There are still some pharmaceutical manufacturers who believe maintaining internal teams for manual chargeback processing saves money. Advances in technology and market competition have dramatically reduced the cost of more efficient solutions.
Embracing a new strategy for processing chargebacks is necessary because wholesalers have increasingly sophisticated systems that can overwhelm manual processing, resulting in reduced cost control and increased financial risk. A new suite of automated chargeback services provided by WDSrx with MDH Insight puts manufacturers in the driver seat to minimize revenue loss, identify discrepancies and increase productivity.
A new automated suite of services from WDSrx and MDH Insight allows manufacturers to take control of chargeback management, minimize losses and increase business controls.
“Deficiencies of manual processing reduce efficiency and increase potential financial loss. according to Matthew Hoenig, President of MDH Insight, Inc. In many cases, the responses are not sent to wholesalers, resulting in incomplete processing. Most wholesalers automatically debit manufacturer accounts preventing effective dispute resolutions. Manual processes that do not check against contract pricing or membership eligibility often allow improper deductions.
In addition to industry leading expertise in chargeback management, EmpowerRM software from MDH Insight is introducing EDI Services for 844, 849, 852 and 867 document sets. Manufacturers can search, export and analyze data from EDI transactions to optimize business operations. This web-based system provides real-time interactivity for manufacturers, improving usability compared with spreadsheet-based reporting, that overwrite files and prevent visibility of historic pricing.
“Efficient chargeback processing by industry specialist MDH managed at the location storing product inventory creates a powerful combination of benefits for pharmaceutical manufacturers utilizing Third Party Logistics services,” states WDSrx President Adam Runsdorf.
Several fee structures start at approximately $500 per month and can be customized for clients who want contract management, chargeback processing, EDI reporting and analysis or all services.