PEMBROKE PINES, Fla.--(BUSINESS WIRE)--MDH Insight’s (MDH) game-changing in-house software EmpowerRM can be the best 2021 resolution embraced by small to mid-size generic pharma manufacturers that outsource their chargeback processing or do not have a revenue management system in place. According to MDH president and owner Matthew D. Hoenig, it is especially valuable for generic drug manufacturers financially squeezed by volumes of wholesaler chargebacks and experiencing related revenue leakage.
As he shared in a CIO Review magazine cover article on MDH and EmpowerRM, Hoenig was able to turn his own financial insights as a former CIO for a generic drug manufacturer into a groundbreaking pharma revenue-increasing advantage through development of the trailblazing EmpowerRM scalable software solution.
For emerging generic and brand drug manufacturers, EmpowerRM’s software automates all contracts and chargeback processing to deliver a holistic revenue management solution that provides advanced validation, real-time visibility, detailed analytics and report generation. It minimizes losses while increasing the profit margins of generic pharma manufacturers, all while giving them a competitive edge.
Next-Generation Software: Faster, More Intuitive, Seamless
Built from the ground up by industry experts who understand the issues that arise in pharma drug contract management, revenue management and chargeback processing, MHD’s flexible enterprise-level system helps SMB pharmaceutical manufacturers identify opportunities for renegotiating pricing, cutting costs and generating more revenue.
The software streamlines operations, mitigates risks, and eliminates common discrepancies by automation, predictive analytics, and seamless integration with enterprise resource planning (ERP) systems. Using advanced validation, the software detects issues arising from wholesalers like providing inaccurate pricing on chargeback lines or selling products to ineligible customers, which cause financial loss for pharmaceutical manufacturers.
“SMB pharma manufacturers with tight profit margins are no longer well-served by outdated, but still perceived as ‘tried and true,’ industry standard-bearers that were built on old web-based technologies 20+ years ago,” reported Hoenig. “Just as businesses could not succeed today by still using the original operating systems of Microsoft Windows or a first-generation iPhone, the same is true of pharma revenue management software.”
To increase profitability and minimize processing time, the industry’s most agile chargeback processing solution offers:
- Fast Access: 30-day Set-up: Other chargeback processing systems can take several months to set-up, leaving customers to do all the work of manually importing data into pre-set templates, while customers are paying monthly fees for a system that is not yet operating. With MDH's established connections and relationships with pharma wholesalers, its customers can be up and running in 30 days.
- Time-saving EDI Services: As an EDI provider, MDH is the only company in the pharma revenue management sector that offers EDI services with its chargeback solution to handle order-to-cash, chargebacks, sales inventory and sales data. This advantage eliminates the complex and laborious manual data entry needed to increase profit by fully automating the process. The seamless migration from existing EDI service providers eliminates business interruption.
- Seamless ERP Integration™: MDH is the only chargeback management program that offers direct integration with customers' accounting/ERP software through its proprietary web-based Seamless ERP Integration technology. To create credit memos and invoices and synchronize direct sales data from invoices for reporting and forecasting, it has pre-built integrations with Dynamics 365, NetSuite, QuickBooks, Accumatica and will build out additional ones as needed. Conversely, customers using other processing software brands are forced to export a file and figure out how to get the data into their accounting system.
- Built-In Analytics/Drilldown Dashboards: Recognizing that in today’s business world, visuals are critical to understanding and retrieving categorized data, EmpowerRM is the only chargeback management solution to feature dashboards and analytics. Its dashboard features drilldown capability to analyze data by wholesaler, contract and/or product. All other revenue management software solutions require customers to buy a third-party tool like Cognos to analyze their data.
- No Long-term Agreements: Unlike other chargeback management brands, MDH requires only a one-year annual commitment. Others in the industry require a three-year contract with pre-set annual price increases and full-year annual payment due at signing. With sensitivity to customer cashflow needs, MDH invoices quarterly.
About MDH Insight and EmpowerRM
MDH Insight, headquartered in Pembroke Pines, Fla., is a technology company that focuses on delivering innovative software solutions to the pharmaceutical industry. Its EmpowerRM solution is designed to bring enterprise-level software capabilities to small and mid-size manufacturers. The game-changing solution for Pharmaceutical Revenue Management is breaking the mold of chargeback processing and revenue management. With scalable automated processing, the software does the heavy lifting and allows customers to focus on growing their business.
To learn more about MDH’s EmpowerRM, visit www.empowerrm.com or call 954-671-7565.