NEWS & EVENTS

Discover How to Streamline Business Processes With a Compliance System

Life science companies need a compliance system of record that can help them streamline the end-to-end processes related to HCP engagement and reporting the transfer-of-value to various jurisdictions. Given the enforcements by Office of Inspector General (OIG), Department of Justice (DOJ) and Department of Health and Human Services (HHS), organizations are aware of the risks if they don’t have a means of producing data that demonstrates a systemic process in case they are audited. But finding the right solution can be challenging and even overwhelming.

What they need to find is a system that allows them to streamline the existing business processes and build a centralized, searchable data repository that enables permission-based access to the data generated by the end-to-end process. Enter Engagement Manager, an end-to-end solution, which provides organizations with the ability to organize and simplify the entire life cycle of HCP interactions.

For many companies, HCP engagement is complicated by:

  • Paper-based or disconnected, homegrown systems
  • Lack of centralized repository with audit trail of changes
  • Lack of ability to substantiate engagement with HCPs

Streamline Business Processes

Engagement Manager centralizes and integrates end-to-end HCP engagement information into what we call a compliance system of record that could be used by life science companies to demonstrate that they have a systematic process for managing interactions. The benefit to organizations is it reduces the risk associated with HCP engagements, while simultaneously ensuring their business and compliance teams are productive and efficient at the same time.

The big draw for the life sciences companies is that Engagement Manager enables them to standardize and automate the end-to-end HCP engagement process. Here is how it works:

Assessment of the Need

EM’s Needs Assessment module helps companies demonstrate the systematically approved purpose of the interaction with health care professionals or health care organizations (and the associated budget for doing so) to fulfill a legitimate business need. It helps them define the need upfront and allocate budget to it before execution of the engagement. This need record goes through an approval process as per the company’s standard operating procedure (configurable approval workflow) before it becomes available for downstream processing.

Health Care Entity Qualification

This second module of Engagement Manager (also known as HCPQ), focuses on health care entity qualifications to work on the need identified earlier. This module enables centralized information maintenance associated with the health care entity.

Also, Fair Market Value (FMV) data is interlinked across the entire Engagement Manager system, which enables companies to maintain a centralized repository of payment rates to HCPs based on the tier, country, and specialty of health care professionals. So FMV is a repository of pre-set rates, to ensure consistent payments to HCPs across the entire organization.

Contracts

The Contracts module provides the ability to execute the contract with the demonstrably qualified HCP and store the appropriate data to systematically demonstrate payments were made to a qualified HCP within the allocated budget. This module allows users to track key information related to the contract such as the start and end dates of contract, type of contract, duration of contract, purpose of contract, and the associated HCP and need.

Engagements

This module gets to the crux of the matter – the interaction the organization is having with the health care entity. The system associates qualified and contracted HCPs with the upcoming events as defined by the companies (during the configuration process) such as:

  • Training events
  • Advisory boards
  • Education event
  • Clinical research
  • Others

Payments

This module is used to generate payment advise once the engagement has been successfully completed. It takes the two inputs (contract and event) to generate the payment advise. Once the payments have been made by the customer’s payment systems, the appropriate remittance information is imported into the Payments module and appropriate transfer of value transactions are generated for transparency reporting.

The end-to-end process takes you from the point you accept a legitimate business need to the qualification of who meets that need all the way through to FMV, contracting, the engagements, and payments. When combined with the MediSpend Transparency Solution, the downstream process in the MediSpend Compliance Cloud for reporting transactions globally to different required jurisdictions, the Engagement Manager becomes a vital part of a company’s compliance strategy. All the while, several business processes become streamlined, efficient, and organized enabling companies to systematically demonstrate the end-to-end process while reaping the benefits of cost savings associated with a streamlined efficient and effective business process.

This is the third in a five-part series. We’ll be unpacking more details about Engagement Manager in forthcoming blogs. Up next, a closer look at how configuration is key to organizational efficiency. For more information, or to request a demo, visit https://info.medispend.com/request-a-demo.

Neeraj Singhal

Vice President, Product Management, MediSpend


Posted on Sep 5, 2018 1:45:52 PM

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