Rebate management
Whether it’s for homecare, hospital contracts, CCG agreements, pharmacy chain contracts, a patient access scheme or a dispensing Dr arrangement, chances are you have some form of rebate being calculated and paid within your organization. With a scheme potentially worth millions of pounds a year there is quite a lot at stake. As analysts we all know the importance of accurate data and calculations, yet I feel this is an area with room for improvement.
How well do you process, validate and manage your rebates? If you were to have the pleasure of an external, or Global HQ audit, how confident would you be in passing with flying colours?
Issues are often caused by the data provided. Garbage in, garbage out as they say. It may not always be possible to get the raw data correct at source, or indeed ensure it maintains 100% accuracy going forward. For that reason, it is best to put in place checks and balances to review and refine the data, while maintaining some form of audit record of what was changed and why. However, you need to ensure you don’t replace the previous issues with new human error lead issues. Utilising automated processes and software is the best way to deal with this.
As an example, one of our client’s existing rebate process was labour intensive and fragmented. There was no holistic overview of the process within the organisation, with only a few individuals understanding their specific elements. This meant there was a lot of scope for human error and no certainty that rebates were being submitted and paid out correctly. In short, an external audit would have identified quite a few areas for improvement, so they asked for our help.
They have since implemented a Pharma specific rebate management software and process to manage rebates; including calculation, validation and sign off. Rebates are now processed accurately, with the client reaping identifiable financial benefits.
If you would like to discuss rebate management systems, contact me at [email protected] or call 01483 528305