Model N, the leader in revenue optimization and compliance unveiled two new integrated data solutions that address critical business needs for life sciences manufacturers. Syndicated Customer Master and Formulary Compliance were designed in close partnership with the world’s leading life sciences companies to address pressing industry challenges with significant business impact. These solutions, designed with broader market input, address high-value use cases that drive informed business decisions, accelerate time to insight, strengthen revenue optimization, and support compliance.
“Model N’s new integrated data solutions, Syndicated Customer Master and Formulary Compliance, directly address the need for data integrity and contract adherence for leading life sciences manufacturers,” said Suresh Kannan, Chief Product Officer at Model N. “Disparate master data sets and inaccurate formulary positions are common reasons for lost revenue among life sciences manufacturers, which our two new solutions address head-on.”
Enhancing master data with Syndicated Customer Master
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According to Model N’s 2024 State of Revenue Report, more than half of life sciences executives cite data accuracy as a top challenge when managing customer data. Out-of-date and inaccurate customer data leads to pricing errors, invalid chargebacks and rebates, strained customer relationships, and issues with government reporting and compliance.
Model N’s Syndicated Customer Master seamlessly addresses these needs – enhancing master data quality, streamlining rebate and chargeback accuracy, and ultimately driving enhanced revenue optimization. The solution offers scalability through third-party data integration and guarantees pricing and rebate accuracy by eliminating misaligned customer identifiers. Additionally, the solution improves chargeback precision using current purchasing data and enhances customer satisfaction with accurate pricing and eligibility.
Improving patient access with Formulary Compliance
Formularies are a crucial mechanism to ensure patient access to therapies, yet the sheer volume and complexity of drug plans used by pharmacy benefit managers (PBMs) across millions of covered lives present ongoing challenges for manufacturers. Inadvertent non-compliance may negatively impact patient access and lead to significant revenue loss through rebate overpayment, causing friction between PBMs and payers.
Model N’s new Formulary Compliance ensures accurate patient access, optimizes revenue, and improves relationships with payers. The solution grants companies access to a comprehensive, reliably sourced, and maintained formulary database, offering valuable insights into compliance trends to support customer negotiations.
Fully integrated with Model N’s Validata and Payer Management solutions, Formulary Compliance offers a comprehensive end-to-end solution for managing payer contracts and flags inaccurate rebates before payments are settled – ending the challenging industry practice of “pay and chase.”
SOURCE: GlobeNewswire