Keeping you Compliant: Contract Management Software & Tracking System
We address contracts and compliance so you can attend to business.
Managed markets have grown exponentially since their inception. Governments play a larger role in regulating the pharmaceutical industry every day. As a life sciences company, you need better, faster, actionable information to properly define and execute your contract management systems. You also need enriched process strategies to provide differentiation within the boundaries of regulatory requirements.
Alliance helps you address, clarify and predict the challenges of commercial, government and legal contracting. With more than a decade of experience across the complete lifecycle, our expertise in contract management systems and processes is unmatched in creating, executing, analyzing and optimizing contracts — and in providing industry-leading framework for contract strategy development.
These expertise lead to revenue loss prevention, reduced risk and increased compliance for our customers.
What Our Experts Say About This Topic
The pressure on pharmaceutical manufacturers to meet statutory requirements for discount and liability accruals has never been greater, due largely to the increasing diversity and complexity of today’s marketing and contracting offerings. To meet this challenge,pharmcos are heavily investing time and resources to improve the gross-to-net (GTN) management process using forecasts to reconcile these items.Improving GTN management is not just about meeting statutory requirements. In fact, improvements in these areas can drive significant impacts in profit through a more robust understanding of the revenue and demand drivers, and how the discounts and liabilities affect these factors. In addition, greater accuracy in the accruals process leads to fewer adjustments, and greater predictability in cash flow.
The groups that comprise the Managed Markets division of a pharmaceutical manufacturer, despite their inherent overlap of job tasks, can often work in silos. Even when operating at full capacity, an exclusive focus on individual responsibilities can lead inevitably, and unknowingly, to downstream issues if not properly aligned with the needs of the other groups. Only when the Contract Management, Rebate Processing, and Government Pricing teams work harmoniously can optimal efficiency be achieved across the division.
The administrative tasks associated with rebate processing aren’t typically viewed as revenue generators for an organization. However, when managed effectively, these activities can undoubtedly provide considerable benefits to a company and contribute to the bottom line. If left unattended or overlooked, a business can encounter compliance issues, misallocate time and resources, and suffer extensive financial losses. Consequently, a standardized rebate calculation process, coupled with validation and analytics, are necessary components of a successful practice. This paper explores how these procedures, when implemented appropriately, capture revenue leakage, measure efficiency, and provide real time insights needed for critical decision making.
A mid-size pharmaceutical company experiencing rapid growth driven by new product introductions needed help managing their Managed Care and Medicaid rebate processing.
A mid-market manufacturer’s contract management systems enviroment had functionality gaps in the areas of contract development, commercial rebate processing, admin fee calculations, operational and strategic reporting and workflow integration. The existence of these gaps necessitated excessive manual processing, which limited productivity and heightened regulatory compliance risk.
For a top-ten Pharmaceutical Manufacturer, streamlined their GPO Membership Confirmation Processes from a Labor-Intensive and Time-Consuming cycle that introduced Compliance Risks, to a centralized solution that Reduced and Eliminated Manual Processing by 45%, while Increasing Accuracy, ensuring enhanced relations with their wholesalers and Potential Savings.
Proper management of membership data poses a significant operational challenge for pharmaceutical manufacturers. Membership data is submitted by Wholesaler, Distributor and GPO (Group Purchasing Organization) customers in the form of “rosters” that are used by Manufacturers to determine eligibility for contract sales when adjudicating chargeback and rebate transactions. Membership data also serves a second, and equally critical purpose, to assist Manufacturers in designating customer trade class for use in regulated price reporting and sales and marketing activities.
Financial accruals have become a major headache for corporate finance teams in the Life Sciences industry as they are increasingly difficult to manage, and can lead to major business issues if calculated incorrectly. The problem is that most companies don’t have an automated way of pulling all the data together, and calculating the appropriateaccrual rate…
On January 27, 2012, CMS published the much anticipated Proposed AMP Rule for implementing the Medicaid prescription drug provisions of the Patient Protection and Affordable Care Act (PPACA). These new guidelines will have a wide-reaching financial impact on the life sciences industry by creating serious administrative and operational challenges. Well, here we are over a year later and the final rules have not been issued.
The contract management process of an organization has long been considered a tedious, paper-pushing process that simply needs to be completed in order for the other more “strategic” groups within the organization to successfully complete their tasks. Many think of the contracting group, the group that manages this process, as playing an administrative role within the organization.
On January 27, 2012, CMS published the much anticipated Proposed AMP Rule for implementing the Medicaid prescription drug provisions of the Patient Protection and Affordable Care Act (PPACA). The new guidelines will have a wide-reaching financial impact on the life sciences industry by creating serious administrative and operational challenges that will have to be addressed relatively quickly.
Life science organizations are turning to technology to address the shifting challenges of contract management, particularly with respect to controlling potential revenue leakage, safe-guarding against compliance issues, and facilitating government reporting.
A multitude of business drivers are leading Life Sciences companies to evaluate and implement Revenue Contract Management (RCM) solutions. These include the need to ensure compliance in an ever-changing regulatory landscape, a systematic approach to commercial and government contract administration and the need for business intelligence required to effectively evaluate and implement innovative contracting strategies.