Useful Advices - Business

I was having a conversation with a friend of mine. One of the best collection managers around, Todd from FDS in Wilmington NC. We were discussing what a collection manager needs to know about skip tracing that will benefi

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

t collectors. His response” skip tracing is important because you can’t collect if you can’t find them. However, collectors need to concentrate their time on collections not skip tracing”.

Now that’s a dilemma. So I star

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

Examples of combination products may in

ted thinking, “How to streamline your skip trace process so that your collections process is not interrupted?”

After some serious head scratching and a couple of Dr. Peppers, the answer came. Below is a step by step proc

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

ess to quickly and efficiently work a skip trace account.

First, determine a set time to skip trace. I recommend non peak collection hours. Now, get out of collector mode. Mental attitudes of collectors and skip tracers

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

are different. To skip trace is to play a game of chess, where the pieces are real people.

STEP ONE- FILTER THE ACCOUNT

Can you work the account in the first place? Determine that it is not in a legal status, under bank

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

Combination pro

ruptcy or assigned with any internal code that should not be worked. Filtering the account will save time and money. The most important filtering element is the value of the account. Search efforts should be in direct rel

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

ation to the value of the account. In other words, the more they owe the more you should search.

STEP TWO- PROFILE THE ACCOUNT

Knowing what you are looking for makes it easier to find it. The same holds true when you ar

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

e working your accounts. Determine the type of account being worked so that unnecessary steps are not taken that waste time and money.

First, check your notes on the account and in the file. Confirm the addresses and pho

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

ne numbers were not transposed or digits omitted accidentally. (Typo account) If the person has moved and has honestly forgot to tell you. Chances are simple searches will produce results. Contact neighbors, employment or

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

references from the notes/file and call ALL numbers, even if you think they are disconnected- you never know. (Unintentional account) If the contact can’t offer any information then you may have a challenge. (Runner Acco

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

nt)

STEP THREE- TIER THE ACCOUNT

Keep in mind this rule of thumb. Usually, the more they owe the harder they hide. Setup your search procedures on the value of the account. When going to a higher tier encompass all sear

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

Following aspects would a

ch procedures from previous tiers.

Low Balance

Statistics show that a large majority of the residence of the United States move every four months. Find a trusted outsource company and once every four months batch these

dd to the challenges in developing combination products:

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

accounts out to them. Doing so more often will not be cost effective. Try to get discount prices. Develop a strong relationship with your outsource company, if they produce lower than national average (20%) use a differen

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

t company.

Quick Find

Let’s answer two questions quickly. Is the person deceased? Is the person incarcerated? Determine if they are deceased by going to www.ssdi.genealogy.rootsweb.com enter the name or the social secur

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

ity number. If they are reported as deceased information will show when and where. If no information appears there is no record. To determine if the person is incarcerated in a federal prison, go to www.bop.gov . For info

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

rmation about state prisons contact that state’s department of corrections.

If no information was found, go to www.argali.com. You can search by name, address and phone number. Try www.netronline.com. Enter the state, co

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

Professional from academic institutions, pharmaceutical industries, health care indust

unty, address or name and you will get the owner of the property, tax value, map of the neighbor and all kinds of good stuff!

Full Search

Here is where you pull out all of the stops. I use a worksheet that I have develo

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

ped over the years that has over 40 different helpful searches on it. Here are some of those searches: the credit report (ONLY if you have legal access), neighborhood stores, hunting/fishing license, workers compensation

.

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

records, possible civic groups, leagues, trade associations, criminal record, civil record, electric company, satellite company to name a few.

Still not located? Consider placing the accounts to reputable companies (yes

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

Companies that provide selfless information through particip

they are out there). Let them earn your business. Split accounts between them. Only use one that will sign a Confidentiality Agreement and a Hold Harmless, it never hurts to protect yourself.

And as always, happy hunting

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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