Automating Pharma Receivables: Bots and Workflow
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 is using AI-driven Robotic Process Automation (RPA), commonly called Bots, to save time on manual processes, including downloading, uploading, and completing online forms inside distributor and retailer portals. A Bot is a software application that is programmed to perform tasks automatically. Bots are short for “robots,” which work by following specific instructions and imitating human behavior. They can perform tasks and processes faster, more accurately, and in larger volumes than humans. Bots are built to run independently without human supervision.
Autonomous Operations and Configurable Workflows
Autonomous operations 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. Cloud software eliminates time-consuming manual efforts and enhances accuracy by automating processes such as cash application, matching, and deduction workflows.
For instance, Carixa’s auto-cash application process demonstrates the ability to manage diverse data inputs, automate matching, and initiate deduction workflows from a distributor’s payment exceptions. Carixa identifies 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. Carixa enables reconciliations at the most granular level, such as NDC and Lot levels, identifying returns quantity and pricing overcharges. This capability has led to significant financial gains from identifying erroneous returns overcharges from drug retailers.
Integration with Any System and Simple Implementation
Critical for cloud software success is seamless integration, ensuring compatibility with any system in a pharmaceutical company’s infrastructure. This flexibility avoids costly disruptions and leverages the benefits of cloud platforms without extensive system work. Whether 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. Seamless implementation ensures a smooth transition, allowing staff to leverage autonomous operations’ benefits and optimized workflows quickly. This agile approach enables pharmaceutical companies to adapt to the dynamic demands of the industry rapidly.
Conclusion
In the 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 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.
Ready to get started? Schedule your consultation today.
About Author
