Business priorities change, and it’s imperative for us to keep a pulse on our customers’ needs to ensure their ongoing success with every release cycle. Our customers expect that every release should enable them to derive more benefits from their current investments in Model N solutions. But they also want to be prepared for what’s around the corner when market conditions change to effectively optimize revenue and ensure compliance.
With the latest Model N 2023 release, we’re delivering new and improved features and products that add value to your existing Model N portfolio. Our customers will benefit from innovations that will make you more agile in coping with the continuous changes in revenue management technologies and best practices in an increasingly global economy. The result? An overall enhanced customer experience.
Here’s what to expect with the Spring 2023 release:
- Streamlined clicks to boost usability
- Reinforced infrastructure that encourages and enables continuous market innovations
- Expanded tools to enable Model N customers to compete successfully in global markets
For life sciences companies
Revenue management in the life sciences industry requires careful navigation of complex regulatory frameworks, balancing R&D costs against potential revenue, and agilely adapting to changes in market conditions such as price pressure and supply chain disruptions.
To help our customers, we’ve included a few innovations and improvements in this release. Here are a few examples of what our pharma and medtech customers can look forward to.
- 340B Vigilance is now available to pair with Validata enhancements (for pharma): Model N Validata helps our customers ensure they only pay the right claims, at the right time, for the right amount, to help protect their profits from inappropriate payments. To enhance Validata, a 340B Vigilance add-on is now available for your portfolio of Model N products to provide an increased ability to identify ineligible prescriptions and higher accuracy when calculating rebates and fees owed to payers. This prevents rebates from being paid based on invalid data. We’re also releasing a collection of new validations that gives life sciences customers additional ways to identify discrepancies and save money. Finally, we include more criteria to help with decision-making, allowing pharma companies to catch and fix erroneous transactions before making flawed payments.
- Alerts management (for pharma and medtech): To promote cross-functional communication and spread awareness of important events across the entire organization, this new functionality generates alerts sent by email to individuals within a company to trigger actions. This improved visibility allows individuals to stay informed on what matters most to them with customized notifications.
- Tender inventory tracking (for global pharma and medtech): Tender inventory commitment tracking ensures that the supply chain has complete visibility into the life sciences organization’s inventory commitments based on mutually agreed-upon tender terms and conditions. Life science businesses can match inventory to tenders, provide visibility to supply chain partners, and, once approved, track the product produced and shipped against the tender.
For high-tech companies
High-tech manufacturers face a range of challenges when it comes to optimizing revenues. However, with revenue management tools from Model N—particularly with the improvements in the Spring 2023 release—high-tech firms can overcome these challenges and succeed in today’s highly competitive markets.
We’ve instituted many new and enhanced features to support our high-tech customers, including:
- Mass price changes: High-tech companies can quickly change and execute mass price updates to selected quotes and debits. This enables quick action in response to changes in the market and strategic priorities. The new release also has enhanced price forecasting, allowing customers to annul pricing start dates and cancel future quotes to ensure accounting stays accurate. Additionally, customers can make price changes across parent-child entities to support regional/geographic partnerships.
- Mass automated letter generation for rebates and payments: With the new capabilities, high-tech firms can automatically create letters or packets for rebate programs and payments, thus streamlining core administrative tasks and accelerating rebates, payments, and compliance. These new capabilities drive operational excellence and enable high-tech leaders to move faster while staying compliant with rules and regulations, such as notifying everyone about a change or other important announcements under a rebate.
- Intelligence cloud high-tech dashboard experience enhancements: A new filtering ability helps high-tech companies see the bigger picture and drill deeper into the details of any transaction. This, plus a new user interface, provides richer data experiences to increase visibility and drive actions.
We are committed to our customers’ success
These are just a few of the many new benefits our customers get with the new release. All the enhancements were driven by customer feedback to get more from their existing installations of Model N while future-proofing their revenue-management operations against the rapid changes occurring in both life sciences and high-tech industries. We are committed to supporting our customers’ short and long-term goals while continuing to deliver innovative solutions. We strive to support our customers’ revenue and compliance requirements to help them achieve their strategic business goals.
Model N customers can see a complete list of all new products, add-ons, and features available to them in the release notes.