Model N, Inc. (NYSE: MODN), the leader in cloud revenue management solutions, today announced several major platform updates and new features as part of its Spring 2020 Life Sciences product release. Enhancements to the Model N Revenue Cloud for Life Sciences include new software integrations, an improved user interface (UI), support for advanced medical claims processing, and extended pricing and rebate management capabilities, as well as extended support for complex contracts to facilitate greater compliance with financial regulations, including Sarbanes-Oxley (SOX).
“Model N’s Spring 2020 release puts our life sciences, pharmaceutical and medtech customers first, with enhancements that improve operational efficiency and reduce revenue leakage while allowing them to meet the challenges of today’s fast-moving regulatory and business environment,” said Suresh Kannan, Senior Vice President and Chief Product Officer for Model N.
Model N’s Spring 2020 release continues to enhance and future-proof the company’s cloud platform, supporting ongoing digital transformation efforts while delivering key improvements in usability, workflow and performance. These updates are particularly significant given the ongoing coronavirus pandemic, as numerous life sciences companies rely on Model N software to help bring therapies, diagnostics, and ultimately new vaccines to market as part of the global fight against COVID-19.
“Healthcare industry firms are leveraging cloud platforms to achieve greater visibility and efficiency across the enterprise, in order to stay competitive and maximize revenues wherever possible,” said Mike Townsend, Research Director, Life Sciences Commercial Strategies at IDC. “It makes sense, particularly in the high-pressure environment associated with the coronavirus pandemic, that companies are embracing cloud-based solutions like Model N to better manage their supply chains and business operations for efficiency and revenue, in order to achieve better financial results and deliver new products to the marketplace more quickly.”
Key features and upgrades in the Spring 2020 release include:
- An updated “Powered by N” user interface – A new look and feel with over 250 updated screens means the enhanced UI delivers increased usability and a more modern experience as Model N completes the transition from Adobe Flex UI.
- Enhanced Payer Management – Module updates to support the latest National Council for Prescription Drug Programs (NCPDP) claims data standards (v07.02 and v07.03), enabling manufacturers to manage greater utilization data complexity in payer contracts.
- Enhanced Contract Management – Enhancements to Revenue Cloud for MedTech enable support of contract subtype management, a requirement for SOX compliance associated with complex contracts; further capabilities enable price increase notifications and accommodation for new, more complex rebates and chargeback types.
- Enhanced Global Pricing Management – Module updates improve pricing visibility and transparency via advanced forecasting, inclusive of new, streamlined processes and custom reporting options.
- Enhanced Global Tender Management – Integration with Contract Lifecycle Management (CLM) and provider management solutions facilitates front-to-back office integration, for visibility into price and rebate programs in revenue forecasts during tendering, enabling additional insights for building more competitive and profitable tenders.
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.
Bospar Public Relations