Home » Business Solutions » Life Sciences » CARS

I-many CARS® NG

Improve Margins Through Better Contract Management

Life sciences organizations manage a large variety of rebates, chargebacks and incentives, and these complex financial components can total 15–30% of revenue. Multiple studies show that rebate and chargeback overpayments, duplicate payments and incorrect payments to ineligible parties can consume 4% or more of all revenue, so the financial incentive to identify and eliminate all possible sources of revenue shrinkage is compelling.

I-many CARS NG, one of the I-many Contract Management Suite for Life Sciences™ solutions, is a comprehensive solution for managing rebate contracts, chargebacks and incentives for the life sciences industry. I-many CARS NG provides core functionality common to all commercial contracting operations and can be extended to include processing capabilities for prescription-level validation, direct-sale rebates, chargebacks and formulary management. I-many CARS NG provides tremendous flexibility for configuring complex rebate agreements specific to the life sciences market and maintains audit trails throughout the system, which are critical for Sarbanes-Oxley (SOX) 404 compliance. The return on investment associated with I-many CARS NG is compelling—with its potential for eliminating revenue loss, it can pay for itself in less than one year.

Compelling Key Benefits

• Stores information pertinent to all trading partners that are directly or indirectly involved in the contracting process, such as customers, wholesalers, buying groups and hospitals.
• Allows you to create and maintain contract rebates between you and
  your trading partners by storing and managing the detailed pieces of a contract, including contract dates, status, terms, eligibility and pricing.
• Provides a repository for all product-specific data. Standard identification and user-defined attributes are captured and stored at the product-detail level, including both current and historical cost, pricing and usage-conversion values.
• Provides electronic data submission for loading customer utilization and chargeback data directly into the application. Supports common and extended file formats during the import process and adheres to the
  current Northwest Digital Archives (NWDA) and the Accredited Standards Committee (ASC) X12 Electronic Data Interchange (EDI) formats.
• Processes priced and approved payment amounts from I-many’s processing modules (i.e., utilization rebates, purchase rebates and chargebacks) to requisition payment for claims, fees or chargebacks.
• Interfaces with Enterprise Resource Planning (ERP) accounts-payable systems to track and control payment transactions.
• Maintains comprehensive audit trails that are critical to achieving SOX
  404 compliance.

Click on the following products for more information:

• I-many Contract Manager™
• I-many CARS® NG
• I-many Chargeback Verification
• I-many Government Pricing™
• I-many Medicaid Rebates™
• I-many Validata™
• I-many Medicaid Analytics™
• I-many CARS® BI
• I-many Architecture