You know you need to modernize and improve your transparency reporting program. But how? In a recent assessment of aggregate-spend tracking and transparency reporting technologies in the life sciences industry, Gartner shared, “We do not recommend building an internal solution.” Instead, they suggest partnering with solution providers who have purpose-built and mature technology supported by experienced and knowledgeable professionals who can improve and modernize your overall transparency reporting program. That raises another question: How do you select the right partner?
When evaluating potential partners, make sure to score each of them based on your answers to these questions:
- Technology
- Is the system intuitive and easy to use?
- Is the solution flexible enough to be configured for your unique needs?
- How frequently does the transparency reporting partner update features and functionality, and how quickly does their solution adapt to new legislation and regulatory changes?
- How well does the solution handle multiple and disparate data sources to ensure completeness, accuracy and validation?
- Does the solution alert you to any red flags well in advance before your reporting deadlines?
- How well does the solution minimize the potential for error by automating key processes, or does it require human intervention or manual processes?
- Does the solution include seamless maintenance updates, or will you need to budget additional resources to ensure that it is kept up to date?
- Does the solution offer business intelligence and dashboard reporting functionality that allows anytime access to insights into your transparency reporting program? If so, what solution provides more flexibility in creating your own reports and displays insights in a more professional fashion?
- Can you rely on the solution to help meet your global reporting obligations? For example, do they have French reporting (Loi Bertrand), European Federation of Pharmaceutical Industries and Associations (EFPIA), Japan and the other jurisdictional reports in countries that you operate in?
- Scalability
- How confident are you that the solution can scale as your data volumes increase, when your needs change, or if you are expanding globally?
- Does the solution address all the federal, state, local and global regulations with which you must comply?
- Overall, which solution seems to be more flexible in adapting to your changes?
- Service
- Can the solution partner provide service regardless of your geography or time zone, and in the language of your choice?
- How quickly can they respond when you have a concern or question, and have they shared with you their various service levels to ensure your overall satisfaction? What do their clients say?
- What levels of product support do they offer? Are you confident that they will be there when you need them most?
- What legislative and regulatory resources do they offer?
- Do they offer complementary professional services?
- Can they provide references from all different types of life sciences companies ranging from pre-commercial to large and from pharmaceutical and medical device companies?
- Do they offer a service model where they have experienced, knowledgeable resources take the burden off your shoulders to help you prepare and submit reports?
- Do they offer advisory services to help you establish a well-run transparency reporting program?
- Are you confident that they can work with you to build a compliance program that fits your organization by offering solutions tailored to your specific needs or do they push a one-size fits all approach?
- Experience
- How deep is the partner’s experience in developing advanced, cloud-based technology?
- Do they have access to legal experts who can navigate regulations in your relevant jurisdictions?
- How much experience does the compliance partner have in migrating clients from an in-house or third-party platform? Do they offer best practices in doing so?
- Are you confident that they have the experience and subject matter expertise to help guide and support you through your entire transparency reporting program?
- Reputation
- What do their clients say about working with the partner’s team and their technology solution?
- How do their customers rate the solution for performance and ease of use?
- How do their customers rate their overall service and support?
- Is their pricing fair, consistent and predictable?
To learn more about how MediSpend solutions can help your organization, please contact us or call (888) 731-7322 x8300.
Seth Houston
Chief Commercial Officer
April 15, 2020