®
GOVERNMENT PRICING
Ensure Accuracy in Pricing and Reporting for Compliance with
Government Prescription Drug Program Requirements
Price Calculations and Reporting: An Ongoing Challenge
As government budgets and priorities change, new pricing methodologies are introduced
within programs such as Medicaid and Medicare Part D. Pharmaceutical manufacturers
spend hundreds of thousands of dollars each year, just to keep pace with evolving
requirements and maintain accurate calculations.
The stakes are high. Government price violations, particularly under the Medicaid Drug
Rebate Program, have resulted in billions of dollars in fines for the pharmaceutical industry
in the past decade. Typical fines for inaccurate price reporting by a manufacturer range
from tens of millions of dollars for small manufacturers with minor inaccuracies, to more
than a billion dollars for large manufacturers with major violations. Furthermore, noncompliance may result in drugs being removed from government programs, forcing
Why Buy?
Easily manage ongoing
changes to pricing
calculations and deliver
prompt, accurate
reporting to ensure
compliance with drug
program mandates.
manufacturers to lose a major source of revenue.
The Need for Speed
New requirements to government pricing programs are often announced with just a few months for pharmaceutical manufacturers to
implement changes. But pricing calculations are derived from many data sources and millions of transactions. In the event of an audit,
manufacturers also must be able to validate their calculations with complete and accurate audit trails. The work efforts are substantial
and costly, while the potential for error is high.
Manual, spreadsheet-based systems can’t support the scale or complexity of government pricing requirements. And without the ability
to generate accurate pricing in a timely manner, manufacturers often default to overly conservative calculations, leading to lost revenue
and lower profitability. Today’s pharmaceutical manufacturers require an agile, enterprise-scale solution.
Key Benefits
Calculate goivernment
pricing quickly and accurately
Easily manage ongoing
changes to calculations
Identify and correct errors
Provide positive proof of
before they impact calculations
compliance
The Solution:
Revitas Government Pricing
Revitas Government Pricing manages the pricing calculations
required for compliance with government drug programs,
including the Medicaid Drug Rebate Program, Medicare Part
D, Federal Supply Schedule, and Public Health Service. The
solution incorporates the configuration of calculations, periodic
price generation, reporting, and tools for compliance. Now,
Revitas Government Pricing is also enabled to leverage the
pricing information found in the powerful Revitas Revenue
Manager to monitor commercial pricing practices.
Revitas Government Pricing enables pharmaceutical
manufacturers to:
•
Quickly and accurately calculate government pricing
with the click of a button, minimizing the need for user
intervention and reducing the potential for error.
•
Effectively manage ongoing changes to calculations with the
Metric Builder, allowing calculations to be easily modified as
The Revitas Difference
Revitas Revenue Manager Integration:
Revitas Government Pricing leverages the robust
commercial contractual and pricing data found in
Revenue Manager to efficiently and effectively
calculate and report government best price.
Metric Builder: This point-and-click formula
building capability eliminates the need for custom
coding, resulting in lower costs and improved
auditability.
Net/Best Price: This simple point-and-click
reduces resource requirements by up to 50%,
and creates auditability.
Product Bundling: Revitas Government Pricing
delivers industry-leading capabilities that enable
manufacturers to meet stringent government
requirements for bundling.
methodologies change, without the need for costly custom
programming.
•
Provide positive proof of compliance in the event of an audit,
with detailed audit trails showing every policy, calculation,
override, and anomaly that may have impacted the
calculation process.
Revitas helps organizations accelerate revenue through diverse, multi-level sales channels by delivering
enterprise-class solutions that tailor channel and contract management to the needs of the business.
©2015 Revitas, Inc. All rights reserved.
www.revitasinc.com