We’re back from the HIDA Contract Administration Conference where we had the chance to talk candidly with a host of folks across the healthcare supply chain. Here are my top three takeaways.
Pricing complexity
Despite all the good work done to standardize references, processes and data templates, contract and chargeback management continues to be challenging. The problems of direct and indirect pricing complexity have been compounded by supply chain disruption and squeezed margins. The burdens of processing chargebacks, dealing with the financial impact, ensuring compliance and the fallout of managing mistakes. These factors continue to have an impact on overall profitability when compounded by inflation.
Selling direct
Some businesses are shaking up their commercial models and turning to selling direct. In some cases, this is helping to generate additional profit, but it doesn’t make contract or price management easier. The data management and reconciliation process are as complex as it ever was. Money is still falling through the cracks and being drained in man hours.
Appetite for change
From blockchain technology to the intelligent automation of Flintfox, there is a genuine appetite for change. Managing pricing across channels, from health care and industrial to surgical care requires more than contract and chargeback management facilities. What is required is one solution capable of handling the complexity of both pricing and chargebacks. This is what Flintfox was born to do. We have the ability to automate thousands of pricing and contract rules with ease.
The solution
With Flintfox; direct and indirect pricing, commissions, royalties and retrospective rebate agreements are managed in one place and fully automated. No manual handling, no discrepancies or disputes, no revenue leakage from money going unclaimed – just automatic claims, pricing, accruals, and payments for better cash flow. Flintfox gives instant margin visibility across every distributor, reseller, GPO, end customer and product, empowering businesses to take control of their prices to find the magic in their margins.
