Aggregate Spending Compliance
The process used to monitor amounts spent by healthcare sector companies on HCPs and HCOs, is called aggregate spend. It is an important compliance process and helps in ensuring transparency on the life science industry relationship with individuals and also limits the spending on individual physicians.
The core components of this compliance requirement are identifying and listing transaction details, matching, augmenting and aggregating, interpreting the latest Federal and State rules and regulations, creating reports and the necessary notifications for HCPs and if resolution of disputes.
The biggest challenge to implementation of the aggregate spending compliance is the existence of multiple laws varying from state to state, non-connected and diverse sourcing and large volume of data that needs to be processed.
A Consolidated Approach
Healthcare manufacturers and related companies are now looking at technology to help close out the current challenges. A consolidated approach to this compliance requirement will save the industry a lot of time and money. It will also ensure that discrepancies are reduced, hence making it a more effective implementation of the regulations. The first step is integration of sources, or a single platform for processing. Specific licensing and validation solutions providers are geared towards making easy aggregate spending compliance a reality. Find out about aggregate spending compliance services that are beneficial and effective in so many ways.
Powerful Data and Tech Solutions
Regulations are continuously evolving and keeping updated with archaic methods takes a toll on accuracy and efficiency. With small time frames and large data to contend with, the most apt approach would be to go via the route of a specialized service provider.
Enjoy the advantage of higher quality data and powerful, easy to use tools. By aligning with a specialist, healthcare companies get access to a large scale database which has been cross-referred with industry bodies like DEA and NPI. Using a more strategic approach is paramount to fixing the loose strings of aggregate spending compliance and one way to do this is by applying architecture that supports the nuances of the aggregate spend process. Leading service providers use the latest technology to ensure smooth collection, transition and processing of data. Combined with a comprehensive understanding of laws and policies, this ensures a seamless compliance process. Another advantage of going the tech route is spend alerts and other configurable functions. Email delivery of alerts and transactions further streamline the process.
Generation of important reports like prescription drug samples, aggregate spend and spend management can also be easily done and reproduced on demand. Another advantage of outsourcing the duties of spend aggregate compliance to an industry leader is the insightful and hassle-free customer service which adds even more value to the core services.
Healthcare licensing and aggregate spend compliance is now a task approachable with a few clicks of the mouse. Intuitive and end-to-end solutions are helping the various sectors of the life science industry file complete reports by using lesser resources compared to more traditional approaches. Industry knowledge, complete data and tech solutions are integrated in this much needed compliance service.