Reverse distribution is a dynamic industry which determines drug cost according to many rapidly-changing variables, each of which fluctuates according to price data, calculations and more. Prices are recalculated and modified at every link of the drug supply chain, making pricing a science.
For example, WAC (Wholesale Acquisition Cost) and AWP (Average Wholesale Price), are key retail pricing benchmarks reflective of drug acquisition costs rather than set ranges. Collectively they impact your ERV (Estimated Return Value) as seen in your total returned credits.
If you’re not getting this information from your vendor, improve the ROI of your reverse distribution program by switching to one who provides greater visibility into ERV and the credit reconciliation process.
The Technology Behind ERV
What’s your actual collection rate with your current vendor? Are they telling you?
Not every reverse distribution vendor gives you reports showing their collection rates or reports showing exactly where your credit is in the return process and how much you can expect to collect.
Expect more from your pharmaceutical supply chain management. Make sure that you choose a return credit vendor who can show you the hard data indicating how your credits are generated.
It can be hard to make business decisions and review your estimated return value without real-time insight into the process. You should always be able to go online and see exactly how much you’re owed and how much you’ve already been paid.
Many return credit vendors can only offer you static pricing. At Pharma Logistics, our twice-patented program allows us to offer dynamic pricing that better reflects industry trends. We give our clients visibility into the process by reconciling line-by-line. This means we can accurately assign credits to each of our clients rather than just processing a group of them together in a batch and averaging them all together. This returns more credits to your organization and delivers greater compliance accuracy.
We’ve created a technology platform providing our clients highly accurate credit recovery, increased visibility, and trustworthiness. Meanwhile, our online reporting tool saves users time otherwise spent hunting for data. We’re a full partner giving you real-time analysis and leaving you free to focus on healthcare again.
Online Analytics for Real-Time Visibility
For added visibility, Pharma Logistics provides you with our Online Client Portal for 24/7 data access. Improve your ROI by saving hours of labor, quickly tracking your returns and credits in real time. Our portal also features analytics and a dashboard highlighting each return project, manufacturer payouts and where your credit is in the process.
- Real-Time Analytics include:
- Estimated Return Value (ERV) calculation
- Dashboard showing status of all returns and disposals
- Line-item reporting
- Credit Tracking
- Expected and Paid Credits
- Data export to support compliance and financial reporting
To learn more about stabilizing your cash flow and saving accounting time, download our free Rapid Credit Handbook.