New Offering Helps Life Sciences Organizations to Seamlessly Manage Compliance with Federal and State Aggregate Spend Requirements
Oracle Health Sciences announces Oracle’s spend monitor solution, which helps life sciences organizations increase transparency and comply with disparate state and federal regulations and industry guidelines governing sales and marketing spend, as well as financial arrangements with healthcare providers.
Life sciences organizations face unprecedented reporting complexity as a growing number of states, as well as the federal government, initiate new – and varied – requirements around monitoring and limiting aggregate spend.
Oracle’s spend monitor solution combines pre-integrated applications as well as services and federated data feeds. It helps life sciences organizations to facilitate compliance by automating the capture, tracking and aggregation of spend transactions, and generating real-time alerts and reports that are compliant with state and federal regulations – including the federal “Sunshine Act,” a transparency initiative that will go into effect in 2013.
The solution provides a solid foundation for compliance – as well as internal transparency initiatives – by:
- Incorporating existing customer master files, creating a validated healthcare practitioner identifier across source systems, and standardizing third-party data feeds – to ensure data accuracy
- Capturing and consolidating all healthcare practitioner spend from core financial, human resources, and operational systems into a consolidated database for complete visibility
- Delivering robust reporting and analytics required for all state and federal requirements, as well as providing highly flexible business intelligence functionality for internal stakeholders
- Maintaining updated rules for mandatory reporting content and schedules
- Incorporating state-by-state dashboards, as well as internal data quality processes and compliance alert reporting to enable dynamic monitoring
- Offering options for managed services to ensure high-quality regulatory support and technology hosting
To optimize return on existing and planned IT investments, Oracle’s spend monitor solution can be deployed in a number of implementation scenarios.
“Life sciences organizations are increasingly challenged to manage compliance with a growing web of regulations governing their spend in relation to healthcare practitioners,” said Arvindh Balakrishnan, vice president, Life Sciences, Oracle. “Oracle is uniquely positioned to deliver an innovative approach to this challenge with a spend monitor solution that combines pre-integrated applications, services, and federated data feeds to facilitate compliance and support advanced organizational transparency initiatives.”
“In a recent survey of industry leaders, sales and marketing ranked as the top functional area of focus for life sciences companies. This demonstrates the impact that life sciences companies expect recent regulatory reform to have on sales and marketing spend and initiatives,” said Eric Newmark, program director, IDC Health Insights. “As life science companies evaluate the IT requirements needed to support both sales innovation and regulatory compliance, easy-to-integrate solutions with strong analytical capabilities should be top of mind, such as Oracle’s Spend Monitor solution.”