In our previous post on state price transparency, we provided a brief overview of why states are enacting transparency regulations, what these rules entail, and why compliance is challenging. Now we will explore how pharmaceutical manufacturers can rely on Model N to help them streamline the process and minimize the risk of non-compliance.
Pharmaceutical manufacturers are obligated to report product and pricing information to states that have enacted drug price transparency mandates. Currently, 22 states have rules in place, but the landscape continues to evolve as these states amend their regulations and new states propose and pass legislation.
Because there is little commonality across the reporting requirements from state to state, manufacturers often struggle with the different rules, filing formats, and deadlines, as well as keeping up with changing legislative activity.
Model N has introduced two purpose-built solutions to help manufacturers comply with the vast set of state-specific rules, formats, and timelines, while simultaneously facilitating complete traceability and standardization. State Price Transparency Management is the SaaS solution that combines automation, intelligence, and visibility to operationalize the process.
Whether manufacturers choose to let Model N manage the process from end to end or integrate our new application into their Model N Revenue Cloud and other systems, our state price transparency solutions solve the five key challenges associated with ensuring compliance.
Manage legislation rules
Instead of relying on spreadsheets and other manual tools, manufacturers can now remain up to date with legislative rules with a single solution. Regardless of whether they use our application directly or outsource their process to Business Services, manufacturers can easily track and document regulations, modify rules as regulations change or new ones are introduced, and record all activity for evidence collection in the event of an audit.
Create disclosure templates
Because each state defines what to disclose, how to disclose, and to whom you should disclose differently, our solutions create templates to streamline this process. Report templates address unique reporting needs, including triggering events, data fields, rules, and formats.
Autogenerate content
To ensure state-specific timelines are always met, our state price transparency solutions autogenerate reports based on each state’s unique triggering events. Necessary data is automatically imported, reducing the risk of missed information and eliminating the need for duplicate work.
Make data-driven pricing decisions
Some pricing decisions may trigger statutory reporting thresholds. What-if analysis simulates potential downstream impacts of future pricing or product events, such as a price increase or a product launch so manufacturers can make informed decisions.
Improve cross-departmental collaboration
States often require documentation that spans different organizational functions, including marketing, R&D, finance, pricing, regulatory, and legal. Our solutions facilitate strategic planning, data gathering, and collaboration across these departments through approval workflows, user-specific dashboards, and scheduled report calendars.
State Price Transparency Management and Business Services for State Price Transparency provide the capabilities to make the process of providing information to report product and pricing reporting states more efficient. To see how Model N can help you mitigate risk and nimbly respond to regulatory changes, schedule a meeting with our revenue experts. And be sure to read our next blog post on state price transparency, in which we will explore 30-day wholesale acquisition costs and the importance of automating cost-of-treatment data.
