The life sciences industry is constantly evolving. New and changing regulations impact business processes and pose the potential for revenue loss or worse yet, fines and reputational damage. Competition for talent and customers is fierce. And the cries for greater pricing transparency grow louder as people become more concerned about the rising cost of healthcare.
Developed for the life sciences industry, Model N Business Services combines people, process, and analytics – all of which are powered by innovative technology – to help companies overcome the five key challenges they face on a day-to-day basis.
1. Closing skill and knowledge gaps.
Prioritizing product development is crucial to your success, but you still need qualified and experienced staff to execute your business processes and manage commercial access and government relationships. Model N Business Services enhances your team with experts who specialize and work in government programs, commercial contracting, finance, and analytics on a daily basis. These advisors and operations teams fill gaps in your organization, relieve overburdened staff, and help you focus on strategy.
2. Understanding and staying ahead of changing regulations.
According to life sciences executives surveyed for the 2021 State of Revenue Report, 98% experience revenue loss due to regulatory compliance. Model N Business Services helps mitigate this risk. Our experts have a deep understanding of federal and state regulations and how they impact commercial performance – and we apply this expertise to uniformly executing your business processes to ensure continued compliance.
3. Extracting value and insight from operational data.
Data is meaningless unless you can use it to make better decisions, track trends, and gain a better understanding of your business; and you must have continuous access to this data. Leveraging modern analytics technology, Model N Business Services enables you to access your data directly within our systems, and turn large, complex transaction data into meaningful and actionable insights to forecast market potential, identify potential risks, and evaluate scenarios.
4. Increasing process efficiency.
Manual and homegrown systems are time-consuming and create silos throughout an organization. Model N Business Services provides an expert operations team backed by an innovative technology platform that unifies pricing, contracting, and analytics processes across your organization. Plus, it eliminates the need for capital outlays for hardware and software.
5. Reducing unpredictability.
Best of all, Model N Business Services enables you to scale your team and processes based on your business requirements – giving you the flexibility to address market, regulatory, and business changes.
Contact us if you’d like to learn more about how Model N Business Services can help you manage your commercial operations and compliance profitably.
