Nothing! You could stop reading this article now. It should cost you nothing.
Unfortunately, in the world of rebate and formulary management, that’s not the norm. Time and time again, partners overpromise… unclear reporting is delivered… or you just plain don’t know where you stand in the competitive landscape month-over-month.
As a client, you should never be surprised with your payments. Transparency and predictability should be a given—and should align with your agreed-upon contract rates. At Gateway, we’re proud to deliver that level of reliability, but it isn’t as common as you might think.
Let’s dive into why this might be the case and how you can mitigate these challenges.
TRANSPARENCY
Have you ever wondered about the pricing structure of your rebates? Or asked whether or not ongoing optimizations were being done to improve your pricing position? If so, you are working from a place that lacks transparency.
- Your partner doesn’t have the infrastructure or reporting to tell you
- They may be placing you in a one-approach-fits-all model, with every other rebate/formulary client they have
- Rather than give you bad news, a partner may deflect questions, leaving you with a sense of confusion around your rebate approach
All of these should be unacceptable. And all of these quickly turn into quicksand for your business when lack of predictability is layered in.
PREDICTABILITY
Whether you’re considering data, trends, or past results, you cannot underestimate the value of predictability. While there will always be some level of uncertainty in the changing world of rebate and formulary management, the risks and chance should be largely “known” to you and identified by your partner.
We hear regularly about rebate and formulary management partners failing to thrive in predictability because they:
- Aren’t able to scale data, analytics and reporting to model the market and its impacts
- Lack internal clarity on how to manage adjustment handling
- Are unable to take market trends and translate them into rapid opportunities
Taken together with transparency barriers, it’s easy to see how insights can quickly become muddied. Without these two key drivers, rebate and formulary positioning loses its competitive edge and fails to act as a growth engine for your business.
A WAY FORWARD
Gateway Heath Partners is grounded in its ability to provide Transparency and Predictability. When it comes to rates, we offer proven predictability, with multiple clients returning to us because they know we honor our contracts and pay to the guarantee. We provide transparency from proposal to implementation to submissions. We act as an engine for growth—identifying new opportunities for clients, providing custom quotes, and tailoring data to strengthen client’s RFPs and competitive advantage.
If you’re interested in learning how we can deliver our three pillars Clarity. Insights. Expertise. for your organization, we’d love to have a no pressure, no obligation chat. Contact us any time.