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MMIS officially launched MediSpend®, a new Software-as-a-Service (SaaS) platform to enable pharmaceutical and medical device companies to efficiently and accurately track and report all expenditures on health care providers. MMIS presented the software and conducted a live demonstration at ExL Pharma’s Tracking and Reporting Aggregate Spend conference, in Washington, DC on January 13, 2011. The conference, attended by about 80 executives of prominent pharmaceutical and medical device companies, focused on the legal requirements created by the transparency provisions of the Patient Protection and Affordable Care... Read more..
Aggregate spend reporting requirements, initiated by the Physician Payments Sunshine Act of 2009 at the federal level and in six US states, will become mandatory for all 50 states in 2012. New legislation introduced by the Patient Protection and Affordable Care Act (PPACA) of 2010 requires the disclosure of honoraria and other monetary transactions, as well as gifts to physicians and other healthcare professionals by life science companies.
Such disclosure obligations are likely to challenge the ability of all pharmaceutical, medical device and biotechnology companies to simply track accurately such payments and gifts, commonly accepted as necessary marketing expenses. The bigger the company, the more challenging tracking and... Read more..