SAN MATEO, Calif.--(BUSINESS WIRE)--Model N, Inc. (NYSE: MODN), the leader in cloud revenue management solutions, today announced its Life Sciences Spring 2021 release. The company’s latest update to its flagship product, Model N Revenue Cloud for Life Sciences, introduces numerous new capabilities and features that improve pricing accuracy and timeliness, help to drive additional business wins, increase competitiveness, and simplify the burden of aligning healthcare providers to their various GPO, IDN, and other hospital group affiliations.
Model N Revenue Cloud is a unified system of record for all revenue execution processes. The company’s ongoing product innovations deliver new end-to-end solutions that enable life sciences companies to intelligently automate and improve front- and back-office processes.
To make the buying and selling journey easier for customers, Model N’s latest release provides pharmaceutical and medtech manufacturers with new capabilities that help streamline the complex healthcare provider membership management process. This includes capabilities such as enhanced membership roster processing, smart data matching, and data transformation. In addition, enhancements to tiered pricing and regulatory compliance, Script data validation, and price and rebate management further assist life sciences companies in reducing revenue leakage caused by overpayments and incorrect pricing calculations.
Spring Release New Features
Purpose-built for pharma and medtech manufacturers, cloud-based Model N solutions support organizations throughout the entire revenue lifecycle – from initial product launch to product maturity and large-volume sales. Key new features of the Spring 2021 release supporting Model N’s end-to-end revenue vision include:
- A new advanced membership management module, ensuring that correct pricing is provided to eligible customers at the right time through enhanced roster processing and smart address matching
- Global pharmaceutical manufacturers can increase win rates with the integration of competitor product pricing from an industry-leading data provider to Global Pricing Management.
- The Global Tender Management product is now integrated with various public tender marketplaces in Europe. This allows tender managers to search for newly published tenders and convert them to tender opportunities.
- New insights into key financial data related to sales, rebates and revenue projections enable life sciences manufacturer’s sales organizations to streamline the customer business review process.
“This new release further demonstrates Model N’s commitment to innovation that focuses on intelligently automating and improving revenue management, pricing and compliance, while smartly addressing issues related to member management,” said Suresh Kannan, chief product officer at Model N. “Our focus on helping life sciences companies protect and improve their topline revenues has never been sharper. New features in the Spring 2021 release illustrate Model N’s ongoing commitment to innovation on behalf of its customers, so that they can reach their financial goals, no matter where they are in the revenue lifecycle journey.”
An Analyst Perspective
“The revenue, compliance and pricing needs of life science companies continues to evolve and face stiffer competition and pricing pressures, and solutions like Model N Revenue Cloud are critical to maintaining a competitive edge,” said Mike Townsend, research director, Life Sciences Commercial Strategies at IDC. “With this release, Model N consistently continues to innovate. The new capabilities for member management will clearly have an impact for its customers, and integrating competitive data into the pricing process will be a real differentiator for its customers.”
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.