SOUTH SAN FRANCISCO, Calif., March 1 /PRNewswire/ -- Model N, Inc., the pioneer in revenue management solutions for life sciences, today announced that Novo Nordisk Inc., a world leader in diabetes care, has selected Model N’s Revenue Management solution for Medicaid Claims Processing to automate management of its Medicaid rebate program. With Model N, the system allows enhanced processing of Medicaid and State Supplemental claims in a more efficient manner, enabling Novo Nordisk to stay current on rapidly changing Medicaid and state program requirements, validate state Medicaid claims, and access and report claims and payment information accurately and promptly. Medicaid Claims Processing is one of the applications in the Model N Revenue Management suite that brings a new approach to bridging the gaps in the revenue management lifecycle through shared data, integrated processes and comprehensive controls for minimizing lost revenue and regulatory non-compliance. This new approach is being made more accessible to companies with legacy systems through the Model N I-switch program.
Novo Nordisk prioritized three major aspects in its evaluation of alternatives: visible, real-time reporting tools; ease of use; and a centralized view of all relevant data. Specifically, the company is automating its Medicaid claims processes and establishing higher levels of control in order to improve accurate and timely reporting, filing, and dispute resolution.
The Model N Medicaid Claims Processing application manages all aspects of a Medicaid rebate program quickly and easily, including the setup and maintenance of Medicaid and state programs, resubmission and dispute handling, payment processing, and required government reporting. The application empowers analysts to calculate rebate-per-unit (RPU) prices, upload new claims and validate them, approve payments, and generate required reports in compliance with all federal and state regulations and guidelines. In addition, its seamless integration with Model N Government Pricing ensures accurate and timely Medicaid rebate calculations.
“For leading pharmaceutical companies such as Novo Nordisk, governmental regulatory compliance is of critical importance,” said Zack Rinat, founder and CEO of Model N. “As federal and state governments introduce new and more complex programs, manufacturers must process and analyze increasingly large amounts of data to ensure compliance. Model N Medicaid Claims Processing was developed specifically to handle the increasingly complex and changing regulatory environment, empowering manufacturers to quickly comply with governmental regulations while increasing the accuracy of claims processing and payments.”
Companies with legacy applications for regulatory compliance and claims processing, or for commercial contracting and settlements can leverage the Model N I-switch program to upgrade their existing infrastructure. I-switch is a program designed to introduce Model N Revenue Management into a pharmaceutical manufacturer’s IT infrastructure as either a complement to existing applications or as an upgrade to existing systems. Model N’s advanced data integration and management capabilities are a key aspect to the ability of the Revenue Management suite to coexist with legacy systems.
About Model N
Model N is the pioneer in Revenue Management solutions, offering an integrated suite of applications for pricing, contracts, compliance, rebates, fees and chargebacks optimized for the industry practices of life sciences companies. Enabling the creation of a seamless, end-to-end process from pricing through settlements payment, Model N’s uniquely integrated approach eliminates revenue leakage and delivers the visibility and controls needed to avoid the risks of non-compliance to government pricing and Sarbanes-Oxley regulations. Model N customers include Actelion Biopharmaceuticals; Boston Scientific Corporation; Bristol-Myers Squibb; Gilead Sciences; Ortho-Clinical Diagnostics, a Johnson & Johnson company; Pfizer, Inc.; Medtronic, Inc.; and Novo Nordisk Inc. Model N is located in South San Francisco, California. For additional information, visit www.modeln.com.
NOTE: Model N is a mark of Model N, Inc. All other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.
Model N, Inc.
CONTACT: Carey Godbee of B3 Communications, Inc., +1-760-758-4406, orcgodbee@b3communications.com, for Model N, Inc.
Web site: http://www.modeln.com/
