Real-world results show pharmaceutical organizations can yield a 150% speed-up to source specific data points with over 95% accuracy
Using the EncompaaS platform, we have enabled this manufacturer to assess with accuracy the performance of vendors and the net effect of rebates on a drug’s revenue.”
VALENCIA, CA, UNITED STATES, November 5, 2024 /EINPresswire.com/ -- EncompaaS, a global leader in information management, today announced an enhanced version of its award-winning Rebate Management solution for pharmaceutical organizations, using AI to inspect complex rebate contracts and extract data with speed and accuracy. Customers can now visualize and analyze rebate management data in real-time, performing weeks of tedious, manual work in seconds.— David Gould, Chief Customer Officer at EncompaaS
EncompaaS’ Rebate Management solution empowers and equips pharmaceutical manufacturers to tackle the inherent difficulties in the sheer scale, scope and multiplicity of both rebate contracts and amendments within a single platform. Because rebate contracts can impact up to 25% of pharmaceutical revenue, it is critical that organizations understand their commercial position to maximize profitability and the bottom line.
“At EncompaaS, we understand the complexities involved in pharmaceutical rebate management, having worked closely with a global pharma manufacturer to successfully automate this critical business process touching core revenue streams,” said David Gould, Chief Customer Officer at EncompaaS.
“Using the EncompaaS platform, we have enabled this manufacturer to assess with accuracy the performance of vendors and the net effect of rebates on a drug’s revenue.”
Decision makers in a pharmaceutical organization, including Rebate Contract Managers, Sales and Product Managers, and Chief Legal Officers, can capitalize on the key advantages of EncompaaS’ solution:
• Visualize rebate sales data in seconds – Proactively monitor rebate sales targets and forecasts and identify previously undiscovered market gaps and opportunities.
• Accelerate time to information – Reduce manual effort and time spent extracting data and easily generate client reports based on accurate rebate data.
• Make informed decisions quickly – Quickly and easily assess risks related to contractual terms, monitor legal compliance and expedite decision making.
• Automate rebate contract analysis – Track the performance of drugs against contracted terms in real-time, maximizing efficiency and profitability.
EncompaaS’ Rebate Management solution has been successfully implemented, yielding real world results from one of the world’s largest pharmaceutical manufacturers. During the project, EncompaaS’ Rebate Management solution demonstrated the AI-powered analysis of over 10,000 contracts, yielding 140,000 data points extracted with 95% accuracy, resulting in 4,000 hours saved in manual processing per quarter. This led to tens of millions of dollars saved each year in their rebate program, with a 90% increase in identifying commercial or contractual risks in data.
“Using a combination of AI technologies, EncompaaS provides an automated way of tracking the performance of drugs against contracted terms quickly, while eliminating tedious manual processing,” added Jon Grundy, Senior Technical Consultant at EncompaaS.
“The machine learning technology is specifically designed for contract documents, and it’s already pre-trained on millions of other contracts, so it knows what a contract looks like and what terms and conditions to look for.”
EncompaaS’ award-winning transformational rebate management solution is available to pharmaceutical manufacturers now. To learn more about how their solution can revolutionize your rebate management processes and strategies, find EncompaaS’ Rebate Management Whitepaper here.
About EncompaaS
EncompaaS, a global leader in Information Management, empowers highly regulated organizations to rapidly mitigate compliance and privacy risks, while unlocking the full potential of their data. The platform uses next-generation AI technologies to find, enrich, and organize structured, unstructured and semi-structured data into a normalized data quality foundation. This enables automated governance at scale, ensuring information is de-risked, and prepares the highest quality data to fuel upstream processes for a variety of sectors, including pharmaceuticals, manufacturing, life sciences, financial services, insurance, utilities, education, and more. EncompaaS’ Rebate Management solution recently won the 2024 PharmaTech Award from the Global Tech Awards.
Headquartered in Sydney, with offices in the UK and USA, EncompaaS optimizes information on-premises and across multi-cloud environments and is trusted by Fortune 500 corporations, government departments and statutory authorities worldwide.
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