Choosing a pharmaceutical chargeback software is far from a simple decision. With a wide range of critical factors to consider, it’s easy to get overwhelmed in weighing which options will best serve your business. Like most businesses, you really just want to focus on growing your business. Getting bogged down in the interworking of your chargeback processing software is outside of your wheelhouse. And it should be.
A quick Google search for “pharmaceutical chargeback processing software” reveals, well, not much. The reality is that, until recently, this industry lacked an ideal solution to chargeback processing with accounting integration. But as the digital age continues to advance in all aspects of business, pharmaceutical chargeback processing is finally catching on.
The industry has been in search of a game changing solution for Pharmaceutical Revenue Management…something that offers 100% web-based software built on advanced web technologies, something that delivers scalable automated processing that reduces processing time, and something that opens the doors to drive more revenue.
Pharmaceutical manufacturers, pharma 3PL’s, pharma consulting firms, and government pricing companies are continually searching for a seamless web technology to meet their chargeback processing needs. While selecting a pharmaceutical chargeback software may seem like a tall order, consider these factors to make an efficient and strategically sound decision:
1. Setup Cost
It may seem like a no brainer, but far too many pharma organizations find themselves enamored by big promises and possibilities without stopping to consider setup costs. While the right pharmaceutical chargeback processing software is sure to transform your business, it doesn’t have to come with a hefty price tag. Most chargeback processing companies are charging $25,000-$50,000+ to get your system configured and setup, but that doesn’t have to be the price tag. There are reputable chargeback processing companies that charge a small fraction of that. So, be sure to ask about initial setup costs when evaluating which company to move forward with.
2. Implementation Timeframe
Getting your system up and running in a timely manner is critical. Unfortunately, many pharmaceutical chargeback processing companies take up to 6 months to get their customers up and running. On top of that, they typically charge annually and upfront, so you end up paying for a full year when half of that time is spent on implementation. Look for options with a 1-2 month implementation timeframe and be ready to provide pertinent information to move the process along quickly. In your hunt for the best software solution, make sure to take implementation timeframe into account before selecting a provider.
3. ERP Integration
Far too many pharmaceutical chargeback processing systems do not offer any integration with the ERP/accounting system. As a result, their customers are forced to export out a text file to be delivered and uploaded into their accounting system. In order to properly reconcile your books, you must look for a solution with full, seamless accounting integration. In addition, try to find a software company that is able to build an integration with your specific accounting system to ensure your business is running as efficiently and accurately as possible.
4. User Interface
The ability to easily navigate and utilize your chargeback processing software is paramount to running your business well. Seek a software that uses the latest web technologies to create an intuitive, efficient, powerful, and smooth user interface. In doing so, you will be able to take advantage of a multitude of dashboards that feature key analytics for maximum proficiency.
5. Pricing Model
Pricing models in the chargeback processing industry are often based on a company’s annual revenue, priced out separately for both contract management and chargeback processing, and are subject to price increases every single year due to anticipated customer growth. We recommend finding a company that does not base pricing on revenue. Instead, seek a pricing model based solely on usage via the number of chargeback lines processed each month. By billing monthly and not annually, customers are charged based upon actual growth, not anticipated growth, making this pricing model extremely economical.
6. Automation
Automation has begun to touch almost every aspect of our lives. Unfortunately, most of the big players in the pharmaceutical chargeback software industry have yet to adopt this option. Look for a software that offers the ability to turn on and off automation, allowing the system to handle automation from start to finish. Automation should be used for things like system alerts for users to know what has been completed and what has yet to process, allowing for the customer to only spend time on validation issues. Additionally, the software should leverage both a rules engine and AI to handle recurring issues automatically while continuing to minimize the user intervention on the processing side. In utilizing automation the right way, the users are able to spend much more time on valuable activities.
7. Analytics & Reporting
With pre-built reports that are only customizable via filters, most pharmaceutical chargeback processing software lacks critical analytics and reporting features that pharma organizations rely on. The best solutions will deliver an easy report builder for customers, with the ability to save reports and schedule them to run automatically. In addition, they should have standard analytics dashboards and metrics to offer efficient reporting and analytics that help companies make ongoing smart, strategic business decisions.
8. Forecasting
In today’s competitive market, forecasting leveraged with AI allows companies to anticipate needs in a variety of relevant areas. Forecasting takes external numbers and compares them to actual numbers, using AI to guide ground-breaking revelations in the industry. As a result, you will be able to take advantage of predicted trends and developments in the market.
From low setup costs to short implementation timeframes, from ERP integration to a modern user interface, from a far pricing model to unmatched automation capabilities, and from smart analytics and reporting to revolutionary forecasting, EmpowerRM is truly changing the game in pharmaceutical chargeback management. Our revolutionary software outshines our competitors in all 8 facets of pharmaceutical chargeback processing. Are you ready to see how our advanced, 100% web-based technology is transforming the pharmaceutical industry?
It’s time to take control of your revenue. It’s time for EmpowerRM. Contact our office today to Request a Demo!