Model N Inc. (MODN) Announces Deal Management for Life Sciences
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Model N, Inc. (NYSE: MODN), the leader in cloud revenue management solutions, today announced the availability of a new Deal Management solution as part of the Model N Revenue Cloud for Life Sciences. Deal Management connects field sales professionals with operations teams to support the execution and management of the order-to-cash process. Its capabilities enable more effective management of upfront pricing, pricing “tiers” and off-invoice discounts, while providing data, information and analytics that empower field sales teams to foster deeper and more profitable relationships with healthcare providers, integrated delivery networks (IDNs) and group purchasing organizations (GPOs).
Faced with increasing pressure to consolidate vendors, cut costs and deliver more value to their organizations, life sciences companies must optimize interactions with their customers. Model N’s Deal Management helps life sciences companies more efficiently execute contracts by delivering real-time visibility into tiered pricing and rebate data, while providing actionable sales analytics directly to field sales teams. Deal Management is the leading software-as-a-service (SaaS) solution in the life sciences marketplace that delivers real-time revenue management data and analytics directly to sales teams via their customer relationship management (CRM) applications, eliminating tedious, manual data gathering, reporting and pricing management processes that usually fall under the purview of operations teams.
“Our new Deal Management solution enables greater streamlining of the order-to-cash process and facilitates topline revenue growth for life sciences companies,” commented Melonie Warfel, vice president and general manager of Life Sciences for Model N. “It enables field sales teams to be proactive with their provider customers, while simultaneously freeing operations teams to spend more time on contract execution, management and deal profitability analysis. This launch is yet another example of Model N’s ongoing commitment to providing our customers with industry-leading SaaS solutions that help them address the unique pressures of today’s market.”
Benefits for Life Sciences Manufacturers
- Improve topline revenue by accessing intelligence previously not accessible to field sales teams
- Enhance customer relationships by proactively communicating rebate, tiered pricing and capital equipment status, providing an opportunity to course-correct
- Maximize the Salesforce investment by driving the sales team to Salesforce to access intelligence and manage deals
- Increase efficiency with field sales and commercial operations teams, decreasing the time to execute and creating more time for value-added tasks
Model N Deal Management for Life Sciences Organizations
As a component of the fully integrated, end-to-end suite of Model N solutions, Model N Deal Management ultimately enables life sciences organizations to improve internal processes while eliminating surprises and guesswork in the order-to-cash process. It also nurtures key provider, IDN and GPO relationships that have become increasingly challenging to manage due to the global coronavirus pandemic. What’s more, Model N Deal Management frees up time for contract, sales and pricing operations teams to focus more intently on their core responsibilities, including contract execution, management and profitability, as opposed to serving as the intermediary for a large number of requests for sales information and analytics requests from the field.
Additional features in the Deal Management solution integrate customer-facing pricing and rebate schedules directly from negotiated contracts into Model N’s Provider Management application without any data duplication or manual intervention. This capability reduces the time for field sales reps to obtain accurate pricing information, enabling sales reps to price and close deals more quickly.
The Deal Management solution also gives field sales teams the ability to proactively monitor tiered pricing and rebate trends to ensure that providers, IDN and GPO customers understand buying patterns and have a subsequent opportunity to adjust purchasing activities in order to earn the pricing and incentives as defined in their manufacturer agreements. Model N provides manufacturers with instantaneous access to price books to ensure that their customers are always aware of their “actual price.” Armed with this information, price discrepancies are reduced and customer satisfaction is increased, adding long-term value to CRM investments through self-service data and analytics that drive increased CRM adoption by field reps.
“With these Deal Management capabilities, Model N has developed an innovative way to serve an unmet need for field sales teams by enabling them to be more proactive with customers on a daily basis without relying so heavily on operations teams,” observed Michael Townsend, research director for Life Sciences Commercial Strategies at IDC. “Process improvements and delivery of data directly to the field represent a new approach to growing topline revenue by integrating both revenue management and CRM applications. This innovation represents a meaningful opportunity for Model N’s life sciences customers to make the most of their enterprise applications, empowering sales teams with actionable data and driving higher levels of customer service and satisfaction.”
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