MediSpend Blog

Using your Compliance Management Software to Maintain your Data

How Compliance Technology can provide an opportunity to utilize your data more efficiently to create an environment of innovation in your organization.

Life science companies face two great challenges in making the most of big data and complying with complex regulations. Over the years, many have seen the requirements of compliance as an antithesis to growing a business. On the other hand, they've recognized big data as a goldmine for creating best practices and developing a strategy. But following the rules and maximizing data are not mutually exclusive.

In fact, the two can go hand in hand. That's exactly what we aim to prove with MediSpend on a regular basis. Apparently, we're not alone in this belief. Recently, IBM pointed out that compliance isn't the obstacle many believe it to be.

"There's governance for being compliant with regulations, and there's governance for insights," said Vice President and Chief Data Officer for IBM Analytics at the Fast Track Data Conference in Munich, Germany, as reported by Forbes. "So, how do I use governance to accelerate insights in the company? That's a shift for most companies. Most companies see governance as a roadblock, but governance can be an accelerant for innovation."

Compliance Brings Big Data to You

This is old news to those of us who are constantly improving upon and creating cohesiveness between steps within the MediSpend Compliance Cloud. For starters, this technology allows life science employees to input lots of pertinent information across different departments and functions and place it in one central, secure location. Of course, the intention is to track the data to comply with various regulations around the world and report it to authorities as required. But you end up with so many more benefits than simply being a law-abiding citizen. by maintaining a compliance program for your organization.

What's In It for You

The MediSpend platform allows customers to manage healthcare provider workflows and seamlessly aggregate enterprise data. In addition, good data helps influence positive business outcomes for life science companies and allows customers to discover financial data on doctor spending, salaries, costs, etc. across the globe. With the MediSpend technology, you can visually track expenses. It allows you to integrate data from different databases and reduce complexity with accurate data entry and reporting. As a bonus, it also improves communication among staff on a scalable platform to which all the agreed upon players can have access.

A Partnership Made In Heaven

Truly, compliance inevitably leads to the accumulation of big data. Life science companies with an eye on the future will invest in intuitive technology that will help them gather, store, and aggregate this information. Then, they will use the findings to avoid violations of regulations, which could result in hefty fines and PR crises. But they will also recognize the secondary use of this data to strategize and improve their business. Indeed, there is no reason to harbor resentment for government regulation. After all, it can help you keep tabs on what's happening between employees and clients while providing insights that lead to further innovations.

MMIS | MediSpend

Posted on Nov 13, 2017 2:54:15 PM

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