A pharmaceutical chargeback is very different from a typical chargeback, one that’s very specific to the pharmaceutical industry (as the name suggests) and is part of the regular business practice. This can get confusing since non-pharmaceutical, traditional chargebacks are typically credited back to a customer because they’re disputing a credit card charge. These are considered…
5 Reasons Why Manual Chargeback Processing Doesn’t Save Money
You don’t know what you don’t know. Never was a truer sentence spoken when it comes to avoiding pharmaceutical chargeback errors eating away at your already razor-thin profit margins. The fact is that the chargebacks you pay to your wholesalers are among the largest expenditures in your financial statement. Are you absolutely sure that they’re…
A World Without Generic Drugs
Pharmaceutical companies get a bad rep, even perceived as “evil” in some people’s eyes. Terms like “Big Pharma” have rocked the media while corruption and lawsuits have run rampant throughout the industry. But is this different from any other industry? You can find corruption in every industry if you look, however, it is more heartbreaking…
Pharmaceutical Chargebacks – To Split or Not To Split?
The process of managing pharmaceutical chargebacks creates all kinds of challenges for pharmaceutical manufacturers worldwide. When it comes to increasing efficiency and reducing revenue loss, manufacturers find themselves asking the age old question “to split or not to split chargebacks?” So, what is the best method? From receiving to processing chargebacks each day, it is…
5 Pharma Chargeback Mistakes That Cause Revenue Leakage For Manufacturers
The intricacies of pharmaceutical manufacturers’ day-to-day operations are vast. From contract management to chargeback processing to EDI maintenance and operations, having every facet run smoothly is essential to profitability. Unfortunately, far too many pharma manufacturers today are losing money to human error, communication failure, technology breakdown, and more. Avoidable chargeback mistakes are not only eating…
Using Automation & Artificial Intelligence To Propel Your Pharmaceutical Operations
Technology and digitization has slowly but surely infiltrated the pharmaceutical industry over the last decade. The antiquated logistical practices of yesterday simply won’t cut it in today’s competitive, ever-evolving industry. And when it comes to pharmaceutical chargeback processing and revenue management, advanced technology positioned itself as an imperative feature for manufacturers, third-party logistic providers, and…
EmpowerRM Reverses Revenue Loss for WDSrx Client
EmpowerRM is proud to announce another success in automated chargeback processing! After partnering with WDSrx, a pharmaceutical logistics services provider, our software was able to dramatically reduce revenue loss and increase productivity for one of their clients. The manufacturer faced the costly challenge of maintaining oversight of the chargeback process. Looking for a solution, WDSrx…
Pharmaceutical Chargeback Processing in Just 30 Days
Do infrastructure costs and manual intervention greatly limit your organization’s ability to profit? Does your manufacturing company struggle with a million moving parts by way of contracts, products, customers, and historical sales data? Does the term “revenue leakage” send a chill up your spine? These questions often give even the biggest pharmaceutical giants a cold…
7 Reasons To Upgrade Your Pharma Contract Management System
It’s an exciting time for the pharmaceutical industry. As the digital world continues to make its presence known, pharma leaders across the globe are changing gears to place a greater focus on things like cost and the prospect of outsourcing. In doing so, these major players are able to maintain their stronghold on the market…
The Value of ERP Integration in a Pharmaceutical Chargeback Processing System
From timing issues to cost concerns, it is imperative that your accounting system functions without a glitch. This means interacting fluidly with a wide variety of internal processes. However, when it comes to pharmaceutical chargeback processing, nearly every single system lacks ERP (enterprise resource planning) integration. A system that fails to offer ERP integration probably…