The life sciences industry – like many – is facing a global talent shortage. Organizations are struggling to find and retain people with industry-specific skills. What’s more, they’re also competing across sectors for talent in more generalized areas, like data analytics.
Stiff competition for talent and within the marketplace creates ongoing challenges for life sciences companies, but perhaps none feel these impacts more than startups and new divisions. With Model N Business Services, companies can address the three most common talent challenges with continuous access to highly experienced advisors and operations teams.
Challenge 1: Focusing headcount on what matters most
The core mission of a life sciences company is to bring new life-changing products to market. As a result, headcount is often prioritized on R&D and other strategically important activities. But that doesn’t mean commercial contracting and compliance aren’t necessary.
Model N Business Services fills the gap, executing your business processes with qualified and consistent staff. We uniformly apply pricing, contracting, and analytics processes across your organization and effectively manage your commercial access and government relationships – allowing you to focus time and resources on getting new products to the patients who need them.
Challenge 2: Staying ahead of change
In an industry that changes as quickly as life sciences, it can be hard to keep up. Sometimes existing talent may lack the necessary experience and skills to address new or evolving compliance standards. When unqualified people handle claims processing, rebate calculations, and verifications, inaccuracies and noncompliance can result – exposing your organization to risk of fines, revenue loss, and reputational damage.
Model N Business Services gives you continuous access to specialists with deep expertise in government programs, commercial contracting, finance, and analytics. They work in these fields day in, day out and have a deep understanding of federal and state requirements and the nuances of commercial operations. Not only will they execute your business processes consistently and expertly, but they will also advise you on complex pricing and contracting issues so you can optimize financial performance.
Challenge 3: Scaling your team as business dictates
Hiring processes and turnover are expensive. It takes time to fill positions and train new staff – time that you could be spending on strategic initiatives. This makes it even more important to protect your existing talent from burnout.
Model N Business Services provides you with organizational flexibility. We help your team respond to changing business needs – whether that’s volume, new markets, or evolving compliance requirements – without scaling your headcount.