The pharmaceutical industry is continually changing. Along with constant pressure to reevaluate modeling, pricing, and contracting strategies, you also could be subject to myriad new regulatory requirements. While it’s impossible to predict which changes will take place, you need to start planning now to understand the possible impacts and prepare your response because if they do come to pass, they’re likely to happen quickly.
In the webinar, “Revolutionizing Commercial Operations: The Power of People, Process, and Technology,” Tracy Mumpower, Director of Business Services at Model N, discusses the complex landscape manufacturers are facing today. Along with highlighting the biggest challenges and solutions for operationalizing payer and provider rebates, Tracy offers valuable advice based on her experience overseeing the processing of Commercial rebates and fees, Medicaid claims, TRICARE, and the Coverage Gap Discount Program for more than 100 Model N clients.
The keys to administering and processing commercial rebates and fees in this market are people, process, and technology. And here are three ways you can address your operational challenges while focusing your business and IT resources on driving innovation, solving strategic challenges, and moving your business forward.
- Communication is key to linking your strategy to operations.
Without cross-functional communication, things can quickly go off the rails. Sometimes strategies sound great on paper, but the operational aspect and even the government programs’ impact are overlooked. By facilitating discussions with all internal stakeholders, every functional area can better understand downstream impacts. This allows your organization to stop operating reactively and seize opportunities for competitive advantage. - Formulary compliance is one of the most compounding issues for payer contract administration.
Finding and reviewing formularies is a time-consuming and manual process – one that takes your resources away from higher value and strategic activities. By implementing a formulary verification program, you can generate insight into contract and formulary compliance, reduce revenue leakage, eliminate pay-and-chase disputes, and improve sales and market share. - You need more than data; you need insights.
Transactional data is rich in information for operations, management, and sales teams. However, manufacturers often struggle with the right combination of resources and technology to manage the technical aspect of their large datasets while understanding the business behind the data. Leveraging technology and advanced analytics from companies like Model N gives you the capabilities to maximize the value of your data and disseminate actionable information to the right stakeholders through meaningful reports and dashboards.
Achieve Operational Excellence
Learn how you can harness the power of people, process, and technology to effectively administer contracts, improve operations, and maximize your data.
