MediSpend has introduced the industry’s first global SaaS solution purpose-built to manage the end-to-end process of healthcare professional (HCP) engagement through transparency reporting, which includes software that facilitates external grant requests for the life sciences industry. Presently, more than 100 pharmaceutical, biotech, medical device and dental companies in 96 countries around the world rely on MediSpend to manage high-risk business functions for compliance.
JOURNEY SINCE THE INCEPTION
When the company was founded, it was in reaction to new laws that required life sciences companies to do a type of regulatory reporting they hadn’t done before. The Physician Payments Sunshine Act (PPSA) is a law that was passed under the Affordable Care Act in 2011, and it requires that certain manufacturers of drugs and devices and certain group purchasing organizations report payments and transfers of value to HCPs to the Centers for Medicare and Medicaid Services (CMS) once a year. Today, more than 40 countries around the world have similar transparency reporting requirements.
MediSpend sought to provide a platform to support this new business need that allowed companies with high business and compliance risks to manage those risks in an automated, integrated way. The platform allows them to take manual, disparate processes and data and bring it together in a way that provides a level of integrity and compliance oversight that’s important for life science businesses.
As compliance requirements around the globe continue to expand, so has MediSpend’s Global Compliance Suite of solutions. The MediSpend Global Compliance Suite consists of a modular suite of SaaS-based solutions: Engagement Manager, Transparency Solution, Grants Manager, Study Manager and Insights, which showcases their analytical capabilities via embedded dashboard reporting and self-service analytics. Although these offerings can be utilized separately, together they represent a unified, end-to-end solution specifically designed to enable life sciences companies to manage high-risk business functions for compliance.
- Engagement Manager is a global compliance solution with embedded compliance controls designed to identify and mitigate risk associated with HCP engagements. Engagement Manager will help your organization manage the end-to-end engagement lifecycle on a SaaS-based platform.
- Transparency Solution collects, remediates, validates, analyzes and reports transfers of value to comply with state, federal and global transparency laws and codes.
- Grants Manager manages internal and external funding and product requests through a secure portal ensuring seamless communication, the ability to track and report out on the workflow and a more effective and efficient process.
- Study Manager is a compliance solution designed for non-pharmaceutical company researchers to request, track and manage investigator-initiated clinical studies-trials (IIS/IIT).
- Insights delivers meaningful dashboards and powerful ad-hoc reporting capabilities to track and analyze the spend lifecycle, perform competitive analysis and monitor your compliance program in real-time. Life science companies are now provided with the analytics they need to predict issues before they occur.
MediSpend enables life sciences companies to manage
high-risk business functions for compliance
THE GUIDING FORCE
Craig Hauben is the CEO of MediSpend and he holds over 25 years of experience in healthcare industry operations and sales management. Craig leverages his expertise in operations and sales to help MediSpend maximize its brand to expand its offerings and remain a leading global compliance technology company for the life sciences industry.
Craig’s vision has been critical. In a very short period, he has been able to survey the market, diagnose product strengths and create a long-term roadmap for a product suite that is unique in the industry. The entire team is energized around this vision and the journey they are on.
Craig has also brought strong judgment and decisiveness to the organization. The COVID-19 pandemic has tested MediSpend like it has tested many companies. Craig took quick action to ensure the long-term strength of the company. While their business is returning to ‘normal’, they are stronger today than they were pre-COVID.
A GLIMPSE OF CURRENT SCENARIO
During this unpredictable year, life sciences companies have demanded reliability from the solutions they utilize. MediSpend aims to make compliance simple and reliable; giving life sciences companies one less thing to stress about.
Life sciences companies require innovative, intuitive and easy-to-use software solutions to meet their
needs. They require that any software solution, and especially SaaS-based ones, are developed to meet the vast majority of their functional needs out of the box before they will be willing to use it. They prefer more configurations and less customization. Furthermore, they also want to make sure that third-party SaaS solutions meet stringent data privacy and security protocols, and that the organization that is providing the solution has the subject matter expertise needed to support their complex needs.
Therefore, MediSpend had to first establish trust and credibility with executives at life sciences companies, while also demonstrating innovative technology that was purpose-built to meet their needs now and can scale to meet future needs. MediSpend accomplished this and is now proud to be considered the compliance system of record for more than 100 life sciences companies around the world.
THE SECRET BEHIND THE SUCCESS
Craig Hauben shared, “Our strategy here starts with keeping our focus on making our clients successful, not what our competition is saying and doing. By focusing on what our clients need and want, we stay in tune with the broader needs of the market and can stay ahead of our competition. We lead with our team of industry experts. They advise companies who are preparing to launch their first product all the way to complex, global organizations that are industry leaders.”
The MediSpend Global Compliance Suite was purpose-built with the end-user in mind. It delivers a simplified user interface and has often been cited as more intuitive than competitive offerings. Modern technology developments and intuitive user interface aids in quick user adoption and continuous engagement with the platform.
Focused on what clients need, the MediSpend team developed their Legislative Watch, which provides free summaries of global reporting requirements.
MediSpend’s Client Services team provides full-service access and solutions to address client needs during the reporting session and throughout the year. Through monthly meetings with clients, the MediSpend Client Services team consistently receives high ratings from their clients.
NOTABLE FEEDBACK FROM CLIENTS
MediSpend’s clients report a 97% overall satisfaction rate and 94% product satisfaction rate. 90% of MediSpend’s 100+ clients are willing to be client references.
THE FUTURE AHEAD
“We continue to focus on using technology to simplify our client’s lives and enable our client’s greater ability to manage high-risk business functions for compliance. In the near future, we will bring new capabilities to the market that broaden our platform and provide greater integration. An example of this is the latest launch of our Grants Management Solution. More new launches are being planned,” said Hauben.