Cloud Revenue Management Leader Announces Support for Price Exchange and Chargeback Processing in Medtech
SAN MATEO, Calif.–(BUSINESS WIRE)–Model N, Inc., the leader in cloud revenue management solutions, today announced its support for global trade item number (GTIN) information for stock keeping units (SKUs) to facilitate the exchange of pricing information and chargeback processing in the medical technology (medtech) ecosystems. These new Model N Revenue Cloud for MedTech capabilities are designed in adherence with GS1 standards and comply with the latest Health Industry Distributors Association (HIDA) best practices recommendations. They will help drive standardization and improve operational efficiencies across the healthcare supply chain, helping medtech manufacturers keep track of products and ensuring accurate pricing with every transaction.
Because chargebacks lead to increased operational costs for providers, reducing pricing discrepancies has become a key issue for parties in the healthcare supply chain. This includes group purchasing organizations (GPOs), manufacturers, and distributors. Led by HIDA, the industry has initiated a broad-based effort to improve pricing accuracy and implement standardized contract communications protocols to achieve both cost-cutting and efficiency objectives. With an emphasis on automation, standardization and timeliness, industry standards from the HIDA Contract Administration Workgroup are designed to reduce pricing exceptions between manufactures, providers and distributors, thus addressing the pricing accuracy problem in the industry. The new global trade item number and its features are fully compliant with the contract communications standards proposed by HIDA.
“Standardization in the medtech ecosystem is an effective tool when it comes to addressing revenue leakage,” said Melonie Warfel, Vice President and General Manager of Life Sciences for Model N. “That’s why Model N is committed to bringing forward important standards-based features and functionality in support of these new HIDA recommendations. These enhancements will lead to better price transparency in the ecosystem thus helping improve topline and address operational inefficiency for manufacturers.”
According to IDC research director, Michael Townsend, “Widespread adoption of the new global trade item number (GTIN) will allow manufacturers to have more accurate contracting and pricing in the short term, and in the long term, make life science supply chains less costly and more efficient to operate.” He continued, “the introduction of GTIN into the Model N medtech solution will help accelerate adoption of this important standard in the industry.”
About Model N
Model N is a leading provider of cloud revenue management solutions for life sciences and high tech companies. Driving mission-critical business processes such as pricing, quoting, contracting, regulatory compliance, rebates and incentives, our software helps companies know and grow their true top line and maximize every revenue moment at speed and scale. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical technology, semiconductor, and high-tech manufacturing across more than 120 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology and ON Semiconductor. For more information, visit www.modeln.com.
Model N, Inc.