New York, NY January 18, 2011
MMIS, Inc. (www.millennium-mis.com), a leading provider of software and compliance solutions for the life science industry, announced the launch of MediSpend®, a physician payment and aggregate spend reporting solution, at the ExL Pharma 2nd Tracking and Reporting Aggregate Spend Conference in Washington, DC. MediSpend® allows pharmaceutical, medical device and biotechnologies companies to easily track and report physician payments and aggregate spend on healthcare providers, which is required under the Patient Protection and Affordable Care Act. This unique web-based software solution has been developed by regulatory compliance attorneys to facilitate compliance with federal and state laws on spend reporting.
Currently, five States, the District of Columbia and the Federal government all require reporting of payments and gifts made to physicians and other health care providers. Each jurisdiction uses different standards, reporting thresholds and rules on which spend instances need to be reported. Additionally, significant variations exist regarding which individuals need to be reported on, and how the spend instance is reported. With seven different jurisdictions to report to, sorting through the questions can be confusing. Aggregate spend management and reporting will become an increasingly complicated and time consuming requirement for all life science companies.
The MediSpend® Solution
MediSpend® (medispend0.wpengine.com) is a secure hosted software solution designed to facilitate accurate compliance with all State and Federal requirements. The solution's flexibility and user-friendly interface makes data-entry a simplified and accurate process that can be shared between geographically distributed teams and third-party partners.
MediSpend® provides tools to make sure the correct spend recipient is associated with each spend instance. These tools also help prevent duplication when a given recipient might have multiple licenses in different states. The software automates the aggregation of information, identifying the recipient and determining if that spend instance and recipient needs to be reported to each jurisdiction. Additionally, MediSpend® allows the creation of accurate and compliant reports in just a few clicks. MediSpend® aggregates all the required data and reports the correct information in the correct format for each jurisdiction.