Press Release Summary:
Part of Revenue Management Suite, Managed Care Software is designed to capture lost revenues and minimize regulatory exposure. Program helps users set up variety of standard commercial and Medicare programs, as well as administer and maintain manufacturer and competitive data. Customers can also manage validations, review and edit utilization allocation to rebates, route for systemic approvals, and calculate, analyze, and pay claims via automated, process-driven tools.
Original Press Release:
Model N Announces First Fully Integrated Solution for Managed Care Contracts and Rebates Management
Growing Endorsement From Top 30 Pharmaceutical and Biotech Leaders Highlights Industry Momentum Around Integrated Solution to Capture Lost Revenues and Minimize Regulatory Exposure
REDWOOD SHORES, Calif., Nov. 28 /-- Model N, Inc., the pioneer in Revenue Management, today announced the industry's first solution for Managed Care Contracts and Rebates management, fully integrated with an end-to-end Revenue Management Suite that aligns both commercial and government contracting business processes. With new regulatory initiatives such as the Deficit Reduction Act and a better understanding of the realities of Medicare Part D impacts, manufacturers are now moving to implement systems that offer more flexibility, and better integrate commercial and government pricing, contracts and rebates processes. Top 30 leaders in pharmaceuticals and biotech have been rapidly endorsing Model N's uniquely integrated Revenue Management Suite to retool their revenue management infrastructure. The new Managed Care Contracts and Rebates application completes the suite, offering manufacturers a first of its kind, comprehensive solution for administering the entire contracting to claims to cash life cycle while providing companies with unprecedented visibility, control and regulatory compliance management.
"Model N's goal was to provide the pharmaceutical and biotechnology industry with a long anticipated solution for Managed Care as part of a comprehensive, integrated Revenue Management Suite," said Sujay Jadhav, Vice President and Life Sciences General Manager at Model N. " The company's rapid growth in 2006 reflects the growing demand for Revenue Management solutions that address the changing market dynamics. An overwhelming majority of companies making new revenue management software decisions selected Model N as the solution of choice this last year. These successes, along with strong demand from existing customers to extend their Revenue Management footprint, have propelled Model N to over 80% growth and a leadership position in the industry. The announcement of a Managed Care solution enables the industry, for the first time, to assemble an infrastructure to automate the end-to-end revenue life cycle while ensuring compliance and eliminating the risk of revenue leakage."
The Next Generation for Managed Care
Based on extensive research and feedback from users of legacy Managed Care rebate management tools, Model N designed its Managed Care solution to enable current company best practices while ensuring an intuitive and highly improved user experience. The solution addresses the data and business process integration challenges that are the weak links in current industry implementations. Model N's solution makes it much easier for users to set up a variety of standard commercial and Medicare programs, administer and maintain manufacturer and competitive data, including market basket definitions and plan eligibility rules. Customers can now also manage validations, review and edit utilization allocation to rebates, route for systemic approvals, calculate, analyze and pay claims via intuitive, automated and process driven tools.
With the Model N Managed Care solution, customers will gain all of the capabilities required to enable the most commonly used drug rebate incentive terms and benefits, as well as support for meeting the data processing volume requirements of major pharmaceutical companies. This ensures accurate and timely rebate processing and payment timelines and gives companies the flexibility to stay abreast of changing federal and state government requirements by integrating seamlessly to the Model N Government Pricing and reporting applications. For example, this unique integration with Government Pricing will enable automated resubmissions to prior period Managed Care Rebates to trigger the appropriate government pricing recalculations and re-filing while providing analysts with real-time alerts when such changes are triggered. Legacy approaches have struggled to import data between applications, but Model N Revenue Management integrates the end-to-end business processes at both the data and process levels.
Local Showcase Opportunities
Companies interested in information about acquiring or replacing managed care solutions can take advantage of a unique Managed Care Showcase program being conducted by Model N and its industry consulting partners in December and January. Scheduled sessions are being made available in local offices or on customer premises across the country. The program gives decision makers a unique opportunity to personally meet with managed care experts and Model N to review the new solution while reviewing and planning their options for including the application in their Revenue Management plans. Inquires and requests for scheduled sessions can be directed to Gopkiran Rao at email@example.com.
About Model N
Model N is the leader in Revenue Management solutions, offering an integrated suite of applications for pricing, contracts, compliance, rebates, fees, and chargebacks optimized for the industry practices of life sciences companies, with the only integrated government pricing and Medicaid claims processing capabilities in the industry. Enabling the creation of a seamless, end-to-end process from pricing through settlements payment, Model N's uniquely integrated approach eliminates revenue leakage and delivers the visibility and controls needed to avoid the risks of non-compliance to government pricing and Sarbanes-Oxley regulations. Customers include Actelion Biopharmaceuticals; Axcan Pharma; Boston Scientific; Bristol-Myers Squibb; CoTherix, Inc.; Gilead Sciences; MedImmune, Inc.; Medtronic, Inc.; Novo Nordisk, Inc.; Ortho-Clinical Diagnostics, a Johnson & Johnson company; and Pfizer, Inc. Model N is located in Redwood Shores, California. For additional information visit www.modeln.com .
NOTE: Model N is a mark of Model N, Inc. All other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.