New Features Deliver Extended Pricing Analysis and New Testing, Automation and Reporting Capabilities
SAN MATEO, Calif. — Nov. 17, 2020 – Model N, Inc. (NYSE: MODN), the leader in cloud revenue management solutions, today announced its Life Sciences Fall 2020 release, incorporating several major product updates that will allow Model N’s customers to drive topline growth, reduce revenue leakage, improve operational efficiency, and help ensure regulatory compliance. Key among Model N’s updates for Fall 2020 include the introduction of “what-if analysis” capabilities in its Government Pricing product for Discount Reallocation. This allows users to analyze how calculation methodology changes impact government prices and the financial impact of government price changes and commercial strategy.
The Global Pricing Management module has been updated to advance its forecasting capabilities. The release will allow users to take forecasting to a new level with the Volume Forecasts Management Module. This module includes:
- New Competitive Data Module will provide the capability to manage competitor products and prices in an efficient way
- Price Certificates functionality extended with an Approval Workflow Module that provides options to submit, approve or reject generated Price Certificates
- Re-designed product page improves the user experience and offers new customization capabilities
The Model N Life Sciences Fall 2020 release provides critical capabilities to customers seeking to leverage the latest technology to support their digital transformation. Model N’s latest release is particularly timely, given that life sciences companies are among the firms most impacted by the coronavirus pandemic and related supply chain issues, and are looking for solutions that will improve their business processes. As a leader of contracting and pricing solutions, Model N helps support life sciences companies’ ongoing efforts to develop, manufacture and bring to market supplies, diagnostics, therapies, and potential vaccines that are integral to the global fight against COVID-19.
“Model N’s Fall 2020 release introduces new analytics capabilities that help our customers reduce revenue leakage and increase their top and bottom line,” commented Model N’s Chief Product Officer, Suresh Kannan. “Release after release, our innovations help our customers accelerate SaaS transitions. Each release offers improved handling of emerging business challenges and the ability to stay compliant globally.”
Specific improvements in the Fall 2020 release include Government Pricing “what-if” scenarios. This new capability, incorporating Discount Reallocation Management analysis bundles, helps customers determine how calculation methodology changes impact government pricing.
Also featured in the Life Sciences Fall 2020 release is improved topline revenue growth and reduced revenue leakage:
- Formulary and Price Protection Enhancements
- Enhanced Claims Scrubbing
- Improved Access to Insights
- Enhanced Global Pricing and Tender Management
- Global Tender Management Intelligence
The Global Tender Management module has been integrated with Model N’s Intelligence module so that users can see pricing, discounting and competitor analysis as part of the pricing decision making process. In addition, new related lists and ease-of-work features support group and membership accounts to capture data properly.
The Fall 2020 release will also incorporate new features for driving operational efficiency, including UI- and role-based automation testing. Designed to help ease the transition of Model N environments to the cloud, this capability significantly reduces transition cost and enables customers to leverage new SaaS functionality.
Other enhancements to empower greater operational efficiency include:
- Chargeback Processing
- Reduction of Customs
- Improved Medicaid Processing
- Government Pricing Price Type Report
Key new features for driving compliance include Medicaid advancements, incorporating functionality for Prior Quarter Adjustment Statement reporting and the CA Supplemental Program.
Model N Life Sciences Revenue Cloud is the only end-to-end solution for life sciences revenue management, and these new features are proof of Model N’s strategy of continual modernization and future-proofing of its cloud platform. Model N empowers its customers to fully optimize business operations and maximize revenue, even in an environment made notably more uncertain and unpredictable due to the COVID-19 pandemic.
An Analyst Perspective
According to Mike Townsend, Research Director, Life Sciences Commercial Strategies at IDC, companies in the life sciences sector face a simultaneous triple threat – which includes the urgent need to address topline revenue issues, the desire to achieve digital transformation goals, and the need to achieve regulatory compliance. “This year presents companies with a unique and unprecedented series of challenges,” he observed. “Pressure brought about by the pandemic and the need to succeed at their core business mean that life sciences companies must excel on the operational side while still driving innovation. For these reasons, solutions like Model N Revenue Cloud are a valid option for firms that are fighting a multi-front battle to succeed.”
About Model N
Model N enables life sciences and high tech companies to drive growth and market share, minimizing revenue leakage throughout the revenue lifecycle. With deep industry expertise and solutions purpose-built for these industries, Model N delivers comprehensive visibility, insight and control over the complexities of commercial operations and compliance. Our integrated cloud solution is proven to automate pricing, incentive and contract decisions to scale business profitably and grow revenue. Model N is trusted across more than 120 countries by the world’s leading pharmaceutical, medical technology, semiconductor, and high tech companies, including Johnson & Johnson, AstraZeneca, Stryker, Seagate Technology, Broadcom and Microchip Technology. For more information, visit www.modeln.com.