For life sciences manufacturers, ensuring customer data accuracy is critical to enabling efficient processes, accurate pricing, better decision-making, and improved customer relationships. Yet, traditional methods of managing customer data often fall short, leaving organizations grappling with complexities, inefficiencies, and inaccuracies.
Challenges of Managing Customer Data
Life sciences organizations confront a myriad of challenges in manually managing customer data. The complexity, volume, resource intensity, and constant flux of data make ensuring accuracy and consistency a laborious manual task. Outdated or incorrect customer data can have far-reaching implications, from inaccurate pricing to compliance issues with government reporting.
According to the 2024 Model N State of Revenue Report, data accuracy (52%) and updating and maintaining data (50%) are cited as the top challenges by life sciences executives in managing customer data.
Introducing Model N Syndicated Customer Master
Designed to address the inherent challenges of managing customer data swiftly and efficiently, Model N Syndicated Customer Master offers many benefits:
- Cost-Effective Scalability: Syndicated Customer Master provides a comprehensive database of validated provider customer identifiers and affiliations by seamlessly integrating with Model N provider management functionality and third-party data sources. This integration allows companies to reduce costs and scale internal teams, freeing up valuable time for analyzing results rather than validating data manually.
- Accurate Pricing and Payments: Prevent ineligible customers from receiving ineligible discounts, rebates, and pricing, ensuring customers get the right price right from the start, thus increasing customer satisfaction. Ensure rebate accuracy and government price reporting compliance by consistently updating the database with all available identifiers.
- Eliminate Revenue Leakage: Access to an always current customer master eliminates revenue leakage by providing accurate and timely group purchasing organization membership and eligibility information. With automatic updates, organizations can improve chargeback accuracy and foster stronger partnerships, leading to increased sales revenue.
Schedule a Demonstration Today
Don’t let outdated processes hinder your organization’s growth and profitability. Schedule a demonstration today to discover how Model N Syndicated Customer Master can help you optimize customer data management, reduce revenue leakage, and improve relationships with payers.
