Revitas Validata Breaks Down Big Data to Reduce Margin Erosion in Pharma Companies
Revitas announced today that nine of the top twelve pharmaceutical companies are using Revitas™ solutions to import and validate incoming prescription lines of data from managed care trading partners. The Revitas Validata revenue management solution allows pharmaceutical manufacturers to greatly reduce the payment of erroneous claims for rebate and administrative fee payments by validating rebate claims for individual prescriptions. Manufacturers using the Revitas Validata solution can eliminate from three to ten points of gross profit margin erosion annually, and gain confidence in the accuracy of the script-level data used in their rebate calculations.
Coupled with the increase in Medicaid, Medicare, and PHS claims, the opportunity for duplicate and erroneous scripts has increased dramatically since the passage of the Affordable Care Act. Companies can't afford to enter into contractual agreements and calculate rebates without scrubbing the prescription-level data. Revitas is the only software company that provides an in-house solution that can accurately and promptly process these massive amounts of data. The Revitas Validata solution also performs the script-level processing, regardless of the underlying contract management platform.
“Traditionally, an in-house script validation tool was seen as a luxury by many in the industry, but it has become a necessity,” says Joe Marttila, Senior Director of Life Sciences Solutions at Revitas. “Over the past year, many mid-size pharmaceutical companies have joined the top companies in moving their script validation processing in-house with the Revitas Validata solution. These companies can now view data at the atomic level to uncover critical errors, such as duplicate or invalid prescriptions, coordination of benefits duplicates, and invalid plans, pharmacies, products, and dates to minimize erroneous payments and support compliance initiatives. Companies also benefit from the flexibility of the system which allows them to support various prescription formats and configurable summarization options that aren't available from outsourced options.”
Pharmaceutical manufacturers using the Validata tool regain control over rebates and administrative fee payments by dissecting complex and voluminous script-level data that is impossible to manage manually and can grow exponentially. The Revitas Validata product works with both the classic iMANY CARS solution and the Revitas Flex™ integrated platform, as well as other third party contract management systems.
Revitas, the leader in Enterprise Revenue Dynamics, delivers integrated solutions for contracts, pricing, and compliance that drive higher profitability and lower risk. Revitas empowers companies to optimize contract performance by defining, managing, and analyzing complex, multi-tier pricing incentives and enables positive proof of compliance with commercial, financial, and industry requirements. Powered by the secure, scalable, and standards-based Flex™ platform, Revitas™ applications speed time to market and improve visibility across B2B relationships. Hundreds of organizations across the most highly regulated and challenging industries leverage Revitas integrated solutions to save money, make money, and reduce risk. For details, visit www.revitasinc.com or http://blog.revitasinc.com/.