Model N Introduces Two Cutting-Edge Data Solutions, Syndicated Customer Master and Formulary Compliance
Model N (NYSE: MODN) announced the launch of two integrated data solutions, Syndicated Customer Master and Formulary Compliance, to support life sciences manufacturers in revenue optimization and compliance. Introduced on June 11, 2024, these solutions were developed in close collaboration with industry leaders to address data accuracy, contract adherence, and patient access.
Syndicated Customer Master aims to enhance master data quality, streamline rebate and chargeback accuracy, and improve customer satisfaction by integrating third-party data. Formulary Compliance helps manufacturers navigate complex drug plans, ensuring patient access, optimizing revenue, and strengthening relationships with payers.
Both solutions will be showcased at Model N's Rainmaker conference, held from June 10-12 in Austin, Texas.
- Launch of two new solutions: Syndicated Customer Master and Formulary Compliance.
- Targeting critical issues in revenue optimization and compliance for life sciences manufacturers.
- Developed in partnership with leading life sciences companies.
- Syndicated Customer Master enhances data accuracy, rebate and chargeback precision.
- Formulary Compliance ensures accurate patient access and optimizes revenue.
- Integration with third-party data for scalability.
- Improves relationships with payers by providing a comprehensive formulary database.
- Debuted at Rainmaker conference, showcasing the commitment to innovation.
- Potential for initial implementation challenges with new solutions.
- High dependency on third-party data for Syndicated Customer Master might pose integration risks.
- Complexity in managing data across numerous PBMs with Formulary Compliance.
Insights
Model N’s introduction of the Syndicated Customer Master and Formulary Compliance solutions indicates a strategic move to address critical issues in the life sciences sector. For investors, this is a promising development as it directly aims at improving data accuracy and compliance, which are significant pain points in the industry. Enhanced data accuracy means fewer pricing errors and reduced revenue leakages from invalid chargebacks and rebates. These improvements can lead to more stable revenue streams and better customer relationships, which are important for long-term growth.
Additionally, the revenue potential from adding these solutions is considerable. As life sciences companies frequently struggle with compliance and data integrity, offering a solution that ensures accurate pricing and rebate management can be highly attractive. This positions Model N not only as a leader in revenue optimization but also as a key player in compliance solutions.
From a financial standpoint, the successful adoption of these solutions could lead to increased market share and revenue growth for Model N. Investors should watch for performance metrics and customer adoption rates in upcoming financial reports.
From a technological perspective, the integration of third-party data and comprehensive formulary databases into Model N’s offerings showcases an advanced use of data integration and management technologies. This is significant because it means the solutions can scale effectively and provide accurate, up-to-date information, which is a major challenge in the life sciences industry.
The ability to seamlessly integrate and analyze large volumes of data ensures that customers can make informed decisions quickly. This reduces the administrative burden and potential for human error, which can lead to significant cost savings and efficiency improvements. Furthermore, the incorporation of these solutions into existing products like Validata and Payer Management highlights Model N’s commitment to providing integrated, end-to-end solutions.
Investors should note the emphasis on scalability and integration as these are key factors that can drive widespread adoption and long-term customer retention.
Market-wise, Model N’s new solutions directly address high-value use cases for life sciences manufacturers, a sector known for its complexity and stringent compliance requirements. The focus on solving issues like data accuracy and formulary compliance means that these solutions can provide immediate value to potential customers, making them extremely marketable.
The emphasis on outcomes such as enhanced patient access and optimized revenue ensures that these solutions are not just compliance tools but also strategic assets that can directly impact the bottom line of life sciences companies. This dual benefit is likely to be a strong selling point.
Given the ongoing challenges in managing complex drug plans and the importance of accurate rebate management, these solutions could see high demand. Investors should consider the potential market expansion and revenue growth from these new offerings, particularly as the life sciences sector continues to evolve and prioritize data-driven decision-making.
Revenue Optimization leader introduces new integrated data solutions that accelerate time to insight, improve decision making, and strengthen compliance for life sciences manufacturers.
SAN MATEO, Calif., June 11, 2024 (GLOBE NEWSWIRE) -- Model N (NYSE: MODN), the leader in revenue optimization and compliance unveiled two new integrated data solutions that address critical business needs for life sciences manufacturers. Syndicated Customer Master and Formulary Compliance were designed in close partnership with the world’s leading life sciences companies to address pressing industry challenges with significant business impact. These solutions, designed with broader market input, address high-value use cases that drive informed business decisions, accelerate time to insight, strengthen revenue optimization, and support compliance.
“Model N's new integrated data solutions, Syndicated Customer Master and Formulary Compliance, directly address the need for data integrity and contract adherence for today’s leading life sciences manufacturers," said Suresh Kannan, Chief Product Officer at Model N. "Disparate master data sets and inaccurate formulary positions are common reasons for lost revenue among life sciences manufacturers, which our two new solutions address head-on.”
Enhancing master data with Syndicated Customer Master
According to Model N’s 2024 State of Revenue Report, more than half of life sciences executives cite data accuracy as a top challenge when managing customer data. Out-of-date and inaccurate customer data leads to pricing errors, invalid chargebacks and rebates, strained customer relationships, and issues with government reporting and compliance.
Model N's Syndicated Customer Master seamlessly addresses these needs – enhancing master data quality, streamlining rebate and chargeback accuracy, and ultimately driving enhanced revenue optimization. The solution offers scalability through third-party data integration and guarantees pricing and rebate accuracy by eliminating misaligned customer identifiers. Additionally, the solution improves chargeback precision using current purchasing data and enhances customer satisfaction with accurate pricing and eligibility.
Improving patient access with Formulary Compliance
Formularies are a crucial mechanism to ensure patient access to therapies, yet the sheer volume and complexity of drug plans used by pharmacy benefit managers (PBMs) across millions of covered lives present ongoing challenges for manufacturers. Inadvertent non-compliance may negatively impact patient access and lead to significant revenue loss through rebate overpayment, causing friction between PBMs and payers.
Model N's new Formulary Compliance ensures accurate patient access, optimizes revenue, and improves relationships with payers. The solution grants companies access to a comprehensive, reliably sourced, and maintained formulary database, offering valuable insights into compliance trends to support customer negotiations.
Fully integrated with Model N's Validata and Payer Management solutions, Formulary Compliance offers a comprehensive end-to-end solution for managing payer contracts and flags inaccurate rebates before payments are settled – ending the challenging industry practice of “pay and chase.”
"Model N's new integrated data solutions were made possible through direct collaboration with our customers and innovation partners," said Suresh Kannan. “As we add these exciting solutions to Model N’s product portfolio, our customers’ business priorities and emerging industry needs will continue to drive our innovation strategy.”
Both solutions will be debuted and demonstrated at Rainmaker, Model N’s premier revenue management conference, on Monday, June 10 through Wednesday, June 12 in Austin, Texas.
To learn more about Syndicated Customer Master and Formulary Compliance, please visit modeln.com.
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About Model N
Model N is the leader in revenue optimization and compliance for pharmaceutical, medtech and high-tech innovators. Our intelligent platform powers your digital transformation with integrated technology, data, analytics, and expert services that deliver deep insight and control.
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.
FAQ
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