MMIS officially launched MediSpend®, a new Software-as-a-Service (SaaS) platform to enable pharmaceutical and medical device companies to efficiently and accurately track and report all expenditures on health care providers. MMIS presented the software and conducted a live demonstration at ExL Pharma’s Tracking and Reporting Aggregate Spend conference, in Washington, DC on January 13, 2011. The conference, attended by about 80 executives of prominent pharmaceutical and medical device companies, focused on the legal requirements created by the transparency provisions of the Patient Protection and Affordable Care Act of 2010.
Beginning in 2012, pharmaceutical, medical device and biotechnology companies will be required to track all payments or transfers of value to physicians and other health care providers, including honoraria, gifts, food, education, grants, and compensation for speaking engagements, to name a few. All such expenditures must be reported to the Federal government on or before March 31, 2013. In addition to the Federal reporting requirements companies are currently required to track and report such expenditures to 5 states as well as the District of Columbia. As a result of the Federal legislation, employees and departments across the pharmaceutical and medical device enterprise who interact with physicians must be prepared to accurately track and report all marketing-related spend. Due to the scope and breadth of the new tracking and reporting requirements, accurate reporting mandated by state and federal laws will require the implementation of software solutions.
Pharmaceutical, medical device and biotechnology companies are awaiting guidance on implementation of the federal legislation. All reportable expenditures in the 2012 calendar year will have to be reported at the federal level before March 31, 2013.
Deadlines are much closer for individual states where disclosure laws and gift bans currently exist: Reports are due on or before April 1, 2011 for all reportable expenditures in the prior calendar year in Vermont and West Virginia; on or before May 1st in Minnesota; on or before July 1st in Maine, Massachusetts, and the District of Columbia.
All pharmaceutical and medical device companies must act as soon as possible to meet these deadlines, but few are prepared. MediSpend® is a unique software solution that makes both tracking aggregate spend and outputting all necessary federal and state-level reports a simplified process. MediSpend® is web-based and its access can be shared between all locations of a company as well as with third-party providers. All spend data (physician payments and honoraria, food, education, and all other gifts and compensations) can be entered intuitively without errors. Finally, all compliant reports can be created with MediSpend® in just a few clicks. MMIS representatives will work individually with each customer to adapt the software to their exact needs. Your pharmaceutical or medical device company will soon need MediSpend®. Request a free, no-obligation, demonstration today or learn more about MediSpend®.