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iMANY Helps Global Pharmaceutical Companies Successfully Manage the Operational Impact of the 340B Drug Discount Program(November 08, 2011)
PHILADELPHIA, PA -- (Marketwire) -- 11/08/11 -- iMANY, the leading provider of contract performance solutions, announced today that three of the world's largest pharmaceutical companies have implemented the iMANY® 340B Compliance Manager to facilitate accurate pricing management calculations in line with the guidelines specified in the 340B Integrity Provision of the Affordable Care Act.
The 340B Drug Pricing Program requires pharmaceutical manufacturers to provide outpatient medications at a significant price discount to federally-qualified health centers, clinics, and hospitals. However, changes enacted after the passage of the Affordable Care Act in March of 2010 have added a layer of operational complexity for manufacturers. This can prove daunting, since there are potentially thousands of transactions that need to be corrected and refunded to the 340B entity. Failure to comply can result in stiff monetary penalties for the manufacturer.
"Pharmaceutical manufacturers have had to implement significant changes to their Medicaid, Medicare and 340B compliance processes in order to meet the increasingly complex regulatory requirements of health care reform," says Joe Marttila, Senior Director, Life Sciences Solutions at iMANY. "The iMANY 340B Compliance Manager provides a flexible and configurable solution that enables manufacturers to confidently calculate overcharges and true-up 340B entities as required."
To read iMANY's Point of View on the 340B program, please visit http://info.imany.com/iMANY-340B-Integrity-Provision-White-Paper.html.
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.
Sheila M. Rizzo
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