Activity reports are one way to wrangle healthcare entity payments. Interactions that include payments or transfers of value (TOV) with physicians are a necessary component of a life sciences company's strategy. But the authorities scrutinize them for legitimacy. And the payments by their very nature require doling out necessary and appropriate funds. Parting with money - your own or your business' - is always hard. That's why knowing each interaction is an investment that will reap rich rewards and stays within the bounds of the law is so important. Such knowledge provides the added security that helps you sleep better at night.
Common Challenges of Healthcare Entity Payments
- Fair Market Value (FMV) - Determine what legitimate pay is based on the physician’s specialty, experience (tier), and location.
- Budget conditions - Compare how much you are able to spend on an engagement versus how much it will cost.
- Tracking payments - Keep tabs of the payment process. This includes establishing legitimate business justifications for Healthcare Entities (HCE) interactions and TOVs. In addition, formulate an appropriate agreement and pay qualified and approved doctors.
- Payment execution - Have an easy way to substantiate and pay the agreed-upon fees in a timely and efficient manner.
- Reporting TOVs - Easily and efficiently share the documentation of the payment and its legality with the appropriate authorities.
What You Need to Succeed
A set procedure and management for compliance will help companies make transparency part of their culture. SaaS compliance technology streamlines the processes and gathers the necessary data points for you. Discover exactly which tasks are covered by a SaaS compliance solution:
- Determine the appropriate fee: Information that can help you determine FMV is built into many compliance programs.
- Follow the money: As employees input the information about contracts and interactions, they are developing a digital footprint. This allows you to track payments from start to finish. You can literally watch healthcare entity payments go from an idea to a contract to services rendered and paid for.
- Make good on promises of payment: The latest technology makes it easier than ever to execute payments whether you are paying someone next door or a world away.
- Stay legal: The compliance software's main purpose is to help you substantiate payments and report TOVs to the appropriate authorities to minimize risk and help you avoid violations.
You can learn more about keeping track of healthcare entity payments and compliance requirements here: