Globally, healthcare costs are coming under scrutiny like never before. Everywhere in the world – whether European countries, Canada, Australia and even emerging markets – more pharmaceutical [...]
Pharmaceutical leaders implement Model N to improve margins and mitigate risk, as surveys highlight growing urgency in responding to global pricing pressures. REDWOOD SHORES, CA – January 23, [...]
Pharmaceutical leaders implement Model N to improve margins and mitigate risk, as surveys highlight growing urgency in responding to global pricing pressures.
REDWOOD SHORES, CA – January 23, 2014 – Model N, Inc. (NYSE: MODN), the leading revenue management solutions provider to the life science and technology industries, today announced the opening of Early Bird Registration for its tenth-annual industry gathering of revenue management professionals,RAINMAKER 2014. Executives and revenue experts across the life sciences and technology industries will gather this April 23-24, 2014 at the Westin Savannah Harbor Golf Resort and Spa. RAINMAKER is the largest global summit for executives and revenue managers. This annual event is where leaders and innovators in this rapidly growing global community can experience the power of revenue management first hand. Last year’s summit drew over 400 attendees. Industry decision makers made up over 75 percent of customer and prospect attendees. This year, Early Bird Registration offers a discount of $300 off the summit’s regular registration fees. Attendees of RAINMAKER 2014 will benefit from:
- Two days of revenue management thought leadership, keynotes, workshops, and breakout sessions highlighting industry trends and developments, best practices, and success stories.
- Outlook into why leading life science and technology companies are putting revenue management at the top of their strategic agendas for 2014 and beyond.
- Networking with over 400 industry peers and decision makers during conference activities and evening events.
- Attendees will also get introduced to Model N’s new multi-tenant SaaS Revenue Management platform, REVVY, and its first solution offering on that platform, REVVY CPQ. REVVY CPQ extends Revenue Management to sales to create an end-to-end process for managing and growing revenue.
The theme of this year’s RAINMAKER 2014 event is Insight2Action highlighting the power of connecting Revenue Management execution with the insights to continuously optimize.
“We have moved beyond the early adopters who understand that if you want to grow revenue, you have to systematically manage the processes that generate it,” said Ken Pulverman, vice president of corporate and product marketing at Model N. “At RAINMAKER 2014 we want to showcase how our customers are taking the insights that Model N reveals and turning these insights into opportunities to take concrete actions to grow revenue.”
Early Bird registration is open for a limited time. Model N invites customers, partners and industry leaders to take advantage of this opportunity as soon as possible. For more information on RAINMAKER 2014 please visit: /rainmaker.
About Model N
Model N is the leader in Revenue Management solutions. Model N helps its customers maximize their revenue and reduce revenue compliance risk by managing every dollar that impacts their top line encompassing contracting, pricing, incentives, and rebates. Model N leverages its deep industry expertise to support the unique business needs of Life Sciences and Technology companies in more than 50 countries. Global Customers include: Actavis, Allergan, Atmel, Bristol-Myers Squibb, Dell, Johnson & Johnson, Linear Technology, Merck, Marvell, Maxim, Micron, Nokia, Novartis, Novo Nordisk, ON Semiconductor, and STMicroelectronics. Learn more at: modeln.com. Model N is traded on the New York Stock Exchange under the symbol MODN.
Model N® is the registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.
When it comes to enterprise solutions, organizations normally gravitate to just a handful of vendors. Whether it’s SAP, Oracle, or another major player, the list is pretty short, and [...]
When it comes to enterprise solutions, organizations normally gravitate to just a handful of vendors. Whether it’s SAP, Oracle, or another major player, the list is pretty short, and unfortunately the cost per solution is high. Enterprise solutions often end up costing millions, or even tens of millions, of dollars.
Since these systems are such large investments, companies tend to stretch their capabilities to ensure a positive ROI. For instance, they will try to leverage systems for functionalities that simply aren’t within their scopes. This is common with ERP systems. However, there is another system that organizations extend beyond its means — Salesforce.com.
Salesforce.com has grown in popularity among companies, driving them to want to do everything within the system. According to the common adage, there’s an app for that, people generally expect simple solutions for just about every technological need. And while Salesforce.com is an easy solution for managing customer relationships, it’s not the right program for everything.
If your company attempts to use Salesforce.com to automate and streamline contract lifecycle management, you’re missing out on key steps and critical functionalities. From a contracting perspective, organizations should only use Salesforce.com for three things:
Sales teams tend to think that they only need to be able to search for existing agreements, request new agreements, and track the status of an agreement when managing contracts. And in that case, since much of this information lives in Salesforce.com, many sales teams attempt to leverage the system to execute the entire contracting process.
However from a contracting perspective, Salesforce.com lacks critical functionality that is essential to successful automated contract management, such as authoring, rendering, redlining, and approving. Salesforce.com doesn’t effectively manage these functional requirements of contract management. Because of this, companies should adopt a full-fledged contract management system.
Here are three reasons why proper contract management is best performed in a focused contract management solution:
1. Functionality. Salesforce.com is the clear leader in CRM, but contract rendering, authoring, reviewing, redlining, approving, storing, and securing aren’t key customer relationship functions. These steps require contract expertise, and must be completely auditable and secure. Organizations that bog down their CRM solutions with other functions often see a decreased performance in the true CRM capabilities (the reason for the purchase in the first place).
2. Scalability. As businesses grow, so do their contract volumes. Systems unprepared to handle large quantities of documents fail to scale when an organization needs it most.
3. Licenses. The number of people needed to move a contract from initiation through approval can end up being much larger than originally anticipated. Sales, marketing, administration, contracting, legal, finance, channel management, and procurement each have their own role in the contracting process. Now think about how many of these departments currently have access to Salesforce.com. The number of Salesforce.com licenses required might need to double, triple, or more to ensure all the right people have access. And that’s not practical or cheap.
Most organizations seek the maximum return on their enterprise software investment. However, forcing systems to work considerably outside of their “comfort zones” is a slippery slope. By stretching solutions in the search of maximum ROI, companies might cost themselves more in the end.
Organizations can source a dedicated contract lifecycle management system that integrates with Salesforce.com, but adopting a system that performs the contract heavy lifting outside of Salesforce.com is often a better solution. Organizations can still utilize Salesforce.com for contract initiation and monitoring, but by implementing a singular contract management system, organizations no longer have to fear the headaches associated with asking systems to work outside of their comfort zones.
Globally, healthcare costs are coming under closer scrutiny than ever before. In European countries, Canada, Australia and even emerging markets, medical products, services and devices are [...]
On Friday, January 27, 2012, the Centers for Medicare & Medicaid Services (CMS) published a Proposed Rule in the Federal Register (RIN# 0938-AQ41) to implement the Medicaid Drug Rebate [...]
On Friday, January 27, 2012, the Centers for Medicare & Medicaid Services (CMS) published a Proposed Rule in the Federal Register (RIN# 0938-AQ41) to implement the Medicaid Drug Rebate Program (MDRP) provisions of the Patient Protection and Affordable Care Act (ACA).
While the scope of the ruling is wide-ranging and provides manufacturers with a greater understanding of CMS’ position on critical concerns, it also does not answer many questions and will, in all likelihood, have a significant impact on manufacturers’ rebate liabilities and the cost of compliance. It is important to note that the CMS does not mention anything about retroactive applicability of any conditions in the proposed rule.
The Final Rule was expected to be released in 2012, then early 2013, then August of 2013, then January of 2014, and now as of last quarter this May. You can see the complete list of all the releases by the GSA on RegInfo.gov here and the specific record detailing the May, 2014 date here. Strangely enough the GSA deleted this 5th record on November 16th and then reinstated it on the 19th.
The ACA provisions impact the MDRP in a number of areas including the Average Manufacturers Price (AMP) calculations, Best Price (BP) calculations, and Unit Rebate Amount (URA) calculations. These areas are the basis for Medicaid rebates payable by manufacturers. Once the final ruling arrives, companies will need to quickly update their GP systems to bring them into compliance with the new formulas.
THE TOP 5 PENDING CHANGES
1. The AMP “presumed inclusion” was rejected and manufacturers are expected to trace sales to RCPs.
WHAT DOES THIS MEAN TO YOU?
The need to identify the end customers of retail community pharmacies means manufacturers will be required to develop infrastructure and new data collection processes and significantly change the relationship they have with wholesalers.
2. Non-5i drugs not distributed through RCPs are given a new category of eligible purchasers.
WHAT DOES THIS MEAN TO YOU?
The specific non-5i drugs have not been defined, nor has who exactly the non-RCP entities are. Even so, manufacturers will be required to categorize the purchasing entities to permit the calculation of AMP for these drugs.
3. 5i “not generally dispensed” status proposed to be continually reassessed by manufacturers.
WHAT DOES THIS MEAN TO YOU?
This will require new administrative process(es) and would be an added compliance risk. Also validating and changing on a monthly/quarterly basis would cause the AMP to vary greatly and make the additional rebate comparison to base date AMP variable highly erratic.
4. CMS proposes to expand the Rebate Program to include the U.S. territories – both for rebates and for calculations.
WHAT DOES THIS MEAN TO YOU?
Manufacturers will need to include Puerto Rico, the Virgin Islands, Guam, the Northern Mariana Islands and American Samoa in their definitions of “States” and “United States.” Adding these new territories will require new policies, procedures, additional headcount, and training programs in order to cope with these changes.
5. Referral to the OIG and significant civil money penalties are proposed for late filers.
WHAT DOES THIS MEAN TO YOU?
If a Manufacturer does not submit monthly AMP, monthly AMP units, quarterly AMP or quarterly Best Price within the 30-day reporting window, CMS will report them to the OIG and will subject late filers to civil money penalties of $10,000 per day per drug.
These changes will have a significant impact on manufacturers, from the way they shape their infrastructure, prepare for increased compliance requirements, as well as their ability to evolve existing wholesalers’ relationships to secure data requirements. At the forefront will be the creation of new capabilities in workflow design and in the adoption of technology enabling teams to minimize undesirable impact. The Model N’s regulatory solutions, by design, are able to help deal with the majority of the changes. Additional enhancements are being expedited to allow companies to meet the challenges of the Final Rule. Model N is committed to its partnership with the life sciences industry and help companies stay ahead of the game.