Redwood Shores, California (PRWEB) December 10, 2009
Model N, Inc., the leader in Revenue Management solutions, today announced the launch of Release 5.4 of its industry-leading Pharmaceutical and Medical Technology Revenue Management Suites. Developed in response to customer feedback and industry needs of an increasingly globalized and evolving Life Sciences marketplace, the new release delivers invaluable international functionality, advanced analytics, and expanded regulatory controls to Model N customers. Release 5.4 seamlessly integrates with SAP, Oracle, and other leading ERP systems to establish an integrated Revenue Management ecosystem that drives sales effectiveness, improves financial and regulatory integrity, and enhances controls and visibility across global business operations.
Release 5.4 adds powerful new functionality across the suite to support international Revenue Management strategies including on-invoice and off-invoice free goods, step pricing, and volume discounts. It also expands the Model N Suite's robust analytics capabilities with Performance Analytics, which enables Life Science organizations to utilize the tremendous data in their Revenue Management systems to understand what is driving their business -- what to change and what to emphasize -- including pricing strategies, customer performance, product and market performance, root causes of revenue and margin erosion, and more. In addition, Release 5.4 extends the suite's regulatory footprint with the industry's first commercially available Discount Reallocation Management solution and improves Price Type Builder functionality by giving authorized users the power to dynamically change calculation methodologies.
Setting New Standards in Innovation
Enhanced Support for International Revenue Management
In response to the needs of international customers coping with expanding global footprints, Release 5.4 adds key product capabilities and enhancements to support complex, multi-division, multi-country, multi-currency, and multi-time zone operations, including:
- New pricing methodologies to support step pricing/rebates and order quantity discounts on contracts
- End-to-end support for on-invoice and off-invoice free goods strategies
- Ability to price items and qualify for rebates using alternate units of measure
- Powerful price waterfall visualization, integration, and drill-down capabilities that incorporate on- and off-invoice incentives
- Improved support for international chargebacks installation, including additional validation
- Enhanced support for creating and managing multiple organizations, business segments, and documents in a hierarchy
With these additions, Model N Release 5.4 can more effectively support the contracting, pricing, and settlements processes and strategies used in international business.
Powerful Performance Analytics
The anchor in Model N's Revenue Management Intelligence Framework, which also includes Model N Revenue Planning Intelligence and the forthcoming Opportunity Analytics solutions, Performance Analytics provides the models, dashboards, and data visualization Life Science organizations need to answer strategic and tactical questions and drive measurable initiatives. Key benefits of Model N Performance Analytics include:
- In-depth analysis to measure business performance in multiple dimensions
- Powerful visualization tools designed specifically for Life Science KPIs
- Dynamic "slice-and-dice" and drill-down capabilities through multiple levels and analysis models
- Dynamic access to the full set of Model N Revenue Management data, with the ability to include third-party data
- Information sharing between historical data and scenario modeling data
- A codified approach that allows full control and audit trails over performed analyses
Already deployed at several leading Life Science companies, Performance Analytics increases visibility into critical performance data such as period sales comparisons, sales force effectiveness, gross-to-net by channel, price waterfall, accruals vs. actuals, Medicaid sales by state, price distribution scatter, and more.
Industry-First Discount Reallocation Management
Model N Discount Reallocation Management (DRM) provides pharmaceutical manufacturers with powerful tools to flexibly set, control, execute, and audit reallocation policies and reallocations consistent with government price reporting policies resulting from implementation of the Deficit Reduction Act (DRA). Part of the integrated Model N Life Sciences Revenue Management Suite, DRM is built on a scalable architecture that seamlessly works with other Model N applications while also operating with other source systems. With DRM, manufacturers can:
- Reallocate discounts and price concessions correctly, verifiably, repeatably, and auditably
- Increase visibility into and control and compliance over reallocation methodologies
- Reduce or eliminate manual reallocation efforts through automation, flexibility, and built-in accelerators
- Ensure reconciliation with government pricing and financial systems for financial control
DRM can operate as a standalone application or integrate with Model N's Government Pricing, Contract Management, Chargebacks, Institutional Rebates, and Managed Care solutions to deliver maximum performance and value.
Additional Capabilities in 5.4
In addition to Performance Analytics, DRM, and International Revenue Management, Release 5.4 introduces numerous customer-requested solution enhancements and platform updates, including:
- Enhanced Accrual Management: Provides organizations with the ability to set accrual levels for any rebate program, which is used to accurately calculate accrual amounts in a timely manner and send the data to ERP with a built-in real-time integration capability that minimizes discrepancies between accruals and actuals
- Price Type Builder Version 2: UI-based formula builder in Model N Government Pricing allows business users to directly add data sources, define their own smoothing methodology, change formulas, and display intermediate calculation results
- Improved Visibility to Claim and Program History in Model N Medicaid Claims: Allows users to view the history of any program and view claim history from within the claim
- Standalone FSS Compliance: Grants customers the flexibility to run Model N FSS Compliance without Model N Government Pricing installed
- Improved Scenario Options for Model N Revenue Planning: Allows users to run "what if" options within an analysis and explore the effects of possible future events, including an out-of-the-box Medicare ASP forecasting model, as well as other drivers such as WAC increases, regulatory changes, and new product launches
- Expanded Support for Highly Sophisticated Rebate Structures: Allows the configuration of custom flags for direct, indirect, and custom sale lines, which provides more fine-grained control in defining sale line inclusions in rebate calculation
- Technology Platform Updates: Access control enhancements, database table partitioning capability, improved print template and contract authoring support, and more
"Regulations and protocols can vary from country to country, and actions taken by a sales rep in one area of the world can reverberate and wreak havoc on the expected pricing rates in another region," said Hussain Mooraj, Vice President and Head of Research at AMR Research. "Global companies looking for financial integrity with consistent, repeatable, auditable, and standardized practices that span contracting, pricing, and channel incentives should start evaluating Model N Release 5.4 now."
"The new paradigm for Life Science Revenue Management is 'global, analytical, and in control,'" said Dale Hagemeyer, Research Vice President at Gartner. "The global nature of the Life Science industry mandates that companies leverage Revenue Management technology and best practices across their worldwide business. With the margin and corporate performance pressures more acute than ever, Life Science companies need to increase transparency throughout the entire organization."
"The Life Science industry is becoming increasingly globalized and operationally complex each passing day," said Sujay Jadhav, General Manager, Model N Life Sciences. "Release 5.4 addresses these trends with powerful new analytics and regulatory solutions, a growing commitment to international business needs, and improved functionality that allows our customers to focus on the big picture of increasing shareholder value. With more than 30 go-lives and several global top-ten customer wins over the past year, Model N has become the vendor of choice for Life Science leaders looking to reduce financial risk and improve the bottom line in a tough economy."
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. http://www.modeln.com.
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.
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