Transforming Pharmaceutical Receivables: The Impact of Autonomous Operations
In the rapidly evolving pharmaceutical industry, efficient and optimized accounts receivable management is crucial for practitioners to thrive. As the industry faces complex challenges related to distributor and retailer partnerships, including major players like McKesson, CVS, Walgreens, AmerisourceBergen, and Cardinal, it becomes imperative for pharmaceutical companies to embrace innovative solutions. This blog explores how Carixa, a leading provider of cloud software and AR solutions, takes a unique approach to solving these issues for pharma companies.
Cloud Software and Solutions for the Pharmaceutical Industry
The pharmaceutical industry is increasingly recognizing the power of cloud software and solutions in easing the load for accounts receivable management. Two core areas for innovation are 1) managing relationships with distributors like McKesson, AmerisourceBergen, or Cardinal, or 2) optimizing processes with retailers such as CVS and Walgreens, to which Carixa’s platform provides tailored solutions.
Another innovation driver is to use AI-driven Robotic Process Automation (RPA) to save time on manual processes, including downloading, uploading, and completing online forms inside distributor and retailer portals. More importantly, mastering large-scale distribution company processes, patterns, and reference data for 90% or more of your sales means driving action for every reason code and the itemization of each.
Autonomous Operations and Configurable Workflows
Autonomous operations through Cloud software represent a groundbreaking approach to accounts receivable management. With intelligent automation, these platforms minimize manual intervention and empower practitioners to focus on value-added tasks. By automating processes such as cash application, matching, and deduction workflows, cloud software eliminates time-consuming manual efforts and enhances accuracy.
For instance, Carixa’s auto-cash application process demonstrates the platform’s ability to ingest diverse data inputs, automate matching, and initiate deduction workflows from a distributor’s “in and out ” payment activity. Carixa utilizes templates that identify distributors’ payment logic, including unique strings linked to document numbers for resubmissions. This process enables efficient cash application and triggers autonomous re-dispute workflows by accurately matching debits and credits, while initiating new deductions when necessary.
Additionally, returns reconciliation, a critical challenge in the pharmaceutical industry, is streamlined by automated processes. The platform enables practitioners to reconcile returns at the most granular level, such as NDC and Lot levels, allowing for effective collection of return quantity and pricing overcharges. This capability has led to significant financial gains, most notably from identifying erroneous returns overcharges from drug retailers.
Integration with Any System and Simple Implementation
Critical for cloud software success is seamless integration capabilities, ensuring compatibility with any existing system in a pharmaceutical practitioner’s infrastructure. This flexibility enables practitioners to avoid costly disruptions and leverage the benefits of cloud platforms without extensive system overhauls. Whether practitioners utilize enterprise resource planning (ERP) systems, customer relationship management (CRM) software, or other industry-specific cloud solutions, Carixa seamlessly integrates to optimize operations.
Unlike ERPs, cloud implementation processes minimize downtime and maximize time-to-value for practitioners. A platform’s robust implementation methodology ensures a smooth transition, allowing practitioners to quickly start leveraging the benefits of autonomous operations and optimized workflows. This agile approach enables pharmaceutical practitioners to rapidly adapt to the dynamic demands of the industry.
Conclusion
In the ever-evolving pharmaceutical industry, cloud software and autonomous operations have emerged as a game-changer for accounts receivable management. By offering configurable workflows, seamless integration, and experienced implementations, cloud software like Carixa enables practitioners to overcome industry challenges and achieve unparalleled efficiency. With real-world examples showcasing the platform’s capabilities in automating cash application, returns reconciliation, and AI-driven distributor and retailer portal access, Carixa sets a new standard for accounts receivable management in the pharmaceutical sector.
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