Redwood Shores, CA (PRWEB) September 23, 2009
Model N, Inc., the leader in Revenue Management solutions, announced the launch of its Discount Reallocation solution for Pharmaceutical manufacturers at IIR's Medicaid Drug Rebate Program (MDRP) Conference in Chicago. Available in version 5.4 of the Model N Life Science Revenue Management Suite, Discount Reallocation Management is the first commercially available industry solution designed to help manufacturers avoid hefty fines due to noncompliance with government price mandates in the Deficit Reduction Act (DRA) concerning bundled drug sales.
Seamlessly integrated with existing solutions in the Model N Regulatory Suite, Discount Reallocation Management allows pharma and biotech manufacturers to create and manage reallocation policies and accurately tabulate reallocated discounts for their bundled sales contracts. The solution gives manufacturers complete control over the entire reallocation process, freeing them from the uncertainty of risky home-grown workarounds and the inefficient bolt-on offerings currently found in the marketplace.
In addition, Model N Discount Reallocation Management allows pharma and biotech companies to explore creative incentive programs that utilize bundled sales to gain market share. By providing clear visibility and control over the reallocation process, the solution presents manufacturers with a better understanding of the financial impact that commercial bundled sales incentives have on government business and the tools to avoid noncompliance if such strategies are pursued.
Discount Reallocation Management can operate as a standalone module or integrate with Model N's Government Pricing, Contract Management, Chargebacks, Institutional Rebates, and Managed Care solutions to deliver maximum performance and value. The solution utilizes active reallocation policies to create reallocated discounts. The reallocations can be performed automatically or manually triggered. Results can be reviewed, re-calculated, overridden, approved, and published. Government pricing calculations determine whether or not to use the published results on a price-type by price-type basis.
Key benefits of Model N Discount Reallocation Management include:
- Improved compliance through standardized policy setting and revision mechanisms
- Ability to scale the reallocation process as the number of transactions for reallocation increase
- Automation that reduces reallocation manual errors and decreases staff burden during the government price reporting process
- Ability to reallocate discounts from millions of transactions in overall data sets of more than 50 million transactions
Model N at MDRP 2009
Model N is a proud sponsor and presenter at IIR's 14th annual MDRP Conference in Chicago this week. The conference delivers three days of insights and discussion from industry insiders, CMS representatives, legal experts, and leading pharmaceutical manufacturers. On Tuesday, September 22, Model N Vice President Ali Tore discussed Discount Reallocation Management in the following session: "At the Crossroads of Change: Why Tricare, Discount Reallocation, and the 2010 Budget Mandate a New Approach to Pharma Planning and Forecasting."
On Tuesday evening, Model N also hosted its annual off-site dinner for conference attendees. The popular event provides a relaxed forum for attendees to network and share best practices around regulatory mandates.
"Discount reallocation for bundled sales has been an increasing concern for many mid- to large pharmaceutical and biotech manufacturers since the Final Rule of the DRA was issued," said Sujay Jadhav, Life Sciences General Manager at Model N. "Model N has been at the forefront in developing solutions that mitigate the regulatory and financial risks in government lines of business, and this robust solution continues that trend by providing the visibility, reproducibility, reporting, and traceability manufacturers need to successfully manage their bundled sales pricing obligations."
About Model N
Model N is a leader in Revenue Management solutions, offering an integrated suite of applications for analytics, pricing strategy and execution, contracts, compliance, and settlements optimized for the industry practices of Life Sciences and High Tech companies.
Model N is a mark of Model N, Inc. All other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.