Revenue Management SaaS Leader Helps Life Sciences Companies Strengthen Compliance and Empowers High-Tech Manufacturers to Optimize Their Channel Journey
SAN MATEO, Calif.–(BUSINESS WIRE)–#IDCMarketScape—Model N, Inc. (NYSE: MODN), the leader in cloud revenue management solutions, today announced its Fall 2021 product release. The company’s semi-annual update to its flagship product, Revenue Cloud, incorporates specific upgrades and new features for life sciences companies and high-tech manufacturers.
Enhanced Compliance for Life Sciences
Model N’s Fall 2021 update addresses a key need among life sciences companies – supporting compliance requirements with drug rebate rules mandated by the Centers for Medicare & Medicaid Services (CMS) and state Medicaid agencies. Functionality includes updates to the rebate per unit (RPU) calculation, key validations, and reports designed to keep Model N customers precisely coordinated with the latest mandates from various regulatory agencies.
Medicaid rebates functionality for Powered by Flex added in Fall 2021 will allow Model N customers to present a given pharmaceutical product as both an original formulation and as a new formulation for the same time period, ensuring that the pharmaceutical industry is paying the correct rebate values as stated in the regulations.
New Mobile Experience for Biotech and Pharmaceutical Companies
Model N recognizes that continued reliance on mobile technology is increasingly important for biotech and pharmaceutical companies and is extending its Global Pricing Management solution to support “on-the-go” approvers. Key advantages of this enhancement include a quicker turnaround, as well as smoother, uninterrupted workflows and decisions. Users can now perform price lookup by country, price change history, and approval status summaries all while on-the-go.
Strengthening the High-Tech Journey Across the Channel
Robust new functionality upgrades for customers in the high-tech manufacturing sector are also included in Model N’s Fall 2021 release. Specific enhancements to Channel Data Management (CDM) provide clarity around partner performance in cleansing data to drive downstream incentive eligibility. Rebate Management offers the ability to create and calculate rebate programs referencing multiple data sources within a single program.
Model N’s Revenue Cloud now delivers seamless integration with Salesforce Communities, improving sales partner efficiency and providing a richer experience with in-context workflows and seamless access. In addition, the CDM Channel Network improves clarity and operational efficiency, providing partners with a self-service experience to review their channel performance and correct critical missing or incorrect information.
Model N’s Performance and Attainment Dashboard upgrades Revenue Cloud’s analytics capabilities by providing business users with data that helps them make faster and more informed decisions around rebate programs and partner engagement. This is accomplished through a 360-degree view of programs in place, including partner performance. Revenue Cloud then provides Model N users with the correct incentives that are to be paid to partners, based on goal attainment.
According to Suresh Kannan, Chief Product Officer at Model N, enhancements to the Model N Revenue Cloud are an integral part of the company’s product strategy, driven by continuous innovation. “Model N is committed to evolving with the industries that we serve. The new functionality that we’re delivering is designed to help our life sciences and high-tech customers adapt and thrive in a world of complex regulations and evolving market dynamics.”
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, solutions and business services 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.
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