Overview Channel Management
LEARN MORE: Check out the latest release on Channel Management, here.
The Complexity of Managing Claims
Companies usually require a large group of resources to process their claims. The complexity of claim processing can vary from the receiving point and claim validations to the final payouts generation.
Common claim processing complexities:
Handling different types of claim templates
Time-consuming on manual reconciliation
High risk of erroneous payouts
No approval workflow process
Missing integration with accounting (accrual/credit/debit) systems
Manage Claims with Pricefx
Pricefx offers a capability that helps you:
Eliminate complex claims processes and integrate your distributor claims management into one uniform platform that manage any type of format (EDI, web-service, XLS)
Link to Agreements & Promotions and Quoting to define special price agreements that are checked automatically
Reduce the risk of mistakes and miscalculations often encountered during manual claims processing
Validate any claims based on flexible and customized rules with systematic, timely, and accurate results
Seamless visibility into program eligibility, validity, exceptions, accruals, and payout calculations
Typical Use Cases
Inaccurate, manual, off-line claims validations performed in legacy systems (XLS)
Prolonged unresolved claims periods
Lack of supporting detail for disputes (proof of sales/invoices)
Duplicate line items and overclaiming (ERP)
Inability to forecast and evaluate the success of programs
Unable to handle contracts with GPOs (buying groups)
Unable to handle admin fees to brokers
Inability to use MDF (marketing) lump-sum & event-based (no SKU)
Inability to create payout schedules
No scrubbing or validation of claims
Channel Management Key Functionality
The Channel Management capability offers the following functionalities:
Claim Types
Claim types address different claiming conditions with specific fields or rules. You can have as many claim types as your business requires and each claim type has associated a claim validation logic or formula.
Claims
The Claims functionality allows you to create, manage, track and display all your claim validations. It offers a view of the claim status, progress, and approval results. You can export/share your claim results with customers, distributors, and business partners.
Claim Records
Claim records are created for each validated claim upon its approval. This list will represent the approved and validated claim records ready for the accounting process in your ERP system.
Getting Started with Claims Management
Pricefx offers predefined algorithm logic to perform the claim validations. You need to have in place the following requirements:
Historical data for the effectiveness of previous contracts/customers/products
Claim templates (file/format)
Claim logic - customized validations (if required)
Contract setup
Sales orders/invoice information to forecast accrual/expected payouts
Approval workflows for validation notifications/resubmissions
Payout scheduling
Â