It can't be emphasized enough, Compliance and reporting is the life blood of your agency. Without it, you won't survive as a viable company.
Reporting is essential to your agency's success.
The importance of concise, relevant reporting to ensure a successful relationship between you agency and your clients cannot be overstated.
Since its introduction in 2010, the Sunshine Act has driven a steady, positive improvement in the transparency of financial relationships between HCPs and pharma. However, if you pay attention to the news there are almost daily examples of HCPs, labs, durable medical supply companies, etc. getting into trouble for some sort of medical fraud. That’s why Pharmagin’s reporting solution is tailored made to protect you, as the agency, and by extension your client.
For the pharma companies and their agencies, a fundamental component of Sunshine Act compliance is delivery of comprehensive aggregate spend reporting. In turn, this requires the gathering of detailed data related to HCP marketing, across an ever-increasing range of program types and related systems. While it may seem simple to sum up Transfer of Value figures, the devil is in the details. For example:
- Associating information like NPI and medical license numbers with program attendees can be challenging in that the source data exists in separate databases and is frequently incomplete.
- To see a complete picture of HCP compensation, we need to track spend against individuals over multiple programs, which may be of different program types across multiple campaigns for different pharma brands and products. This likely means matching up a lot of different registration documents to identify each individual – this is unreliable at best, even more problematic where program registrations are completed by hand and collated manually.
- Related data sources like NPPES is typically not up-to-date, causing regular mismatches.
Perhaps the biggest challenge of all when it comes to building these reports is that . For example – data on HCP Transfer of Value, Speaker Honoraria, Speaker Travel & Entertainment may come from different systems and have to be merged together in the aggregate spend report. This often must be completed manually to a greater or lesser extent and so can be time consuming, clunky and prone to human error.
The real solution to these challenges is a holistic, integrated platform for HCP program management. With over a decade of customization just for these programs, Pharmagin offers exactly that. Our platform automates correct assignment of Transfer of Value during program setup, execution and closing, accounting for variances due to F&B guarantees and other factors. It also handles attendee honoraria and T&E in case of Advisory Boards and other HCP programs where the HCP is comped. Then it brings it all together by combining ToV, Speaker Honoraria, Speaker T&E into the same report. These can be tailored to specific client requirements, and automatically delivered with the required frequency and format to meet the needs of different stakeholder groups. With these reports,
This is just one of the many ways that Pharmagin’s integrated platform can provide meaningful reporting to drive continual improvement in speaker program operations.