Optymyze’s Post

𝗨𝗻𝗹𝗼𝗰𝗸𝗶𝗻𝗴 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗩𝗮𝗹𝘂𝗲 𝘄𝗶𝘁𝗵 𝗣𝗿𝗶𝗰𝗶𝗻𝗴 𝗮𝗻𝗱 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗶𝗻𝗴 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀 💼 In today’s competitive landscape, getting the pricing right is more than just setting numbers—it’s about leveraging data to drive business value, optimize contracts, and manage profitability. 📊 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗣𝗿𝗶𝗰𝗶𝗻𝗴 𝗮𝗻𝗱 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗶𝗻𝗴 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀? Pricing and Contracting Analytics helps organizations make informed decisions on how to price products and structure contracts to maximize profit, ensure market competitiveness, and manage compliance risks. By analyzing historical data, market trends, customer behavior, and competitor strategies, companies can find the sweet spot that balances profitability with customer satisfaction. 𝗘𝘅𝗮𝗺𝗽𝗹𝗲: Let’s say a pharmaceutical company is preparing to launch a new drug. They need to ensure the price is competitive, contracts with hospitals are optimized, and negotiations with payers lead to favorable formulary positioning. Here’s how Pricing and Contracting Analytics can help: 1. 𝗣𝗿𝗶𝗰𝗲 𝗘𝗹𝗮𝘀𝘁𝗶𝗰𝗶𝘁𝘆 𝗠𝗼𝗱𝗲𝗹𝗶𝗻𝗴: The company can model how sensitive market is to price changes for their drug. By analyzing data from similar products, they can determine the optimal price that balances demand and profitability—ensuring they don't price themselves out of the market or leave money on the table. 📉💵 2. 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗥𝗲𝗯𝗮𝘁𝗲𝘀 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀: Once contracts are in place with hospitals, the company can track their performance, identify which rebate structures are driving sales, and adjust contract terms accordingly. 📜 3. 𝗚𝗿𝗼𝘀𝘀-𝘁𝗼-𝗡𝗲𝘁 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀: The pharmaceutical industry often sees a significant gap between the list price of a drug and what the company actually earns after discounts, rebates, and fees (Gross-to-Net). By conducting a thorough Gross-to-Net analysis, the company can forecast actual revenue, identify pricing inefficiencies, and adjust pricing strategies accordingly to improve bottom-line performance. 4. 𝗣𝗮𝘆𝗲𝗿 𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗙𝗼𝗿𝗺𝘂𝗹𝗮𝗿𝘆 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴: Negotiating with payers and insurance companies is key to ensuring a drug is included in a favorable tier on formularies (drug lists covered by insurance). By leveraging historical data on payer preferences, the company can negotiate better deals, ensuring wider coverage for their drug, ultimately boosting sales and patient access. 💊📑 At the intersection of data science and business strategy, Pricing and Contracting Analytics offers unparalleled potential to drive revenue growth, optimize processes, and build stronger customer relationships. #PricingAnalytics #DataDrivenDecisions #BusinessStrategy #HealthcareAnalytics #PharmaMarketing #DataDrivenDecisions #CommercialAnalytics #PharmaGrowth

It's great to see Bridget Mulvenna's article on BenefitsPRO today! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/Ck5jwt

It's great to see Bridget Mulvenna's article on BenefitsPRO today! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/ZYoAGq

It's great to see an article I wrote on BenefitsPRO! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/q9dHKu

It's great to see Bridget Mulvenna's article on BenefitsPRO today! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/pc5MKi

It's great to see Bridget Mulvenna's article on BenefitsPRO today! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/YbcOCs

Have you recently considered selling your medical laboratory? Or maybe you're on the other end of the spectrum and seeking to buy a lab or expand with a new location. Either way, there are key due diligence steps to ensure the terms of a deal are fair and the business is in good overall health. 📃 Insurance Contracts & Credentialing - It’s essential to review existing contracts, ensuring they are transferable and free of disputes. 🔎 Inspection History & Quality of Testing - Smart sellers and buyers audit their labs to ensure they meet all necessary standards before completing a sale. 💵 Billing and Revenue Review - Whether a lab uses internal billing systems or outsources to third-party companies, it’s crucial to review and audit these processes to ensure they are efficient and compliant. Working with a third-party firm like Lighthouse during a sale gives both parties peace of mind and allows them to answer each of these questions through a single expert source. If you'd like to learn more about the current marketplace or our due diligence process, check out our new article and webinar resources in the comments below! #medicallaboratory #mergersandacquisition #healthcare #clinicallaboratory

It's great to see Bridget Mulvenna's article on BenefitsPRO today! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/GgRcfd

It's great to see Bridget Mulvenna's article on BenefitsPRO today! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/9xSkhi

It's great to see Bridget Mulvenna's article on BenefitsPRO today! Check out "5 ways to improve your PBM procurement process in 2024" to learn more about what impacts costs, including over-dispensing, utilization management tools, rebates, and #drugmix 💡; it is possible to achieve a more aligned, #transparent #PBM contract! #pharmacybenefits #RFPprocess #EmployeeBenefitsTrends #knowledgeexchange https://okt.to/eTgImn