In the recent years legislation has been enacted both at the Federal and State levels that is aimed at making interaction between life sciences organizations and health care providers transparent to all stakeholders. This legislation can be referred to as the “Sunshine Laws”. The aim of all of these laws are (a) Patient Protection (b) Affordable Care (c) Holding all the stakeholders accountable for effective outcomes. The implementation of these laws will bring to the forefront the nature; purpose and monetary value of interaction between life sciences organizations and health care providers, and in some cases, will go deeper to scrutinize the arrangements that led to these transactions.
The key challenges for life science organizations are twofold. One is to remain compliant with all legislation that applies to them and the other is to use this as an opportunity to gain insights, which can lead to effective operations and a competitive advantage.
It boils down to being able to effectively negotiate the ever changing legislative environment by optimizing existing processes to (a) comply with the requirements of the law (b) make sure that maximum value is derived for every dollar spent. The key operational aspects that have to be taken care of can therefore be summarized as:
Centralization: Disparate systems and sources of data related to provider payments have to be centralized.
Governance: Visibility cutting across all organizational silos on all transactions that are covered under Sunshine Laws.
Compliance: All documents and agreements must be kept up to date, in reportable formats with enough traceability to meet legal requirements.
Risk Management: Create triggers to help identify and mitigate risks related to non-compliance and damage of reputation.
Reporting: Ability to provide data on time and in formats in which the various state and federal laws require to assure an organization’s compliance.
CloudMoyo partners with life science organizations and provides them a holistic solution that is flexible enough to align with business processes, but also has robust checks and balances to meet the strict regulatory requirements. To be specific, it offers the following:
Governance and Control:
Ability to centralize all HCP relationship requests and transactions.
Ability to implement a standardized relationship template across all HCPs.
Smart 360 degree view of all transactions and events.
Process and Automation:
Ability to design workflows that can meet the varied requirements of multiple legislations.
End to end lifecycle management.
Automated deviation tracking for agreements with Health Care providers.
Enforcing a standardized template for all relationship agreements to minimize the risk of deviations that can lead to fines and loss of reputation.
Reporting: A robust BI tool which:
a. Provides reports as per the requirement of the Sunshine Laws.
b. Offers insights on spend across health care providers, brands and many other market parameters.