HOW DOES GRx DELIVER TRANSPARENCY?
At GRx, this begins with our assessment of the customer return’s estimated value (ERV), based upon a standardized industry cost (like WAC) or the customer’s own cost. Return eligibility assessment based upon current manufacturer’s return policies comes next and provides the customer with a comprehensive inventory of both eligible and ineligible items, called the Returnable and Non-returnable manifests. The non-returnable manifest also specifies the reason each item is deemed ineligible. This valuable intelligence can be used to spot inventory practice vulnerabilities and help the customer target these areas for improvement, a significant value-add to the traditional return reports.
The Returnable Manifest data is also summarized by manufacturer, providing a credit recovery overview in the Credit Status Report. This report also details all incoming gross credit reported as available for periodic distributions, and the net distribution amounts paid to the customer, complete with the corresponding check or wholesaler credit memo information. In addition, the base service fee and all other charges associated with the handling of this return, such as onsite service upcharges, CII processing, shipping and product disposal are clearly spelled out, allowing the customer to reconcile their return to the penny, from gross credits recovered to net credit paid to them or deposited to their wholesaler account. This is what real transparency looks like in the Reverse Distribution environment:
Comprehensive return reporting and detailed credit accounting from start to finish, all conveniently accessible to the customer through our online customer portal, the GRxtraNet:
- Non-returnable manifests that clearly define why an item is ineligible
- Credit Status Report giving customers a crystal-clear view of their credit recovery detail for each cycle
- Full visibility of service fees with no surprises
- Comprehensive returnable manifests with estimated return values to better manage inventory turns
WHY IS TRANSPARENCY SO IMPORTANT?
Transparency in the reverse distribution business context means the customer can “see” what the reverse distribution provider is doing with their products, at least to some degree, through their published return results. In a truly transparent environment, the customer also has full visibility to the assessment and collection of fees and the recovery of credit as well.
When business information is presented fully and clearly, the resulting ease of understanding allows the customer greater benefit from the valuable intelligence it holds. In short, transparency makes valuable information more accessible to the customer. More importantly however, process and data transparency inspires a greater level of trust on the part of the customer, providing a sense of confidence and comfort in both the process and the results.
In the somewhat complex business model of pharmaceutical reverse distribution, it can also be difficult to determine with certainty that, first, the return has been properly and accurately submitted for credit consideration, and second, that the resulting credit recovery is all that it should be.
Your pharmaceutical returns service should be a stress-free experience offering pharmacists the least amount of time needed to spend on returns and delivered by the best-in-class staff with full transparency and accountability. GRx delivers all of that, and more.
