Automate Rebates and Incentives for increased profit.
Manufacturers and downstream supply chain players institute and administer complex rebates and incentives programs in order to promote sales or drive desired behaviors. These payments often involve multiple parties and are based on complicated contract terms that require significant oversight and administration to get right. Due to the high volume of these transactions, even small inconsistencies in the data across multiple parties can result in costly reconciliation steps and manual dispute resolution costing companies and industries millions of dollars each year.
Reduce and eliminate manual resolution and reconciliation.
By combining Chronicled’s rebates and incentives protocol with the foundational pieces of contract protocol, member registry, and product registry, companies can automate their claims and approval processes to eliminate errors and manual resolution time. The claims are validated by agreed upon business rules encoded in smart contracts and any discrepancies are addressed at source.
A majority of the sales in the Pharmaceutical industry are subject to the a process called Chargebacks. In this process, buying groups negotiate complex pricing terms with manufacturers that must be honored by distributors in the final sale to customers. The distributors are entitled to a chargeback claim to compensate for the loss they might have incurred in the sale at a special price. The claims submission and approval process is fraught with errors because of several reasons that are addressed by our unique protocols. The combined power of Chronicled’s protocols will save the industry millions of dollars in operational costs and unlock business value by streamlining the administration of complex rebates and incentives programs..
In 2018, Chronicled and MediLedger started a working group with major manufacturers, wholesalers, and GPOs to explore if blockchain can solve the complexities around contracting and chargebacks workflow.