iMANY FOR MEDICAL DEVICE AND DIAGNOSTICS
Medical Device and Diagnostics manufactures are challenged with unique complex contracting issues, not seen by other life science industries, yet have similar revenue leakage and non-compliance issues. Distributor rebates, incentive rebates, and administrative fees require complex calculations where the potential for revenue loss is high. To stay competitive, manufacturers must carefully monitor contract performance and prevent revenue leakage due to errors such as duplicate or ineligible sales tracings. Rogue commercial contracts expose Medical Device and Diagnostic manufacturers to stiff penalties for non-compliance. Auditability is a major concern for both Sarbanes Oxley as well as government price reporting for Public Health Service and Federal Supply Schedule programs. Only iMANY® CONTRACTSPHERE® provides all the critical capabilities that provide a competitive edge for contract revenues and maintain complete auditability for total government compliance.
Commercial Contracting
Medical Device and Diagnostics manufacturers rely on strategic contracting methods in commercial markets to maximize profits and maintain a competitive edge. Contract prices and incentives are carefully modeled in arrangements that encourage product growth and expand market share. Manufacturers require comprehensive solutions that enable them to model revenue impact across multiple contract scenarios and maintain auditability and compliance. iMANY ContractSphere provides industry-leading solutions for managing the contract negotiation process; analysis of contract strategies and methods; pricing adjudication and settlement processes; and a full suite of advanced workflow capabilities.
- iMANY Contract Manager
- iMANY Contract Analytics
- iMANY CARS® Chargebacks
- iMANY CARS® Rebates
- iMANY CARS® BI
- iMANY Advanced Membership
- iMANY Demand Management
Government Contracting
With the ever-expanding role of the government in healthcare, manufacturers are under increasing pressure to implement solutions for compliance and auditability. Medicaid, Public Health Service (340B), and the Federal Supply Schedule all have their own unique price reporting requirements and compliance concerns. Many of these programs also require close monitoring of a manufacturer’s commercial contracting practices requiring integration of government and commercial contracting functions. iMANY ContractSphere provides an agile and configurable framework for the government price calculation, reporting and auditability.
- Medicaid claims processing, often manual and paper-based consume considerable resources and are error-prone leading to fines and a rising number of investigations. State programs are rapidly growing, both in number and complexity, introducing substantial levels of overhead and risk exposure to manufacturers. With iMANY ContractSphere manufacturers can manage compliance of the full spectrum of Federal, State and Supplemental Government-mandated programs; and minimize revenue loss and optimize operational efficiency by automating contract management for the Medicaid Drug Rebate Program including invoice processing, unit rebate amount calculations, payment management, rapid dispute resolution accurate reporting and auditability.
- The Federal Supply Schedule is a multi-year Federal contract that determines pricing for government agencies including the Veterans Administration. To participate in this program, manufacturers must comply with a series of pricing and monitoring requirements -- the most resource-intensive is the monitoring of Tracking Customers, or Commercial Entities that are used as a basis for price comparison for the government contract. With iMANY ContractSphere manufacturers can manage commercial and government contract prices; establish Tracking Customer relationships and monitor prices offered to those customers; and leverage robust reporting while maintain full auditability.
- The Health Care Reform legislation has expanded the breadth of the 340B/PHS drug pricing program and enforcement of strict compliance requirements further challenging manufacturers operating with profitability constraints and margin pressure. With iMANY ContractSphere manufacturers can automate compliance to the 340B program including membership management; quarterly price updates; and ongoing price oversight that reduces the risk and impact of pricing errors.
Trade and Brand Management
In today's highly competitive life sciences marketplace trade and brand managers at leading manufacturers are embracing the demand-driven enterprise for competitive advantage. Success depends on the ability to read and react quickly to demand signals across the organization. Contextual understanding of these demand-driven variables provides the greatest insight. When intelligently organized, processed and reported, channel data can enable the monitoring, response and orchestration of demand to optimize business performance. Only iMANY® CONTRACTSPHERE provides the ability to validate, analyze and transform 852 and 867 EDI based sales data to drive robust channel reporting, order management, fee for service, forecast and launch management for optimal trade and brand management.
Legal and Compliance
Legal and Compliance teams are responsible for governance and mitigation of legal and regulatory compliance risk through the entire lifecycle of buy and sell-side commercial and government contracts. Many organizations rely on generic document management systems, enterprise portals designed for collaboration or file-based shared drives on corporate networks to manage contracts and clause libraries stored in unstructured documents; worse still, some manage contracts by maintaining physical paper assets. Lack of visibility and management into contracts dramatically increase the risk, exposure and revenue leakage that these legal agreements can bring by the use and acceptance of non-standard language, missed or unwanted renewals, new amendment terms, and penalties for missed payments and non-compliance. Only iMANY® CONTRACTSPHERE® provides all the critical capabilities for contract authoring, execution and administration within a centralized and searchable hub for all contract-related information usable by cross-functional business users.
Finance
The office of Finance, using a structured approach needs manage governance and compliance with legal, tax and accounting regulatory requirements, evaluate the soundness of buy and sell-side commercial and government contracts align processes and controls and optimize margins and advice on future performance based on accurate information of the organizations budgeted, actual and forecasted performance. Lack of visibility into contracts before signature of agreements limits the ability to optimize contract revenue, margins, and discounts and analyze the impact to the business. Inaccurate accrual for future and time-lagged transactions create incorrect financial statements which may shake shareholder confidence and increase regulatory scrutiny. Only iMANY® CONTRACTSPHERE® provides all the critical capabilities needed to set the right incentives, for the right contract at the right time; provide full visibility into contract and Gross to Net margin performance; and establish accurate accruals and estimates of future performance.
Sales & Marketing
Sales and Marketing teams operate in a highly competitive marketplace that requires rapid and efficient proposal and contract generation. Only iMANY® CONTRACTSPHERE® provides all the critical self - service capabilities for initiating contract creation utilizing a web-based application including from Smartphone and mobile devices. Through proactive alerts and robust Business Intelligence reporting sales teams can stay ahead of contract and account performance and significant contracting milestones including impending payments and contract expiration.
