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Leveraging AI to Optimize Savings

In today’s rapidly evolving digital landscape, Artificial Intelligence emerges as a beacon of opportunity, possessing the potential to streamline operations, enhance productivity, and unlock innovative solutions to complex challenges. With its ability to automate repetitive tasks, analyze vast datasets, and even offer predictive insights, AI can make work more efficient and optimize outcomes. In fact, according to a Forbes Advisor survey, around 56% of businesses are adopting some form of AI to automate and improve business operations. Levrx Technology is embracing Machine Learning AI to bolster the patient experience and provide the best cost-effective recommendations with a Mobile App, while also understanding its limitations and concerns to create a sound balance between efficiency and user interests.

At Levrx, Machine Learning AI is used in the Savings Center to revolutionize opportunities that allow users to cut costs. On a surface level, the Savings Center uses data to find and proactively recommend ways for members to save money. It does this by taking into consideration numerous factors – such as a user’s entire medication history, clinically validated medication alternatives, and various pharmacy programs – and examining opportunities as a whole to suggest the best net savings option for a member. 

When looking deeper into how the Savings Center is informed, we see that it uses data to do extensive predictive analysis and analyze trends across the data to narrow in on the best options. For example, if medications seem to be consistently cheaper overall at a specific pharmacy, the technology will look into how many more individuals could save if they buy from this location. Datasets containing users’ medications and pharmacies inform the AI’s decision; based on these factors, the suggestions are made in accordance with the client’s ruleset and clinical advice. For example, a pharmacy switch solution may be prioritized over a lower cost medication alternative to lead the member to the best option. 

Even with such progress, it’s important to recognize that alongside AI’s transformative potential, there are concerns regarding ethical implications and the need for robust regulations to ensure responsible AI deployment. A common concern with AI is the lack of diverse datasets to minimize bias and ensure objective decision-making. 

At Levrx, the starting datasets are based on the specific client information currently in their database, which can narrow the predictions, but they take this into account when reviewing the predictions and are actively working to improve this as they expand their reach, striving to manage this limitation of AI and create the best outcomes for users. Additionally, each time the software conducts an analysis, the algorithm continues to learn and improve – with much improvement already being seen – through the savings opportunities that have already been pulled and stored in a cloud warehouse for reimplementation. To protect the data being used, compliance and security measures are kept in place through a standard of controls implemented based on NIST, HIPAA, and industry practices.

Navigating the intricate terrain of AI integration requires striking a delicate balance between harnessing its power and addressing its inherent risks, ensuring that its incorporation is both technologically advanced and ethically sound.

This technicality translates into something much simpler for the user: instant benefits. Through AI, the Savings Center significantly simplifies the process of comparing the various alternatives for a user, and instead presents them directly with their best option without any work on their end. In Levrx’s Mobile App, members are proactively notified when savings opportunities are available, through both push notifications and popups on the app clearly directing users to big savings. 

At Levrx, the potential of Artificial Intelligence is being harnessed for progress and to ensure that individuals have easy, transparent, and direct access to their medications for the most desirable health outcomes.