Global healthcare company AmerisourceBergen (AB) announced today its partnership with Chronicled, the administrator of the MediLedger Network, to leverage a new blockchain-powered solution designed to enhance pharmaceutical chargeback accuracy and significantly reduce chargeback rejections. The blockchain solution will allow AB to streamline and optimize the complex process of pharmaceutical chargebacks while creating greater connectivity for its suppliers and customers. Over the past three years, AB has collaborated closely with Chronicled to design and pilot the technology for commercial use.
Chronicled provides AB and industry partners with a shared, decentralized infrastructure that offers real-time visibility and contract updates to significantly reduce chargeback disputes and improve pricing accuracy. The blockchain-powered solution effectively enforces the accuracy and integrity of chargebacks submitted across AB’s pharmaceutical supply chain.
“At AmerisourceBergen, it’s our responsibility to develop and leverage innovative solutions that create seamless and efficient experiences for our customers and the patients they serve every day,” said Dina Barton, Vice President, Contracts & Chargebacks at AmerisourceBergen. “This wouldn’t be possible without trusted partnerships across the supply chain. Being a part of the MediLedger Network and deploying this type of blockchain technology is a crucial step forward in AmerisourceBergen’s ongoing digital transformation journey.”
Chargeback (pricing) errors can occur for many reasons, but always result in manual processing, duplicate effort, and back-and-forth communication between trading partners to resolve them. Suppliers, wholesalers, and GPOs are constantly looking for ways to reduce errors, minimize chargeback disputes, and streamline this process.
The Contracts & Chargebacks solution on the MediLedger Network will help AB provide its partner suppliers and GPOs a single source of truth for GPO membership, customer identifier data, and contract pricing data that stays aligned between trading partners on the network. The network itself uses this aligned reference data to enforce chargeback accuracy. Blockchain technology and increased collaboration across the industry are essential in driving efficiencies, reducing costly errors, and significantly improving the chargeback process.
"We are excited and thrilled to have AmerisourceBergen join the MediLedger Network," said Susanne Somerville CEO of Chronicled. "We share AmerisourceBergen’s commitment to innovation and driving efficiencies across the industry and look forward to supporting their partners joining the network.”
By creating greater connectivity with supplier partners and customers, AB expects this new solution will deliver higher quality results across its supply chain network.
AmerisourceBergen fosters a positive impact on the health of people and communities around the world by advancing the development and delivery of pharmaceuticals and healthcare products. As a leading global healthcare company, with a foundation in pharmaceutical distribution and solutions for manufacturers, pharmacies, and providers, we create unparalleled access, efficiency, and reliability for human and animal health. Our 42,000 global team members power our purpose: We are united in our responsibility to create healthier futures. AmerisourceBergen is ranked #8 on the Fortune 500 with more than $200 billion in annual revenue. Learn more at https://amerisourcebergen.com/.
Chronicled, a San Francisco-based technology company, enables automation, trust, and automatic settlement for intra-company transactions in the Life Sciences and Healthcare industry. Through the industry leading blockchain-powered MediLedger Network, Chronicled offers trading partners a new way to manage revenue, automate manual processes, and eliminate revenue leakage, while ensuring pricing accuracy and efficiency for health care providers and dispensers. To learn more visit www.chronicled.com.
Lauren Esposito, AmerisourceBergen