ICU Medical Goes Live With Cloud-Based Revenue Management System

Model N Inc., a developer of cloud-based revenue management solutions, has partnered with ICU Medical (NASDAQ: ICUI)—a developer, manufacturer, and seller of medical devices—to modernize and combine the latter company’s legacy revenue systems in the cloud with Model N Revenue Cloud for MedTech.
 
The implementation of Model N’s revenue management solution was part of ICU Medical’s strategic worldwide initiative to consolidate its manufacturing and distribution centers and implement new quoting and sales compensation systems following the acquisition of the Hospira Infusion Systems business from Pfizer in 2017. The global revenue cloud implementation required the conversion of master data, contracts, and historical transactions and reports from three legacy systems: Hospira, ICU U.S., and ICU Canada.
 
“Model N’s revenue management solution is getting very positive feedback from both legacy Hospira users as well as new ICU Medical users,” said Mark Anderson, senior vice president of Global Services at Model N. “With the tremendous growth in this industry—led by an aging population reliant on the care provided by advanced medical devices—we’re happy to be at the forefront of providing cloud solutions to ease the challenges these companies face.”
 
The global medical devices and technology market is projected to grow by $119 billion at 5 percent compound annual growth rate from 2018 to 2022, according to a December 2018 report. Companies like ICU Medical are seeking solutions to help them gain visibility and ensure regulatory compliance to more effectively manage and maximize their growing revenue.
 
Driving mission-critical business processes such as configure, price and quote (CPQ), contract and rebate management, business intelligence, and regulatory compliance, Model N solutions transform the revenue lifecycle from a series of disjointed operations into a strategic end-to-end process. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical device, high-tech manufacturing, and semiconductor across more than 100 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology and ON Semiconductor. 
 
ICU Medical Inc.’s product portfolio includes IV smart pumps, sets, connectors, closed system transfer devices for hazardous drugs, sterile IV solutions, cardiac monitoring systems, along with pain management and safety software technology designed to help meet clinical, safety and workflow goals. ICU Medical is headquartered in San Clemente, Calif.