Matthew D. Hoenig, President and Owner In the pharmaceutical industry, generic versions of drugs which are essentially the inexpensive alternative to their branded counterparts, carry the same strength, safety, and effectiveness. However, most generic drug manufacturers who democratize these worthy medicines are smaller entities and do not earn high-profits like the big medicine brands. They face fierce competition and hurdles (revenue drainers) pertaining to FDA fees, price deflation, poor payment terms, and chargeback processing complexities. These setbacks can lead to the shortage of the much-needed generic drugs in the market, ultimately causing patients to suffer as they will be forced to buy the higher-priced brand drugs, which may not be covered by their insurance provider. Enter EmpowerRM, a game-changing revenue management solution for pharmaceutical manufacturers that increases profit margins while minimizing revenue leakage, developed by Florida-based MDH Insight. The offering, with its automated capabilities for managing contracts and processing chargebacks, serves as a holistic revenue management solution. It caters to increasing the profit margins of pharmaceutical manufacturers—especially the ones that operate on lower margins— while giving them a competitive edge. Designed from the ground up by industry experts, the system streamlines operations, mitigates risks, and eliminates common issues using Artificial Intelligence (AI), automation, predictive analytics, and seamless integration with ERP systems. “Our advanced software automates chargeback processing and helps pharma manufacturers to cut costs and minimize revenue leakage,” says Matthew D. Hoenig, President, and Owner of MDH Insight.
What makes EmpowerRM innovative is that it is extremely flexible and scalable. Besides that, it has seamless integration with enterprise resource planning (ERP) and accounting systems. Using advanced validation, it identifies discrepancies arising from wholesalers like providing inaccurate pricing on the chargeback line or selling products to ineligible customers, which cause financial loss for pharmaceutical manufacturers.
“As our core values are innovation and passion, we have always strived to fill gaps in the market and transform the way our customers do business by leveraging technology,” says Hoenig.
What makes EmpowerRM innovative is that it is extremely flexible and scalable. Besides that, it has seamless integration with enterprise resource planning (ERP) and accounting systems. Using advanced validation, it identifies discrepancies arising from wholesalers like providing inaccurate pricing on the chargeback line or selling products to ineligible customers, which cause financial loss for pharmaceutical manufacturers.
Our advanced software automates chargeback processing and helps pharma manufacturers to cut costs and minimize revenue leakage
“As our core values are innovation and passion, we have always strived to fill gaps in the market and transform the way our customers do business by leveraging technology,” says Hoenig.
To provide testimony to his words, he talks about a customer success story involving a client of WDSrx, a partner of MDH Insight. The client was a manufacturer of prescription pain medication finding it challenging to handle chargebacks by themselves, which in turn resulted in high revenue loss. As an outcome, after getting advanced validation, real-time visibility, detailed analytics, and report generation, the client was able to reverse revenue loss by $641,000 and increase productivity.
When this process is outsourced, it can become costly because everyone charges by usage. Even though a company may start out small and it makes sense financially to outsource, as time goes on, the costs don’t scale well and it becomes more appealing to bring it in-house.
“Many pharmaceutical manufacturers say they want to pay less for chargeback processing solutions, however, that’s because they aren’t getting the ROI or the value from what they are doing currently. If they could clearly be shown that the software more than pays for itself, then why wouldn’t they buy it? Many pharmaceutical manufacturers are outsourcing this process, but we are working with several to bring it back in-house to reduce costs and give them more insight and control,” says Hoenig.
Hoenig plans to power the offering with AI and predictive analytics capabilities, which would further help pharmaceutical manufacturers in identifying opportunities to renegotiate pricing, cut costs, and generate more revenue.
MDH Insight is a technology company that focuses on delivering innovative software solutions to the pharmaceutical industry. The EmpowerRM solution is designed to bring enterprise-level software capabilities to small and mid-size manufacturers.
When this process is outsourced, it can become costly because everyone charges by usage. Even though a company may start out small and it makes sense financially to outsource, as time goes on, the costs don’t scale well and it becomes more appealing to bring it in-house.
“Many pharmaceutical manufacturers say they want to pay less for chargeback processing solutions, however, that’s because they aren’t getting the ROI or the value from what they are doing currently. If they could clearly be shown that the software more than pays for itself, then why wouldn’t they buy it? Many pharmaceutical manufacturers are outsourcing this process, but we are working with several to bring it back in-house to reduce costs and give them more insight and control,” says Hoenig.
Hoenig plans to power the offering with AI and predictive analytics capabilities, which would further help pharmaceutical manufacturers in identifying opportunities to renegotiate pricing, cut costs, and generate more revenue.
MDH Insight is a technology company that focuses on delivering innovative software solutions to the pharmaceutical industry. The EmpowerRM solution is designed to bring enterprise-level software capabilities to small and mid-size manufacturers.
Company
EmpowerRM
Headquarters
Pembroke Pines, FL
Management
Matthew D. Hoenig, President and Owner
Description
A powerful revenue management solution for pharmaceutical manufacturers that increases profit margins while minimizing revenue leakage
