Model N Unveils Innovative Data Solutions for Life Sciences Manufacturers: Syndicated Customer Master and Formulary Compliance

Model N has unveiled two innovative data solutions called Syndicated Customer Master and Formulary Compliance. These solutions aim to help life sciences manufacturers by providing faster access to insights, enhancing decision-making processes, and ensuring compliance with regulations.

Model N, a company specializing in maximizing revenue and ensuring compliance, introduced two new data solutions tailored to the specific needs of life sciences manufacturers. These solutions, Syndicated Customer Master and Formulary Compliance, were developed in collaboration with top companies in the life sciences industry to tackle pressing issues with substantial effects on business. By incorporating input from a wider range of market stakeholders, these solutions target key scenarios that can lead to better decision-making, quicker access to insights, improved revenue generation, and adherence to regulations.

Biju Davis, Model N's Senior Vice President of Engineering, explained that their latest integrated data solutions, Syndicated Customer Master and Formulary Compliance, specifically target the issues of data accuracy and contract compliance faced by top life sciences companies. These solutions aim to tackle the common problems of inconsistent master data sets and incorrect formulary positions that often lead to revenue loss in the industry.

Based on Model N's 2024 State of Revenue Report, over 50% of life sciences leaders consider ensuring data accuracy a major obstacle in handling customer data. Having outdated and incorrect customer information can result in pricing mistakes, invalid chargebacks and rebates, damaged customer connections, and difficulties in government reporting and compliance.

Model N's Syndicated Customer Master effectively meets these requirements by improving the quality of master data, making rebate and chargeback processes more efficient, and ultimately increasing revenue optimization. This solution can easily integrate third-party data to ensure scalability and prevent inaccuracies in pricing and rebates caused by mismatched customer identifiers. Furthermore, the solution enhances precision in chargeback processes by utilizing up-to-date purchasing data and improves customer satisfaction by providing accurate pricing and eligibility information.

Enhancing patient access through adherence to formularies is important for ensuring patients can receive necessary treatments. However, the multitude and intricacy of drug plans utilized by pharmacy benefit managers for millions of individuals pose difficulties for drug manufacturers. Accidental non-compliance could hinder patient access and result in financial losses due to overpaying rebates, creating tensions between PBMs and payers.

Model N's latest Formulary Compliance feature helps ensure that patients can access medications accurately, increases revenue, and enhances relationships with insurance providers. This solution provides companies with a reliable and comprehensive formulary database, which offers insights into compliance trends that can assist in negotiations with customers.

Formulary Compliance is seamlessly combined with Model N's Validata and Payer Management solutions to provide a complete solution for overseeing payer contracts and identifying incorrect rebates before payments are finalized. This eliminates the industry practice of having to chase down payments after they have already been made.

Suresh Kannan, Chief Product Officer at Model N, mentioned that the company's new integrated data solutions were developed in collaboration with customers and innovation partners. These new solutions will be added to Model N's product portfolio, with a focus on meeting the business priorities and industry needs of their customers through an innovation-driven strategy.

Both options were introduced and showcased at Rainmaker, a top revenue management conference hosted by Model N in Austin, Texas last month.

For additional information on Syndicated Customer Master and Formulary Compliance, you can visit the website modeln.com.

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