Compliance data is an asset that can deliver high value and competitive advantage, but it must regularly be maintained and assessed to ensure reliability. At the CBI 9th Annual Global Transparency Reporting Congress on April 2nd in Amsterdam, I presented “Advanced Technologies & Strategies for Compliance in the Digital World.” The purpose was to help participants better understand how to leverage their data to mitigate risks and improve business outcomes.
Where to Find Data
Data comes from many sources. This list is an overview of where life sciences organizations mine for information:
- External reference data from vendors and other sources
- Internal healthcare entity engagement data
- Aggregate spend/transparency data, such as end-to-end interactions with HCPs and HCOs
- Activity reports
- Transparency reports
- Analytics and advanced insight reporting
Frankly, it’s more than a data pool. It’s a giant data lake with the potential to drive value. But before the information can be useful, the data must be verified, secure, and of high quality. In addition, the major players, those in the organization who can employ the findings, need to have access to it.
While big data can make a big difference in business outcomes, it also brings with it many challenges. The expense, employee skill sets, EU’s General Data Protection Regulation (GDPR), and time commitments are among the biggest obstacles. Traditional systems don’t have what it takes to make the most of this information. The reality is that most organizations don’t have the in-house resources to do it on their own. So how do organizations make sure their company adapts – and fast?
Case Study on Task-Based Data Certification
To start, organizations can take their cues from already established processes. For instance, they can use a task-based certification process to review transactional data “as they go,” so that general counsel or the CCO can certify with assurance that the submitted data is accurate and complete. These are the necessary steps:
- Establish hierarchical structure. Incorporate a hierarchical organizational structure, which includes expense originators and managers.
- Assign tasks to expense originators to review transfers of value (ToV).
- Assign tasks to groups in bulk to provide an efficient method to accurately and routinely direct groups to execute certification activities.
- Review assigned certification tasks.
- Check spend for accuracy and completeness. Expense originators review ToVs, address any incomplete or inaccurate information, and approve ToVs that are completely and accurately entered and submitted.
- Review and update spend.
- Perform administrative overview of assigned tasks. Administrator and managers will have visibility to analyze historical certification task information to ensure that all tasks have been completed for the reporting period.
- Review analysis certification activities.
- Analyze certification activities. Review performance and identify overdue activities at a high level to determine where the organization stands in certifying spend.
Case Study on Timely Transfer-of-Value Entry
One of the ways to ensure the validity of information is to enter it as it becomes available rather than waiting to codify business activities.
- Track high-risk transactions. This means looking at the time between when the transaction was created and when it had been completed, the number of times the transaction has been updated, CR change, spend amount change, number of high-risk transactions by expense originator, group, department, division, and so on.
- Have a remediation program to deal with specific issues and transgressions based on analysis.
- Recognize high-risk spend amounts and incorporate them into transparency reports.
- Identify high-spend locations. Analyze by nature and purpose (for example, meals or travel) by graphically identifying high areas of spend. Filter and drill down to find and identify compliant and non-compliant practices.
- Commit to full enterprise integration for all business stakeholders, including finance, monitoring, and audit; research, clinical, and CROs; and commercial and business operations.
- Employ cloud-base compliance solutions. By providing a single platform for collecting, storing, combining, analyzing, and visualizing data, a cloud-based solution streamlines and standardizes information across an organization. Organizations can enhance efficiency and improve data accuracy, define key business metrics, and execute rules to manage risk and monitor compliance.
Get on Board
Yes, the sheer amount of available data seems difficult to round up. However, effectively organizing and analyzing data is revolutionizing all sorts of businesses, including those in the life sciences. To avoid being cast aside, organizations must quickly adapt and learn to leverage data to improve business practices, manage risk, and perform better. Opting for cloud-based compliance solutions can make the process more manageable and efficient from the start.
For more information, or to request a demo, contact MediSpend at: https://info.medispend.com/request-a-demo or (888) 731-7322.