Shots:
- Identifying discrepancies remains a key challenge for manufacturers in mitigating revenue leakage and ensuring alignment with payer plans
- Suresh Kannan, Model N’s Chief Product Officer, offers insights into the newly launched GenAI and enhanced data solutions aimed at optimizing revenue and ensuring compliance
- He also outlines a strategic approach to formulary identification and emphasizes the importance of Model N’s Provider Management solution.
Saurabh: Would you like to give our readers insight into your newly launched GenAI and data innovations solutions?
Suresh: Our latest GenAI and expanded data solutions are designed to enhance revenue optimization and compliance across life sciences and high-tech industries. By integrating GenAI and enriched data intelligence into our core offerings, including Channel Data Management, Formulary Compliance and Provider Management, we are empowering our customers to navigate market complexities with greater efficiency, precision and confidence. These innovations are not just about improving processes—they’re about unlocking new opportunities for growth and compliance.
Saurabh: How does mapped plan-to-formulary identification yield confirmatory formulary non-compliance for pharma companies?
Suresh: Mapped plan-to-formulary identification links payer plans to specific formularies, enabling precise detection of non-compliance. This insight supports pharma companies in addressing discrepancies and improving their alignment with payer requirements, reducing risks in the process.
Payers require pharmaceutical manufacturers to offer rebates in order to be placed in preferred formulary positions. When claiming those rebates, payers provide plan information, but not the corresponding formulary data. Conversely, formulary data is available to manufacturers through different commercial sources. Unfortunately, in the past, pharmaceutical manufacturers were left to their own devices in the laborious and manual process of linking those two data sets, which is why Model N’s formulary link data set is so innovative and our coverage is so ground-breaking.
Saurabh: What is the significance of Provider Management’s single application for global and regional processes? What role do user-experienced screens play in worldwide deployment?
Suresh: Pharma companies need seamless solutions to manage compliance and revenue across diverse regions. Our Provider Management solution unifies global and regional processes on a single application, simplifying contract pricing, chargebacks, rebates and compliance. The significance lies in its ability to support diverse needs such as languages, currency formats and time zones, all while maintaining regulatory compliance. Optimized user-experience screens make this possible, providing intuitive interfaces that reduce complexity and enable smooth deployment across worldwide teams. This holistic approach ensures that our customers can scale efficiently while maintaining consistency and accuracy.
Saurabh: Model N covers 90% of global geographies with its provider management solution. How do you manage to keep the service relevant in each of them?
Suresh: Staying relevant in global geographies requires a deep understanding of local markets and continuous adaptation of our solutions. Our Provider Management solution is built with flexibility at its core, allowing us to address regional nuances such as local compliance requirements, currency standards, and market-specific contracting processes. Moreover, our commitment to innovation ensures that we regularly update our solutions to meet the evolving needs of our customers, helping them maintain compliance and optimize revenue in any region they operate. This global approach is what sets us apart and ensures our relevance in diverse markets.
Image Source: Canva
About the Author:
Suresh Kannan, Chief Product Officer
Suresh Kannan has over 25 years of combined experience in product development, product management and general management. He is an accomplished executive with deep engineering expertise but is also well rounded with experience managing professional services, customer support and sales. Suresh brings a unique depth of knowledge in the life sciences software space and is adept at managing product portfolios at varying levels of technical maturity.
Suresh began his career at IBM before his time at Oracle in progressive software development leadership roles. He then led Engineering and Product Management at DecisionView prior to its acquisition by IMS Health.
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