If your company provides prescription drug benefits to employees, you most likely qualify to submit claims and receive recovery from pharmaceutical class action settlements. One key aspect of many pharmaceutical settlements is the requirement for data collection. In this post, we'll discuss why data collection is important in these settlements and how it impacts your claim.
Why Data is Often Needed to Submit a Claim
To file a claim, you must prove that your plan paid for the drug(s) involved, which means gathering claims data. Accurate and comprehensive data is essential to ensure your claim is processed correctly and that you receive the maximum payout.
Data is crucial when submitting claims in pharmaceutical settlements, and many settlements have data thresholds. In these cases, if your purchase volume meets a certain level, submitting data becomes mandatory to qualify for recovery.
Calculating Payout: How Data Supports Your Claim
Pharmaceutical settlements often distribute funds pro-rata, meaning your payout is calculated in proportion to the volume of purchases your plan made compared to others. Accurate data ensures your pro-rata share is calculated correctly, maximizing your payout.
What Data is Required to File a Claim
To submit a valid claim, you need to provide detailed proof of purchases, including:
Confirmation of Purchase
Total Purchased Amount
Purchase Details, including specific dates to confirm purchases fall within the settlement’s eligible time frame.
Where to Find Pharmaceutical Data
If your company uses a Pharmacy Benefits Manager (PBM), they should have records of all covered prescriptions. The PBM’s records will include details about which drugs were covered, the volume purchased, and the timing of those purchases.
How MCAG Can Help
Navigating pharmaceutical settlements can be complex, but MCAG is here to make the process easier. We offer full-service assistance to help maximize your settlement payout by:
Ensuring Data Completeness: We’ll review your data to make sure it meets settlement requirements.
Building Your Claim with Partial Data: In cases where complete data is unavailable, we can assist in constructing a claim with partial data.
Accessing Data: We’ll assist you in obtaining the necessary data from your PBM.
Audit Support: If the settlement requires an audit, we’ll guide you through the process to ensure your claim passes the review.
By working with MCAG, you ensure that your company’s data is leveraged to its fullest potential, increasing the value of your claim and ultimately maximizing the funds you receive.
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