augmentation and management solution that enables customers to report on data requests that clients want to validate with LexisNexis’ extensive and well-defined auditing processes. Finally, VerifyRx allows pharmacies to validate prescribers in real-time, support internal and external audits, and configure checks to reject claims, send warning messages, and capture requests for reporting. “VerifyRx is a real-time compliance solution that performs over 65 state and federal level checks to enable pharmacies to strike the optimum balance between compliance and relevant workflow requirements,” explains Ford.
Together, these solutions offer prescriber compliance by enabling best-of-breed provider insights.
With the LexisNexis fraud, waste and abuse suite, the company helps clients accurately identify the individuals and businesses involved in fraud schemes. The main offering, LexisNexis® Relationship Mapping™, connects the dots among individuals, providers and businesses to help mitigate rising fraud schemes like opioid abuse.
LexisNexis helps pharmacies remain compliant and offers a robust patient engagement data analytics offering to enable them to better understand patients
Additionally, their Patient Identity Intelligence Suite helps stem identity theft related fraud by corroborating the identities of individuals that customers interact with. Products such as LexID®, TrueID®, and Instant Authenticate® Q&A anchor their identity authentication and patient record matching applicability. “LexID provides current demographic data for each individual and identifies where customer databases may have duplicate records of the same individual,” adds Ford. Moreover, the TrueID and Instant Authenticate Q&A solutions offer clients the ability to validate the legitimacy of a person logging into a customer system or presenting IDs in person. By utilizing these products, pharmacies can minimize the impact of fraudulent activities, ensure patient records are matched correctly and protect access points to personal information.”
Lastly, LexisNexis provides a collection of scores and attributes hinged on the company’s social determinants of health data to strengthen statistical models in client organizations and assist them in identifying social influencers impacting health outcomes. Categorized into four categories—social isolation, address stability, education, and financial health—these insights are based on hundreds of attributes that were created from extensive data sources that have been statistically and clinically validated to predict health outcomes. Within LexisNexis’ social determinants of health suite, the company offers a hospital readmission score and total healthcare cost score as well.
At the heart of LexisNexis Risk Solutions’ unique position in the PBM market is the customizability of their product portfolio, particularly the company’s VerifyRx solution that allows customers to personalize real-time checks based on third-party partnerships and store locations. In addition, the ability of LexisNexis’ solutions to tap into vast data sources and provide analytics that can be integrated into the workflow in real-time is key in the delivery of their solutions.
In the coming months, LexisNexis plans to add a medication adherence score to their social determinants of health suite to not only identify why patients need assistance with adhering to medication, but also indicate the drivers of such behavior to offer personalized services. In terms of organizational objectives, the company will continue to remain laser-focused on expanding their clientele and growing alliance engagements. “Our customers trust and believe in our commitment to deliver data-driven insights and solutions that can solve their greatest challenges,” concludes Ford. LexisNexis is passionate about developing and delivering solutions that will help customers continually innovate, and overcome organizational and regulatory challenges with a vision to shape the future of the pharmaceutical industry for the better.
Company
LexisNexis® Risk Solutions
Management
Craig Ford, VP of Sales, Pharmacy Markets, LexisNexis® Risk Solutions
Description
Provides solutions to assist organizations with the regulatory complexities and data integrity issues in the healthcare sector
LexisNexis® Risk Solutions News
LexisNexis enters into definitive agreement to acquire Aistemos and its Cipher classification platform
LexisNexis Risk Solutions Announces Alliance with Agenium to Deliver Speed, Ease of Implementation, Enabling Next-Gen Life Insurance Application Process
No-code, configurable platform provides intelligence at point of application to help speed the life insurance process while helping carriers mitigate fraud and identity risk
ATLANTA - LexisNexis® Risk Solutions, announced a new alliance with Agenium, a leader in disruptive platform technology, to integrate data and analytics into the life insurance application process, delivered through an innovative, no-code configurable platform.
This is critical during a time when life insurers are grappling with how best to improve the application process. At the point of application, life insurers must detect fraud and misrepresentation, collect and correct missing or inaccurate consumer data, and at the same time, create a process that is not onerous to consumers. And many must also deal with legacy systems, dated user interfaces, and limited ways to resolve not in good order (NIGO) applications in real time.
"LexisNexis Risk Solutions is known for helping insurers mitigate fraud and identity risk, along with our ability to independently, electronically verify key consumer data points, which helps speed the application process and improves the consumer experience," said Debra Gangelhoff, vice president and general manager at LexisNexis Risk Solutions. "Life insurers today are seeking to bridge the legacy technology gap and deploy more sophisticated approaches to data integration. Through our alliance with Agenium, we will help deliver more data earlier in the application process to allow carriers to triage cases quickly and provide an improved experience for consumers and producers, while still mitigating risk."
Agenium has harnessed the accuracy of LexisNexis® Instant ID® and LexisNexis® Life Data Prefill solutions to empower life insurers with a single-source solution to expedite a more accurate electronic application experience. This proactive collaboration can be deployed as a stand-alone e-App solution or can be used to enhance existing technology workflow, as Agenium offers short-turn delivery configurability in a dynamic and unique customer experience. Speed to market is paramount, and the Agenium Platform enables clients to enter production in weeks or months, positioning them to capitalize on new revenue growth opportunities. Aligning with Agenium, LexisNexis Risk Solutions continues to meet its objectives of leveraging data and mortality modeling to help life insurers meet the needs of their customers and business by more quickly and accurately assessing underwriting risk, reducing acquisition costs, helping prevent fraud and improving stratification and retention.
"Agenium's no-code platform combined with the data from LexisNexis Risk Solutions will allow life carriers to make next-gen, highly secure, sophisticated e-Apps a reality," said Mike Risley, chief executive officer at Agenium. "Whether our clients choose to use their existing platforms, or the state-of-the-art Agenium platform and decision engine, our technology is there to support powerful, reflexive logic to speed the application journey and deliver more intelligence via data earlier in the process."
ATLANTA - LexisNexis® Risk Solutions, announced a new alliance with Agenium, a leader in disruptive platform technology, to integrate data and analytics into the life insurance application process, delivered through an innovative, no-code configurable platform.
This is critical during a time when life insurers are grappling with how best to improve the application process. At the point of application, life insurers must detect fraud and misrepresentation, collect and correct missing or inaccurate consumer data, and at the same time, create a process that is not onerous to consumers. And many must also deal with legacy systems, dated user interfaces, and limited ways to resolve not in good order (NIGO) applications in real time.
"LexisNexis Risk Solutions is known for helping insurers mitigate fraud and identity risk, along with our ability to independently, electronically verify key consumer data points, which helps speed the application process and improves the consumer experience," said Debra Gangelhoff, vice president and general manager at LexisNexis Risk Solutions. "Life insurers today are seeking to bridge the legacy technology gap and deploy more sophisticated approaches to data integration. Through our alliance with Agenium, we will help deliver more data earlier in the application process to allow carriers to triage cases quickly and provide an improved experience for consumers and producers, while still mitigating risk."
Agenium has harnessed the accuracy of LexisNexis® Instant ID® and LexisNexis® Life Data Prefill solutions to empower life insurers with a single-source solution to expedite a more accurate electronic application experience. This proactive collaboration can be deployed as a stand-alone e-App solution or can be used to enhance existing technology workflow, as Agenium offers short-turn delivery configurability in a dynamic and unique customer experience. Speed to market is paramount, and the Agenium Platform enables clients to enter production in weeks or months, positioning them to capitalize on new revenue growth opportunities. Aligning with Agenium, LexisNexis Risk Solutions continues to meet its objectives of leveraging data and mortality modeling to help life insurers meet the needs of their customers and business by more quickly and accurately assessing underwriting risk, reducing acquisition costs, helping prevent fraud and improving stratification and retention.
"Agenium's no-code platform combined with the data from LexisNexis Risk Solutions will allow life carriers to make next-gen, highly secure, sophisticated e-Apps a reality," said Mike Risley, chief executive officer at Agenium. "Whether our clients choose to use their existing platforms, or the state-of-the-art Agenium platform and decision engine, our technology is there to support powerful, reflexive logic to speed the application journey and deliver more intelligence via data earlier in the process."
LexisNexis Accelerates Business Research with GenAI
LexisNexis says its new generative AI solution will save hours of time for customers who are conducting research using the company’s massive repository of news, legal filings, and other business information. Dubbed Nexis+ AI, the new offering leverages large language models (LLMs) in several ways to surface “gold nuggets” of insight from the reams of available data.
Since it was founded in 1970, LexisNexis has been a trusted source of information for thousands of corporations, law firms, and other entities. The New York analytics firm today provides a curated flow of information from more than 20,000 licensed sources, including the Associated Press, Gannett, McClatchy, Benzinga, FiscalNote – CQ Roll Call, and many others.
The trusty search engine remains a primary means for customers to interact with LexisNexis’ treasure trove of information. In addition to basic keyword search, LexisNexis has long since adopted neural search technology that uses vector embeddings to help users find the information they’re after. It has also adopted GenAI in other avenues of the business.
But even with neural search, the vast universe of available information can still be overwhelming. That’s where its new Nexis+AI offering comes in.
“What we’re trying to resolve… is that there is oodles of data out there,” says Dani McCormick, the vice president of product for Global Nexis Solutions at LexisNexis. “There are lots of things you can look at, but not enough time, unless you can clone yourself to effectively go through all of it.”
It can take a journalist or corporate researcher many hours to comb through all of the sources of data that LexisNexis can surface on a given topic and complete a research project, McCormick says. The need to be thorough and get accurate answers means that customers in regulated or otherwise exacting industries, such as investigative journalism, can’t take shortcuts. That makes for painfully long hours of reading, note-taking, link-copying, synthesizing, summarizing, and ultimately writing a report.
McCormick demonstrated for Datanami how Nexis+ AI works. The researcher begins her session the standard way: By entering a term into the search bar (it is hard to improve on good old search). But once the researcher starts reading through the various newspaper articles, annual reports, and other sources of information that the search presents, the power of Nexis+ AI begins to show itself.
Nexis+ AI uses GenAI tech in multiple ways to accelerate the research and report-writing process. For starters, the software uses an LLM to provide a summary of a given newspaper article or other document, which tells the researcher whether the information is likely to be relevant to her task.
As the researcher browses the stories or documents, another LLM enables the researcher to have an interactive question-and-answer session about the information in the story or document, which is the second way that the product uses GenAI.
Finally, when the researcher finds a piece of relevant information, she can take a “snippet” of the information by highlighting the text using her mouse and keyboard. These snippets, along with the metadata describing their sources, are then stored by LexisNexis in a “hub.” The researcher can load the hub with snippets up to a maximum of 2,000 characters, the company says.
After the research is completed, Nexis+ AI will summarize the various snippets in the hub and provide a draft of a report, complete with links to source material, which is the third use of an LLM
“What we’re trying to do [with Nexis+ AI] is to make driving you to the gold nuggets within that data… effortless,” she tells Datanami. “This allows people to dive into the document super quickly. It reduces a job down to about 15 minutes that could have taken, dependent on the report size, anywhere from 45 minutes to two to three hours.”
LexisNexis used several LLMs to build Nexis+ AI, including Anthropic Claude running on AWS Bedrock and OpenAI’s GPT models running on Microsoft Azure, says Snehit Cherian, CTO for Global Nexis Solutions at LexisNexis. The company uses retrieval-augmented generation (RAG) to improve the accuracy of the information generated by the LLMs, and also put in place a separate framework to combat hallucinations, he says.
LexisNexis worked closely with its publishers and content providers to ensure that their intellectual property is protected, Cherian says. In addition to IP rights, the publishers were particularly concerned with the context that the information is used in. The capability in Nexis+ AI to automatically attach metadata to the snippets, which in turn provides links back to information sources cited in the LLM-generated summaries, really resonated with the publishers, he says.
“We started sharing this framework with them starting the middle of 2023,” he says. “We’ve been working with one publisher at a time [including] with their legal team, they’re licensing team, and their technology team.”
This is not the last GenAI product that you’ll see from LexisNexis, according to McCormick, who says the company has a solid roadmap for using the tech.
“This is the beginning of really exciting product journey,” she says. “We have a huge development roadmap that we’re going on with this product. But even the functionality that I’ve shown you today saves significant time on this journey.”
Since it was founded in 1970, LexisNexis has been a trusted source of information for thousands of corporations, law firms, and other entities. The New York analytics firm today provides a curated flow of information from more than 20,000 licensed sources, including the Associated Press, Gannett, McClatchy, Benzinga, FiscalNote – CQ Roll Call, and many others.
The trusty search engine remains a primary means for customers to interact with LexisNexis’ treasure trove of information. In addition to basic keyword search, LexisNexis has long since adopted neural search technology that uses vector embeddings to help users find the information they’re after. It has also adopted GenAI in other avenues of the business.
But even with neural search, the vast universe of available information can still be overwhelming. That’s where its new Nexis+AI offering comes in.
“What we’re trying to resolve… is that there is oodles of data out there,” says Dani McCormick, the vice president of product for Global Nexis Solutions at LexisNexis. “There are lots of things you can look at, but not enough time, unless you can clone yourself to effectively go through all of it.”
It can take a journalist or corporate researcher many hours to comb through all of the sources of data that LexisNexis can surface on a given topic and complete a research project, McCormick says. The need to be thorough and get accurate answers means that customers in regulated or otherwise exacting industries, such as investigative journalism, can’t take shortcuts. That makes for painfully long hours of reading, note-taking, link-copying, synthesizing, summarizing, and ultimately writing a report.
McCormick demonstrated for Datanami how Nexis+ AI works. The researcher begins her session the standard way: By entering a term into the search bar (it is hard to improve on good old search). But once the researcher starts reading through the various newspaper articles, annual reports, and other sources of information that the search presents, the power of Nexis+ AI begins to show itself.
Nexis+ AI uses GenAI tech in multiple ways to accelerate the research and report-writing process. For starters, the software uses an LLM to provide a summary of a given newspaper article or other document, which tells the researcher whether the information is likely to be relevant to her task.
As the researcher browses the stories or documents, another LLM enables the researcher to have an interactive question-and-answer session about the information in the story or document, which is the second way that the product uses GenAI.
Finally, when the researcher finds a piece of relevant information, she can take a “snippet” of the information by highlighting the text using her mouse and keyboard. These snippets, along with the metadata describing their sources, are then stored by LexisNexis in a “hub.” The researcher can load the hub with snippets up to a maximum of 2,000 characters, the company says.
After the research is completed, Nexis+ AI will summarize the various snippets in the hub and provide a draft of a report, complete with links to source material, which is the third use of an LLM
“What we’re trying to do [with Nexis+ AI] is to make driving you to the gold nuggets within that data… effortless,” she tells Datanami. “This allows people to dive into the document super quickly. It reduces a job down to about 15 minutes that could have taken, dependent on the report size, anywhere from 45 minutes to two to three hours.”
LexisNexis used several LLMs to build Nexis+ AI, including Anthropic Claude running on AWS Bedrock and OpenAI’s GPT models running on Microsoft Azure, says Snehit Cherian, CTO for Global Nexis Solutions at LexisNexis. The company uses retrieval-augmented generation (RAG) to improve the accuracy of the information generated by the LLMs, and also put in place a separate framework to combat hallucinations, he says.
LexisNexis worked closely with its publishers and content providers to ensure that their intellectual property is protected, Cherian says. In addition to IP rights, the publishers were particularly concerned with the context that the information is used in. The capability in Nexis+ AI to automatically attach metadata to the snippets, which in turn provides links back to information sources cited in the LLM-generated summaries, really resonated with the publishers, he says.
“We started sharing this framework with them starting the middle of 2023,” he says. “We’ve been working with one publisher at a time [including] with their legal team, they’re licensing team, and their technology team.”
This is not the last GenAI product that you’ll see from LexisNexis, according to McCormick, who says the company has a solid roadmap for using the tech.
“This is the beginning of really exciting product journey,” she says. “We have a huge development roadmap that we’re going on with this product. But even the functionality that I’ve shown you today saves significant time on this journey.”
Cipher uses artificial intelligence and supervised machine learning to classify patents, helping customers uncover insights into complex landscapes of patented technologies to support their strategic IP decisions. Cipher's classifiers are built from proprietary machine learning algorithms that map patents to technologies using custom and industry standard taxonomies.
"The combination of Cipher and LexisNexis will significantly enhance IP analytics," says Andrew Matuch, President of LexisNexis Intellectual Property Solutions. "Marrying the bespoke Cipher classifiers with our PatentSight analytics platform will allow our customers to view the world through their own technology lens, ultimately giving them a competitive advantage."
After the acquisition, Cipher will become part of LexisNexis® PatentSight®, the LexisNexis flagship IP analytics solution. With the addition of the Cipher classification capabilities, PatentSight customers will not only be able to build custom technology taxonomies based on how they view the world but also make those custom classifiers available across their entire IP department, providing a consistent understanding of the world's technologies.
"I'm delighted by the idea of joining the LexisNexis team on this journey to shape IP intelligence," said Nigel Swycher, CEO and one of the original Cipher founders. "This partnership will unlock potential, accelerating our goal to unleash the strategic value of patents for our customers and bringing Cipher to the global innovation community."
The addition of Cipher represents a further extension of LexisNexis Intellectual Property Solutions' vision to bring clarity to innovation and help companies globally bring important innovations into the world.
The transaction is subject to customary regulatory approvals and is expected to be completed during the first quarter of 2023. Financial details are not disclosed.