Revolutionizing the Prescription Cost Management Process: ExpionIQ Advisor Uses AI to Automate RFPs and Reduce Error Rates
In August 2023, the IT team at Expion launched an internal project to automate the intricate underwriting process for prescription cost management. The initiative was led by two AI developers who created ExpionIQ Advisor, a tool that utilizes linear regression, multiple algorithms, and custom AI models to automate prescription RFPs.
After six months of development, the IT team plans to enhance the application further by incorporating the XGBoost machine learning software library to forecast medication use in covered populations. According to Kumar, ExpionIQ Advisor has significantly reduced the time required to calculate necessary figures for an RFP from days to just a few hours.
The tool also enables employees to verify its accuracy, ensuring that any potential errors can be rectified swiftly. Kumar states, “Now I know exactly what math we are using and what risks we are taking. Even if the model predicts something incorrectly, we are equipped with the knowledge to address the issue.” Previously, mistakes could be easily made without proper knowledge of the underlying math. However, automatic alerts now notify the team if the model deviates from expected results.
ExpionIQ Advisor is accessible through a web-based .NET application that serves as its front end. Underwriters and other users can access the system and review data easily while performing final computations and generating printouts for clients in a user-friendly format.
