What’s the Real Cost of Your Transparency Reporting System?

In-House Costs for Existing Systems

For an existing in-house system, calculate the total cost of ownership for:

  • Researching current regulations and making system updates
  • Pulling transaction data from multiple sources
  • Preparing transaction data for import into the reporting system
  • Validating HCP information
  • Remediating conflicting data from multiple data sources
  • Generating reports to meet complex federal, state and international transparency reporting requirements
  • Analyzing data for ongoing compliance monitoring
  • Keeping the system up to date as regulations change

Typically, companies find that they are spending weeks, if not months, of resources on the above tasks, particularly if a high percentage of those tasks are completed manually. An automated end-to-end process can increase staff productivity and operational efficiency.

Custom Development

For development of an in-house system, include all applicable items listed above PLUS:

  • Development costs for a custom system, including time spent on defining requirements, coding, testing and launch
  • Annual maintenance costs for system updates and enhancements
  • Costs for evaluating and performing regular technology updates and upgrades
  • Infrastructure and support costs for hosting the system on premises
  • Regulatory research costs to support jurisdictional reporting updates
  • Additional costs for “point solutions” from third-party vendors

Other Considerations

Think beyond operating expenses. Consider the less obvious costs of:

  • Non-compliance
    • Financial penalties
    • Brand impact/loss of goodwill
  • Wasted resource allocation — talent and resources that could be used more effectively on analysis and other activities that drive greater value for your organization
  • Impact on business agility
    • Not all solutions are flexible or scalable
    • Slow deployment of new features

A cloud-based compliance system provides centralized access to global information, reduced risk through systematized processes, near real-time compliance monitoring and on-demand infrastructure scaling. To learn more about how MediSpend solutions can help your organization, please contact us or call (888) 731-7322 x8300.

Seth Houston

Chief Commercial Officer

Posted on Apr 29, 2020 11:17:21 AM

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