The landscape of meeting compliance needs within life sciences is changing. Today, life sciences organizations are rapidly shifting to a digital centric world. This is especially true for solutions aimed at the highly complex task of managing healthcare professional (HCP) engagements as well as meeting global transparency reporting obligations. These solutions are a great foundation for establishing and bolstering compliance efforts to meet the demand of an ever-evolving regulatory landscape. However, is there another piece to the solution puzzle that organizations should consider?
Organizations of any size struggle with a dizzying array of data sources often times scattered across the globe. A centralized solution allows for all compliance related data to be aggregated in a central repository. This presents a great opportunity to leverage that data for value-added activities such as compliance monitoring and commercially driven analytical reporting. MediSpend Insights provides integrated dashboards as part of our MediSpend Global Compliance Suite of end-to-end compliance solutions. Organizations can now have a “single pane of glass” for all compliance data across the organization and an ability to effortlessly distribute these insights to key stakeholders.
With these integrated dashboards, compliance teams can track total spending for a given HCP and monitor spend thresholds proactively. Similarly, compliance risk such as off-label activities, banned transactions, contract overutilization and many others, can be identified proactively and can be addressed before propagating into costly circumstances.
Commercial teams can use the power of MediSpend Insights to perform industry benchmarking and competitive analysis by seamlessly combining their data with publicly available data sets such as the CMS Open Payments database. Commercial teams can track spend over time based on nature and purpose, product or even geographical location. With MediSpend Insights our clients were even able to measure the shift caused by COVID-19 against a historical baseline, something that would have been impossible without such a solution.
Many innovative life sciences organizations have chosen MediSpend as their trusted compliance solutions partner based on the need for cutting edge reporting via MediSpend Insights. Whether an organization is looking to establish or modernize their compliance program, they should not overlook the many benefits that are unlocked by choosing a technology partner that offers integrated dashboards within their solutions. If you are interested in learning more about the MediSpend Global Compliance Suite, contact us today.
Matt Baillargeon
Manager of Solutions Engineering
October 21, 2020