EmpowerRM streamlines operations with shift from manual to automated pharmaceutical chargeback processing

Automating pharmaceutical chargeback processing with a cutting-edge software solution called EmpowerRM has revolutionized Laser Pharmaceuticals day-to-day operations. Plus, it has saved them from hiring an additional employee and improved their overall company efficiency despite their chargeback volume increasing significantly.

From drastically increasing productivity to reducing pharma revenue leakage, the transformation has been extraordinary.

In fact, since implementing EmpowerRM their chargeback volume has seen a 400 percent increase, manually processing that volume would have been near impossible. Utilizing EmpowerRM software has allowed them to handle the increased volume effortlessly, without adding any resources and actually reducing their time by 97.5 percent!

Let’s take a look at how they got there…

Laser Pharmaceuticals

Based out of Alpharetta, GA, Laser Pharmaceuticals has been in business since 1956, offering an impressive line of generic pharmaceutical products. For years, the company had been doing chargeback processing manually.

EmpowerRM

EmpowerRM is a pharmaceutical chargeback software solution developed by the industry experts at MDH Insight. The 100% web-based software was built to increase profitability and minimize processing time for pharmaceutical manufacturers. The product offers pharmaceutical chargeback processing and contract management tools that allow manufacturers to scale with precision, automate processes, and focus on growing their businesses.

We were able to sit down with the Jack Melesh, Controller at Laser Pharmaceuticals, who handles all of the company’s financial dealings, operations, and inventory management. He was able to shed light on the impact that MDH Insight’s EmpowerRM software and managed services has had on not only his day-to-day, but the company’s overall growth and success.

Problem: Manual Chargeback Processing

Manual chargeback processing was standard at Laser Pharmaceuticals. The process typically went like this:

1. Receive chargebacks via email from wholesale customers
2. Manually verify the pricing eligibility for each of the lines
3. Manually create each credit memo in the accounting system

Jack looked back on this extremely time-consuming process, “We were having to manually do each chargeback as it came in.” What was once a 4 hours/week process quickly became a 10 hours/week process. Plus, manual validation leaves room for human error and missed opportunity, and the threat of pharma revenue leakage looming created more pressure to make a change.

While the labor-intensive manual method was suitable at the time, the company began to grow rapidly as they expanded their product portfolio. As a result, the number of chargeback lines increased tenfold and they needed a solution equipped to handle that volume.

Solution: Automation with Pharmaceutical Chargeback Software

With the chargeback magnitude growing, Laser Pharmaceuticals needed a software that could handle the increase reliably, accurately, and efficiently. Enter EmpowerRM.

A quick and seamless implementation, EmpowerRM was up and running in less than a week. The process was as simple as sending Laser Pharmaceuticals’ existing contracts, customers, and products. There were no issues, delays, or problems with the implementation.

Now, Laser Pharmaceuticals receives weekly, monthly, and annual chargeback reports. Relying on the software means that chargeback processing is something the company never has to worry about anymore, especially with the vast majority of pricing errors being eliminated.

Since everything is updated quickly across the board with all of Laser Pharmaceuticals’ customers, EmpowerRM removed the issue of inefficient pricing updates. In addition, having the chargeback data imported through EmpowerRM has alleviated some of the time requirements on posting payments from customers. Overall, the reliance on pharmaceutical chargeback software has powerfully impacted Laser Pharmaceuticals’ productivity.

According to Melesh, “It was a no brainer to work with MDH Insight. They handle everything for us and we didn’t have to hire an additional person to do the work…I would be in chargeback hell without EmpowerRM!”

Results: Maximum Efficiency

Laser Pharmaceuticals has benefited greatly from their reliance on the EmpowerRM software solution. With critical data being imported into the accounting system, Jack can focus his efforts on more value-added tasks. These changes have impacted the company tremendously.

Some of the most impressive results of using EmpowerRM include:

• 400% increase in processing volume
• 97.5% reduction in time spent on chargeback processing
• Alleviated need to hire additional employee
• Reduction of pharma revenue leakage
• Mitigated potential human errors
• Increased accuracy in validation
• Gained access to analytics allowing for a deeper dive into the data

EmpowerRM put the power back into the hands of Laser Pharmaceuticals. Now, they are able to run their organization more efficiently and effectively.

Melesh gave his final thoughts, “Thanks to EmpowerRM, chargeback processing is not something that we have to worry about anymore.”