A new report released by Oracle Healthcare details how healthcare organizations face challenges in growing their businesses, and many of them stem from the complexities of managing suppliers. Decision making in healthcare is often driven by contracted sales and is heavily influenced by distributors, group purchasing organizations, managed care organizations and government regulations.
As a result, managing supplier relationships and medical supplies is a constant challenge, which has been compounded by recent global supply chain issues—and getting the right supplies to the right facilities on time is only half the battle.
The other half of the battle is controlling rising costs with suppliers, and many healthcare organizations are stuck relying on error-prone manual processes to manage their supplier rebate programs—which can lead to costly mistakes. This is a significant challenge that can result in lost revenue, as healthcare organizations often depend on suppliers to calculate and issue rebates, and they don’t have any visibility to validate the accuracy of rebates. In fact, at least four percent of potential rebate revenue goes unclaimed every year.
To help healthcare organizations address these challenges, we are introducing Supplier Rebate Management, a new solution within Oracle Fusion Cloud Channel Revenue Management.
Part of Oracle Fusion Cloud Supply Chain & Manufacturing (SCM), Channel Revenue Management automates trade program processes and settlement in the cloud. By simplifying rebate programs, Supplier Rebate Management will enable our healthcare customers to maximize their revenue potential by helping them to:
- Improve and Optimize Cash Flow: Through full integration with Oracle Fusion Cloud Enterprise Resource Planning (ERP), the new solution delivers real-time data and information on customers’ rebate programs to help them make more strategic purchasing decisions, improve financial forecasting, track and calculate rebate funds more accurately, and help ensure that funds are earned and received on time. This helps customers minimize the risk of missing rebate program revenue targets, receive rebate funds faster with fewer errors, and invest those funds immediately where needed – and eliminates the need for organizations to rely on third-party agencies to manage and collect rebates.
- Reallocate Valuable Organizational Resources: With full integration with Oracle Cloud ERP, Oracle Fusion Cloud Procurement, Oracle Fusion Cloud Order Management, and Oracle Fusion Cloud Inventory Management, Supplier Rebate Management enables customers to manage the entire supplier rebate lifecycle, from rebate contract, program management, and tracking to performance analysis. In addition, by providing a complete, automated solution, it eliminates many previously manual and time-consuming rebate program processes. As a result, our healthcare customers can reallocate their employees’ valuable time to focus on more strategic tasks.
- Strengthen Relationships with Suppliers and Partners: Through real-time insights into purchasing, pricing, and rebate earnings information across multiple rebate programs, Supplier Rebate Management helps our healthcare customers work more collaboratively and improve negotiations with suppliers and partners.
