Pharmaceutical Companies Detect and Prevent Revenue Leakage with SaaS Rx Rebate Validation
Model N’s Fully Automated ScriptValidate Solution Potentially Saves Companies Millions in Rebate Overpayments
REDWOOD CITY, CA – June 25, 2013 – Model N, Inc. (NYSE: MODN), a leading revenue management solutions provider to the life science and technology industries, today announced its latest product offering,ScriptValidate. ScriptValidate is an automated, SaaS application that helps pharma manufacturers detect and prevent massive revenue leakage by using industry-standard and advanced detection methods to efficiently and accurately scrub prescription-level rebate claims.
In recent years, drug rebate volume and rates have increased significantly as both commercial and government payers seek new ways to change the healthcare cost equation. In this environment, pharma companies are straining to validate claims due to the sheer volume of data and diversity of formats. Model N ScriptValidate not only scrubs out incorrect lines in this data but also verifies rebate eligibility against contractually negotiated business rules and thresholds, potentially saving companies millions in averted rebate overpayments. The scrubbed data can then be sent downstream to Model N or other Managed Care rebates solutions for payment processing.
Unlike outsourced validation services and other offerings, ScriptValidate gives pharma Managed Care teams drill-down access to rich data sets that can provide deep insights into Managed Care business trends and performance without the hassle of managing an on-premise deployment. With maintenance, support, and upgrades handled in the Cloud, customers can reduce internal IT resource strain and be assured the solution is keeping pace with industry changes.
“It is not unusual for drug manufacturers to pay out several billion dollars annually in rebate liabilities and until now, there has never been a complete Cloud-based solution that can fully automate rebate validation to reduce this major source of revenue leakage,” explains Vijay Rao, Product Manager, Model N. “Model N ScriptValidate is the only pharma validation solution that combines the resource benefits of outsourcing this function with the data visibility and control of enterprise-class software.”
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, Boston Scientific, Bristol-Myers Squibb, Dell, Johnson & Johnson, Linear Technology, Merck, Marvell, Maxim, Micron, Nokia, Novartis, Novo Nordisk, ON Semiconductor, and STMicroelectronics. Learn more at: www.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.