We have been committed to improving compliance for the life sciences industry since 2011. Many life science companies select MediSpend as the global compliance system of record for some of the world’s largest pharmaceutical and medical device companies. Recognized for three years in a row among top life science technology companies, MediSpend continues to disrupt the old ways of doing business by moving compliance to the cloud.
Our recent focus, solving the upstream complex workflows surrounding interactions with healthcare providers, produced a new cloud-first solution called Engagement Manager. The launch and acceptance of MediSpend Engagement Manager by the life science industry, continues our mission to reduce risk and improve business workflows, which bolsters our reputation as a market disrupter.
Easy-to-Use and Efficient Solutions to Some of Your Biggest Problems
MediSpend Engagement Manager is a cloud-first SaaS solution automating upstream workflows for all interactions and engagements with healthcare providers (HCPS). Fully integrated with MediSpend Transparency Solutions, it provides life science companies enterprise wide, end-to-end integrated business process workflows to ensure they remain compliant with healthcare laws globally and drive business value throughout the organization.
Engagement Manager centralizes and integrates every piece of data generated during the entire life cycle of HCP interactions into a system of record to ensure the business is productive, effective, and compliant. And, notably, one of Engagement Manager’s most crucial roles is enabling life science companies to reduce material risk associated with violations of anti-kickback and bribery statutes.
How Engagement Manager Works
To document and organize all HCP activity in a life cycle, Engagement Manager begins with an initial needs assessment to establish a legitimate business need for HCP engagement. This first step ensures that companies are able to demonstrate that need if they are audited by the government. Companies under corporate integrity agreements (CIAs) are required to establish and document legitimate business needs for HCP engagement including but not limited to a written agreement, scope of work, fees, compliance obligations, and description of work product. We see many companies, which are not currently under a CIA, implementing this as a standard business practice.
Managing HCP Qualification and Fair Market Value
Engagement Manager next centralizes HCP qualification and standards for performance of the desired service. Information such as education, experience, thought leader status, and location affect the justification for selecting a specific individual. This information is used to determine the Fair Market Value (FMV) that will be paid for the service. All FMV values are stored within Engagement Manager in a repository of pre-set rates based on analysis by an independent third party or using a documented process created by the manufacturer. Engagement Manager ensures consistent and secure access to the approved rates for services payments across the entire organization. The end-to-end integration of needs assessement, HCP qualifications, and FMV begin the business process workflow with control points that are continuously monitored throughout the life cycle of the engagement.
The subsequent steps of HCP selection, contract generation and execution are fully integrated in Engagement Manager with direct and secure API connections to CRM systems, such as Veeva and Salesforce, and ERP systems, such as Oracle and SAP. Control points and monitoring are also fully integrated using MediSpend Insight analytics dashboards.
Tracking Your Work
Next, during the actual engagement of the HCP, Engagement Manager monitors the execution of the work and the progress of deliverables and provides real-time updates using the integrated analytics dashboards. Engagement Manager has APIs into event management systems such as Veeva Events, AHM’s (insert name here), and Physician’s World (name here) to enable a closed loop, end-to-end process for dinner meetings, events and congress activities for large groups of healthcare providers. The HCP Engagements and Activity Reports workflows capture the appropriate HCP activity data to validate contractual obligations. This data will be used to substantiate the service and work product and will be used to generate payments to HCPs from the enterprise ERP system.
After the engagement or service is complete, Engagement Manager’s business process approval workflows enable business stakeholders to approve invoices and payments to HCPs. The payment information is transmitted seamlessly to the downstream transparency and disclosure solution ensuring all payments made to HCPs are tracked and reported completing the end-to-end cycle.
In addition to overseeing the entire HCP engagement process MediSpend Insight data analysis and analytics reporting solutions provide real-time status reports on every HCP interaction. Collecting data at each stage of HCP engagement allows companies to monitor and manage expenses, risk, and business process compliance. Instead of being a cost center, compliance is now driving business value by saving valuable employee time, managing budget to actual spend in real time, and reducing risks for possible violations of the many laws and regulations affecting life science companies globally.
The Possibility of Customization
In addition, the end-to-end SaaS solution operates on a configurable platform to fit each company’s specific needs and workflows. The platform can be scaled for large enterprise companies with thousands of users and emerging pharma and biotech companies that have fewer than 100 employees.
Why You Need It
First and foremost, Engagement Manager serves to automate business processes to reduce costs and the risk of human error which is imperative in today’s world where engagement of HCPs necessitates compliance with internal codes of conduct as well as global healthcare and data privacy regulations. With compliance oversight and controls, MediSpend solutions help companies save time, money, and mitigate risk.
Data for Analysis
In addition, Engagement Manager aggregates data from enterprise systems of record providing, for the first time, a data repository that drives business value. Through integrated analytics, business stakeholders now have a view into business operations in real time. By enabling an effective, efficient streamlining of processes into one system, Engagement Manager eliminates the need for manual hand-off of data and manual integration of business processes across multiple external systems, which is costly and difficult to maintain and monitor. Engagement Manager increases operational efficiency, mitigates risk, and drives business value as it enables companies to move from out-of-date systems to MediSpend’s Compliance Cloud.
These features and benefits all serve to give executives and directors peace of mind, assuring them of compliance and reducing worry of risk. MediSpend’s innovative Engagement Manager workflows give users a tool to do their work more efficiently and effectively. We are thrilled at the acceptance of this cloud-first technology by the industry. We will continue to work diligently to address and solve our customers business process and compliance needs.
This is the first in a five-part series. We’ll be unpacking more details about Engagement Manager in forthcoming blogs. Up next, a closer look at how this data analytics plays an integral role in reducing risk. For more information, or to request a demo, visit https://info.medispend.com/request-a-demo.