Announcing ExcelTRAK - Your Solution To Simplifying Monthly GPO Admin Fee Reporting
New, Robust Service from Excelerant Is Your End-to-End Solution for Accurate GPO Admin Fee Reports and Distributor Rebates
By TODD REESE
[October 29, 2024] – Securing a Group Purchasing Organization [GPO] contract and gaining access to Integrated Delivery Networks [IDN] and their facilities is challenging enough. But once that contract is signed and IDN access gained, well, that’s when the real “heavy lifting” begins.
Specifically, you and your organization must be prepared to dedicate additional labor hours, if not additional staff, in order to accurately and completely generate all-important monthly reports.
Suppliers to healthcare facilities with GPO contracts are obligated to provide individualized reports in order to properly [and timely] pay admin fees to GPOs and some IDNs. These reports require maintaining membership affiliations via GPO member rosters, managing and tracking GPO contract tier-activation files and, if distributors are involved, processing tracing sales from distributors so they can be incorporated into GPO reports.
This means a lot of data needs to be gathered, organized and processed each month to assure accuracy of reports and avoid penalty fees from GPOs for late or inaccurate information. Failing to meet these demands can result in some serious headaches as it relates to resource allocation and financial penalties.
The Work Must Be Done … But Who Will Do It?
Many suppliers find themselves inadequately staffed to fulfill this obligation and must pull employees from their primary roles or hire additional staff to process these monthly reports. One of the most common problems is inaccurate reports due to duplicate membership payments, erroneous sale tracings provided by distributors, as well as other errors that can result in overpayment by the supplier.
These are all demanding and time-consuming tasks, not to mention that the person or team of people you may have to pull to tackle the reports are now temporarily removed from their regular, revenue-producing roles.
Accurate reporting is no simple “Can you lend me a hand?” task. Producing GPO admin fee reports requires manufacturers and suppliers to access, translate, audit and report all transactions processed through their distribution channels. Organizations rely on this information to gain visibility to end-user sales in order to pay accurate commissions, GPO fees and distributor rebates, and measure sales performance by product, contract, GPO, distributor and territory. This info is needed to set future goals and objectives.
Managing this demanding process 100% successfully is virtually impossible without proper knowledge and infrastructure in place.
Meet ExcelTRAK
That’s where ExcelTRAK comes in. A comprehensive, end-to-end, fully automated software solution, ExcelTRAK automatically generates accurate reports, including:
GPO admin fee reports in the required format
Distributor sales tracing for rebate/chargeback processing
Data cleansing [member lists and distributor report validation], and …
Sales reports by GPO/IDN facility to analyze sales and identify untapped opportunities
Additionally, ExcelTRAK offers tools and features to effectively manage:
Contract changes [i.e., Add / Change / Delete/ Expire]
Contract/rebate notifications
Automated contract renewals with escalators
Contract pricing-approval matrices
Wholesale acquisition costs and distributor into stock pricing
The outcome is a significant reduction in costs while allowing your team members to remain 100% invested in performing their normal day-to-day duties without interruption.
A New, Robust Answer to Help You Avoid Penalties & Overpayment
There has long been a void in the healthcare marketplace when it comes to performing these essential tasks. Some organizations have a team of full-time staff dedicated to the process while others set themselves up for penalties and additional fees when they have a less-than-expert individual or team trying to perform these duties. The challenges are particularly acute for small-medium manufacturers seeking to go to market with limited resources - human and financial.
In the past, a small handful of software providers offered partial solutions but none with the robust, comprehensive, end-to-end solutions of ExcelTRAK.
Offered as a full-service package or a la carte to fill gaps in your existing tracking/reporting processes, ExcelTRAK will ease tracking/reporting headaches and help reduce or eliminate the need to reassign resources each month in order to generate these reports.
The healthcare industry is dynamic to say the least. Regulations and requirements change all the time, as do GPO membership affiliations and pricing tiers. Do you really have time to keep up with everything and make sure your reporting is accurate, timely and complete … and not costing you a fortune when mistakes do occur? It’s something to think about.
Contact Excelerant today to learn more about ExcelTRAK. We promise it will be time well-invested.
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ABOUT TODD REESE
Todd is a 30-year veteran of the healthcare industry and has an extensive catalogue of success in Sales & Business Development. He is known for his ability to lead rapid sales and market growth, capture new markets, and establish key sustainable competitive advantages in both acute and non-acute.
Todd offers a unique mix of experience, including business, tactical and strategic initiatives, and has a reputation as a strong leader and effective interdepartmental liaison. He possesses a keen understanding of the medical device space, including disposable, surgeon preference, capital and how a product ultimately impacts the end-user.
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ABOUT EXCELERANT CONSULTING
Excelerant Consulting is the go-to organization for med-tech companies that need to position products and services successfully for value analysis committees, contract acquisition, and sales modeling and execution to commercialize the launch of medical devices or services with Group Purchasing Organizations [GPO], Integrated Delivery Networks [IDN], or Regional Purchasing Coalitions [RPC]. Our clients rely on us to enhance their product positioning, navigate corporate contracting opportunities, and provide sales support to accelerate sales growth.
For more info, contact Excelerant Consulting at info@excelerantconsulting.com.