Explore our library of blogs, insights, research papers, and more information on compliance in the life sciences industry.
A high degree of fraud often occurs in the T&E area, making it a critical starting point for identifying non-compliance. However, conducting a 100% audit of expense data is challenging due to the sheer volume of transactions, the complexity of financial records, siloed systems, and the potential for human error or inconsistencies in data reporting. […]
Expense report fraud is a big problem, especially in the life sciences industry where following rules and regulations is quite important. From falsified receipts to inflated claims, fraudulent expense reporting can have severe consequences. As a compliance officer, it’s essential to have a robust compliance strategy to identify, reduce, and ultimately prevent such fraud. In […]
The life sciences industry in the United States is a complex and heavily regulated sector. With the critical nature of its work, ensuring compliance with federal and state regulations is paramount. Life sciences companies dedicate 80% of their resources to making sense of data while realizing only 20% of its value in the form of […]
Organizations lose an estimated 5% of all revenue to fraud each year. According to the Association of Certified Fraud Examiners (ACFE), this translates to a global loss of $4.5 trillion annually. The fraud, misconduct, or errors when identified by the regulatory authorities can lead to financial penalties, legal repercussions, and reputational damage, further intensifying the […]
The CMS Open Payments Program requires life sciences companies to report payments and transfers of value to physicians, teaching hospitals, and other covered recipients to the Centers for Medicare and Medicaid Services (CMS). Out of the several critical aspects of this program, one is adhering to the de minimis rule for reporting spend data. For […]
In the U.S. Life Sciences sector, managing interactions with Healthcare Professionals (HCPs) and Healthcare Organizations (HCOs) is critical for maintaining compliance with regulatory standards and ensuring ethical business practices. The rise of data-driven HCP engagement solutions offers a transformative approach to these interactions, providing robust frameworks for transparency, accountability, and efficiency. This blog delves into […]
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