MediSpend is a global technology company providing best-in-class solutions that empower life sciences companies to grow their business compliantly through top-rated SaaS-based software and client services. MediSpend is the compliance system of record for some of the world’s largest pharmaceutical, medical device, dental and emerging biotech companies around the world. The MediSpend Global Compliance Suite represents the industry’s first global SaaS solution purpose-built to manage the end-to-end process of paid healthcare professional/organization (HCP/O) engagements through transparency reporting, which includes software that facilitates external grant requests.
Recognizing that compliance strategies are difficult to standardize and manage, MediSpend offers highly configurable solutions to meet the needs of their clients. Whether a small biotech or a large medical device company, MediSpend experts work closely with key stakeholders across many departments (Compliance, Commercial, IT, etc.) to optimally address their unique business requirements. They can adapt the software to align with existing processes or offer recommendations to enhance current processes. Throughout the journey, MediSpend’s comprehensive support ensures seamless integration of the new system into the client’s overall ecosystem, easily integrating third-party source systems.
Planning and Maintaining Flexible Compliance Programs
Creating or enhancing a compliance program in the highly regulated life sciences industry warrants robust technology infrastructure and expert guidance. Without these, there is a risk of confusion, wasted time, and budgetary strain during the implementation of new policies, procedures, and technology.
“As regulations continue to evolve rapidly and data scrutiny becomes more stringent, our flexible technology solutions aid in easily adapting to meet the growing demands of life science companies. MediSpend is highly regarded in the industry as a trusted advisor working with all key stakeholders to ensure client success,” says Craig Hauben, CEO of MediSpend.
A standout feature of MediSpend is Insights, an intuitive business intelligence platform that transforms compliance data into valuable commercial insights. Stakeholders immediately gain a 360-degree view of all aggregated compliance data in a centralized location, which helps them build interactive self-service dashboards, generate ad-hoc reports, and analyze integrated data—facilitating quick identification of risks and enabling more effective planning of HCP/O engagements.
The Power of Modular SaaS-Based Solutions + Advisory Services
MediSpend offers a powerful combination of a modular set of SaaS-based solutions and expert advisory services that represent a unified end-to-end solution specifically designed to empower life sciences companies to grow their business compliantly.
• Engagement Manager enables your business to plan, engage and pay HCP/Os for activities that meet company objectives using embedded rules based on client’s specific business processes. It provides your entire organization with the strategic advantage of data-driven insights into these engagements that are needed to grow your business compliantly.
• Grants Manager manages internal and external funding and product requests through a secure portal ensuring seamless communication, the ability to track and report out on the workflow, and a more effective and efficient process.
• Study Manager is designed for non-pharmaceutical company researchers, such as individual investigators, institutions, collaborative study groups, or cooperative groups to request, track, and manage investigator-initiated clinical studies.
• Complementing these solutions is MediSpend’s Advisory Services which is led by a team of experienced attorneys and compliance professionals to assist life sciences companies with the development and implementation of policies and procedures that facilitate compliance with global healthcare laws, regulations and codes of conduct. Areas of expertise include global transparency, HCP/O engagement, and data privacy.
Unlocking the Success of Streamlined Compliance
In one instance, a small pharmaceutical organization struggled to comply with annual CMS Open Payments and U.S. state & local reporting requirements due to limited internal resources and time constraints. The challenges in their manual transparency reporting process were further compounded by a growing turnover in their compliance department. Recognizing the need for external support, they sought MediSpend’s help.
With MediSpend’s expertise and support, the client could immediately offload the burden of the reporting process, ensuring accuracy and compliance while freeing their internal resources to focus on other priorities. MediSpend assisted the organization by handling various critical aspects, including data aggregation, validation, and remediation of spend transactions. They also delivered formatted reports that the organization could directly submit to relevant entities. The client is happy that MediSpend can apply this same level of service when they expand globally.
As regulations continue to evolve rapidly and data scrutiny becomes more stringent, our flexible technology solutions aid in easily adapting to meet the growing demands of life science companies. MediSpend is highly regarded in the industry as a trusted advisor working with all key stakeholders to ensure success
To address this, the client adopted the MediSpend Global Compliance Suite, and leveraged Engagement Manager, Transparency Solution, and Insights. Transparency Solution provided a user-friendly interface and helped close functional gaps in global, U.S. state and federal transparency reporting. Transparency Solution provided best-in-class data validation workflows to reduce the time it took to load and remediate the organization’s data for reporting. Engagement Manager made it easy to implement the controls the organization needed to proactively manage risk around HCP/O engagements, support compliance and enhance workflow efficiencies. With built-in controls, the organization was able to apply uniform, consistent compliance rules throughout the enterprise, which mitigated the risk of improper payments associated with global HCP/O engagements. Insights gave the organization a 360-degree view into their compliance program. By utilizing Insights’ customizable dashboards and charts with the ability to drill-down into the real-time data, the organization was able to gather business intelligence and monitor for non-compliant outliers. This was something their homegrown system had never been able to provide.
MediSpend’s client services team kept tabs with round-the-clock support. In no time, the company successfully overcame their compliance challenges, achieved greater efficiency and improved risk management. Throughout the collaboration, MediSpend’s team consistently received five-star ratings from the client, acknowledging their commitment to exceptional service.
“We are proud to say that our clients report a 97% overall satisfaction rate, 94% product satisfaction rate, and that more than 90% of our clients are willing to be client references,” says Hauben.
This exceptional level of satisfaction stems from MediSpend’s top-rated technology, knowledgeable industry experts, and unwavering dedication to staying attuned to evolving market and regulatory needs. With a reliable ally like MediSpend by their side, life sciences companies can embark on their compliance journey with confidence.
