Historically, manufacturers have sought compliance in one of the following ways: (1) the design and development of complex and expensive in-house compliance solutions; (2) purchased and installed customized software solutions; or (3) maintained compliance through a manual process. With the proliferation of global transparency reporting requirements, manufacturers are seeking flexible, commercial off-the-shelf solutions that can be easily configured and expanded to comply with evolving demands. This will not only simplify their reporting process, but also save cost and time in ensuring compliance. MediSpend, a provider of compliance and business intelligence solutions, has developed a Software-as-a-Service (SaaS) cloud-based Global Compliance Platform to help life sciences companies address transparency reporting requirements and proactively address their financial, operational, and strategic goals.
“Our integrated compliance platform allows customers to seamlessly meet global transparency laws and regulatory demands while improving the ability to collect, track, and report spend data,” says Tim Robinson, Chief Knowledge Officer, MediSpend. The platform was built with open source technology and its single code base makes the system easily configurable. “By leveraging the open source platform we can continually innovate and add compliance applications at a very reasonable cost. Manufacturers benefit from achieving significant savings when retiring homegrown or first generation systems,” says Robinson.
The MediSpend Global Compliance Platform is configurable to meet the needs of large and small manufacturers. MediSpend Federal is a transparency reporting platform for smaller companies that do not have a significant number of transactions to report. “In such cases, we offer our standard platform with all of the validation rules along with certain restricted functionality at a lower cost,” says Robinson.
MediSpend significantly reduces the total cost of ownership for our customers. Manufacturers are achieving significant savings when retiring homegrown or first generation systems
In addition, the platform includes add-on modules like, Engagement Manager, Grant Manager and MediSpend Insight. MediSpend Engagement Manager is designed to manage the entire relationship between a manufacturer and healthcare provider, starting from needs assessment and identification through engagement, contracting and payment. MediSpend Insight is a robust analytics and business intelligence tool that provides real-time actionable insights into enterprise data, visualized through standard and custom dashboards.
With more than two decades of experience, MediSpend’s compliance experts have served many pharmaceutical and medical device leaders. Recently, the company worked with a customer that had multiple divisions and disparate data source systems, including multiple ERP and sales force automation systems, as well as global T&E systems. The manufacturer’s existing transparency solution was inflexible, error prone, and very expensive to maintain. MediSpend helped the customer by consolidating data aggregation into the MediSpend Platform, reducing the cost of maintenance and providing a far more efficient process to meet compliance requirements. “By offering a single platform that can manage the healthcare professional identification, engagement, contracting, payment, and transparency reporting, we were able to eliminate their cost by 30 to 40 percent on annual basis,” says Robinson.
With an ethos rooted in constant innovation and an intense focus on customer success, MediSpend will continue to develop their Global Compliance Platform to meet domestic and global transparency requirements. As a part of the company’s expansion,"we will continue to serve our growing customer base by developing reporting modules consistent with evolving global standards.” ends Robinson.