Life science organizations are dedicated to developing and manufacturing transformative products that enhance lives. To accomplish this mission, they routinely contract with healthcare professionals (HCPs) to research, develop, market and train on these products. HCPs contribute invaluable insights, expertise and medical credibility by providing both a theoretical and practical approach to the products and treatments.

However, the interactions between HCPs and life science companies carry a significant amount of risk, especially when considering the potential consequences to the patients who need these treatments and products. Recognizing this, various countries have instituted stringent anti-bribery, anti-corruption and transparency laws. These laws aim to protect patients and ensure that interactions between life science companies and HCPs are based on the safe and efficacious use of products instead of any appearance of inappropriate inducements or kickbacks.

MediSpend’s Engagement Manager solution empowers life science companies to navigate this complex landscape with confidence. Engagement Manager enables life science companies to plan, engage and pay HCP/Os for compliant activities that meet organizational business needs by providing an end-to-end solution that encompasses the entire lifecycle of interacting with HCPs in one system. This solution consolidates often fragmented and manual processes into one cohesive, automated system that manages the entire lifecycle, making execution, auditing and monitoring simpler and more accurate. Engagement Manager offers modules to keep your paid HCP engagement management process manageable:

  • Needs Assessment Module lays the foundation for life sciences companies to mitigate risk by demonstrating strategic forethought of their organization’s business needs.
  • Qualifications Module enhances compliance programs by providing a repository for documenting HCP’s skills, experience and qualifications, the required screening to ensure that they can legally and ethically contract with HCPs, and the HCP’s fair market value (FMV) and any exceptions requested to their FMV.
  • Contract Module mitigates compliance risk by documenting key elements such as the dates of the consulting arrangement, the maximum value of the contract and the detailed expectations of the work to be performed as part of the contract.
  • Engagement Module allows companies to document the compliant parameters of the engagement, including the associated needs assessment, dates, venues, forecasted expenses, forecasted travel, activity and preparatory hours for each HCP associated with the engagement.
  • Activity Report Module allows life science companies to document the proof of performance for engagements to ensure that any payments to HCPs are compliant and consistent with company policies, including validation of the fee for service payment and any requested expense reimbursements against the terms and conditions of the consulting agreement.
  • Insights Pro Module affords life science companies the opportunity to enhance their auditing and monitoring efforts by providing a near real-time data analytics platform that is highly configurable. The Insights Pro Module can tie the entire lifecycle of HCP engagement together in one platform that can effectively paint a picture for compliance and business leaders.

Are you ready to enhance your paid HCP engagement management process? To learn more about how MediSpend’s Engagement Manager can help your company mitigate risk with global HCP engagements, contact us.

 

Jay Ward
Director of Life Science Solutions

May 2, 2024