PHILADELPHIA--(Revitas today announced the debut of its 340B Compliance Manager software module for the standards-based Revitas™ Flex™ platform. The Revitas™ 340B Compliance Manager module provides the capabilities pharmaceutical manufacturers need to accurately calculate rebates under the 340B integrity provision of the Affordable Care Act (ACA) to avoid the penalties of non-compliance, which include steep fines for each instance of overcharging. This integration within the broader Revitas Enterprise Revenue Dynamics (ERD) suite of contract, pricing, and compliance solutions increases organizations’ visibility, control, and leverage throughout the entire contract lifecycle.)--
“These companies need a way to stay ahead of the game, transitioning from a reactive to proactive strategy for pricing.”
In 2010, the Affordable Care Act expanded 340B eligibility and gave the Health Resources and Services Administration (HRSA) the authority to promulgate the rules for the 340B program. Penalties for non-compliance include fines of up to $5,000 per instance of overcharging, a figure that can quickly add up given the number of rebates many companies must calculate. With more than 20,000 health care providers participating in the 340B Drug Pricing Program, there are a significant number of transactions requiring refunds in a typical quarter. Pharmaceutical manufacturers are becoming progressively more concerned about the volume of transactions, increased eligibility, and potential fines imposed under the ACA.
“Pharmaceutical companies recognize that there is significant margin for error with the 340B Drug Pricing Program, and this risk of non-compliance opens them up to potentially large fines,” said Eric Newmark, Program Director of Life Science Business Systems at IDC Health Insights. “These companies need a way to stay ahead of the game, transitioning from a reactive to proactive strategy for pricing.”
Organizations typically calculate refunds for thousands of 340B-eligible entities, making manual calculations nearly impossible due to the time-sensitive nature of this reporting. The Revitas 340B Compliance Manager application allows companies to accurately calculate refunds, which enables timely payments, full auditability, and bullet-proof compliance. On the Revitas Flex strategic platform, manufacturers can also easily maintain the most up-to-date list of covered entities eligible for 340B pricing through the Revitas Advanced Membership Management module — further improving compliance efforts with the drug pricing program. Ultimately, the Revitas 340B Compliance Manager solution saves time and resources that might otherwise be spent managing refund calculations or building a one-off solution.
“Building on experience and expertise gained through delivery of 340B solutions for our Classic product customers, offering the 340B Compliance Manager solution on the Flex platform further solidifies our compliance strength for the life sciences industry,” said Al Smith, President and Chief Operating Officer at Revitas. “This solution effectively manages pricing adherence, greatly reduces administrative overhead, and minimizes the costly risk of non-compliance. By making it available on the Flex platform, our customers are able to benefit from the value of Enterprise Revenue Dynamics — the integration of contracts, pricing, and compliance — to ensure the sharing of data and services across applications, which makes for a more accurate and efficient system.”
Revitas, the leader in Enterprise Revenue Dynamics, delivers integrated solutions for contracts, pricing, and compliance that drive higher profitability and lower risk. Revitas empowers companies to optimize contract performance by defining, managing, and analyzing complex, multi-tier pricing incentives and enables positive proof of compliance with commercial, financial, and industry requirements. Powered by the secure, scalable, and standards-based Flex™ platform, Revitas™ applications speed time to market and improve visibility across B2B relationships. Hundreds of organizations across the most highly regulated and challenging industries leverage Revitas integrated solutions to save money, make money, and reduce risk. For details, visit www.revitasinc.com or http://blog.revitasinc.com/.