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Swiftness is the key to collecting past due commercial accounts because commercial accounts depreciate more faster than co

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

nsumer accounts.

In creating and implementing a billing system, a credit grantor should recognize that time is the safest

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

refuge of any debtor. The more time they are given, the less likely they are to pay. Hence, sales documents should be expl

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

cit about payment terms, return privileges, interest charges on overdue accounts, guarantee and service costs.

Various Co

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

mmercial Collection Programs Used

A series of letters used together with an account aging sheet or data printout will hel

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

to track slow-paying accounts.

All systems should have an organized and mechanical follow-up of accounts at regular inte

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

vals, for instance, 30, 60 and 90 days past due.

It is essential to establish regular billing and commercial collections

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

procedures. Follow up on every account to the point where contact—or lack of contact—with the customer indicates some alte

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

native action should be taken.

Help Commercial Collections From The Beginning

Built-in commercial collections controls a

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

the time of sale often assist in receivables recovery and help avoid delinquencies. These include such items as sales con

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

racts or a well-defined vendor’s purchase order with conditions of sale clearly spelled out. Appropriate terms should be p

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

rinted on sales documents (contracts, invoices, statements) clearly and without fail. Such terms will include notice of in

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

erest charged on overdue accounts and discounts granted for prompt payment.

Internal control of receivables should includ

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

an aging which permits periodic evaluation. This should fit together with commercial collections routines. The time for r

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

eferral to a professional commercial collection agency should come from the aging at 60 or 90 days past due, and sometimes

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

sooner.

After a first statement has gone unheeded, start your commercial collection procedure. Any program that permits t

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ree statements—or a two to three month time lag—before the first collection step is taken will result in a lower recovery

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ratio.

Any procedures for handling slow-paying accounts should emphasize speed in contacting the delinquent bill payer. A

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

company with a past-due account on your books is probably in the same condition with a number of other suppliers. The debt

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

r may be on the verge of serious financial trouble, and the creditor who moves first is most likely to recover their money

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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In this final installment of medical billing of electronic claims covering the FB0 record, we review fields 27 through and a brief explanation of why all this line item detail is required.

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