iMANY Introduces Medicare Module for Medicare Part D Coverage Gap Compliance

PHILADELPHIA--(EON: Enhanced Online News)--Healthcare reform has brought new operational and compliance challenges to the pharmaceutical industry. For pharmaceutical manufacturers, new quarterly requirements to close 50 percent of the Medicare Part D coverage gap discount have created the need for a simplified solution to effectively manage this rebate process and ensure compliance.

“Healthcare reform has heavily impacted every facet of life sciences”

To address these challenges, iMANY, the leading provider of contract performance solutions, announced today the availability of a new Medicare module for the iMANY® CARS® solution. This add-on solution provides iMANY customers with capabilities that reduce the complexity of quarterly coverage gap discount processing and minimize the risk of harsh penalties for non-compliance.

The Medicare module delivers key functionality that eliminates the common workarounds that often place manufacturers at risk for inaccurate payments, audits, and late fees. Integrated features allow manufacturers to:

Process refunds. Accurately import, manage, and process quarterly refunds payable to the 600+ plan sponsors.
Protect and secure data. The self-contained Submissions and Claims applications in the Medicare module allows only approved users to view and process coverage gap data in a secure area of the system.
Import coverage gap manufacturer invoice file format. Additional fields have been added to the Submission and Claims applications to enable the system to capture all invoice file data fields and support the import of the coverage gap manufacturer invoice file format.
Support signed over-punch requirement. This functionality allows for the import and export of files using signed over-punch values as specified by the TPA (Third Party Administrator).
Manufacturer payment confirmation. Preconfigured payment confirmation in the mandated format is built into the system to avoid erroneous or late payments and potential fines.
Maintain flexibility. The system is designed to easily adapt to potential future changes in the formats or requirements as dictated by the Centers for Medicare and Medicaid Services (CMS).
Dramatically reduce time and effort. The module alleviates the workload for contract analysts, compliance analysts, IT administrators, and technical support resources with familiar iMANY technology and functionality requiring minimal training.

“Healthcare reform has heavily impacted every facet of life sciences,” says Joe Marttila, Senior Director of Life Sciences Solutions at iMANY. “We understand the pressure that pharmaceutical manufacturers face to comply with these complex regulations and are constantly enhancing our offerings to address the ever-changing regulatory environment. iMANY’s solutions are designed to help organizations improve their management of contracts, pricing, and compliance to save money, make money, and reduce risk with greater efficiency and more flexibility. The Medicare module, along with our iMANY 340B Compliance Manager, not only makes it easier for manufacturers to adhere to the stringent Affordable Care Act requirements, but also simplifies the operational processes for contracting and compliance departments.”

The iMANY CARS solution provides a comprehensive system for processing chargebacks, reimbursements (rebates), services fees, and administration fees from trading partner sales data, ensuring accurate payments based on agreed-upon contract terms.

The Medicare module can be licensed as an add-on to the iMANY CARS application. For more information please contact Joe Marttila at jmarttila@imany.com.

About iMANY®

iMANY, the leading provider of contract performance solutions, helps organizations improve the way they manage complex commercial and government contracting and compliance strategies by aligning actionable information with revenue-based transactions. The iMANY ContractSphere® platform, the industry's only integrated solution for contract performance, optimizes the entire contract lifecycle, limits gross-to-net margin erosion and ensures compliance in today’s heightened regulatory environment. Hundreds of organizations across 21 industries worldwide, including the top 10 life sciences companies, depend on iMANY to reveal insights that drive more profitable business relationships. For more information, please visit: www.imany.com.