Transparency reporting has changed the way life-science companies or healthcare manufacturers operate today.
In fact, transparency reporting is perhaps the biggest reason behind innovation in the healthcare sector simply because of the expanding transparency requirements, i.e., extensive documentation of interactions with HCPs, Os, and patients – demand organization to keep up with modernization.
Therefore, getting data-driven software powered by artificial intelligence that turns data into insights on which an organization or HCPs can capitalize is the way forward for HCOs.
And we’re not addressing only the life science businesses, but this goes for companies spanning from different levels, e.g., organizations, SMBs, and startups.
But with the importance of modernization out of the way, the question now is, “How can you improve your current transparency reporting program?
Is there software that offers analytical capabilities?
Fortunately, there are transparency solutions available in the market that you can get – some of them offer advanced features and functionality such as; physician matching, built-in data validation rules, advanced analytics, and more.
So, a comprehensive technical assessment here is essential to streamline the best transparency solution in the market and work with the most recognized aggregate spend reporting partner.
Let’s get down to the five qualities and concerns that you should initially address before onboarding and deploying transparency software in your organization.
1. Technology
The technology backing your preferred transparency software should be modern. Through advanced technologies, transparency reporting partners can design intuitive and easy-to-use systems.
The foundation of technologically advanced software is usually backed by cloud technology, so here’s another tangent that should influence your decision-making.
Next, you need to be sure about the system’s flexibility to match your specific requirements because compliance professionals globally leverage different approaches to submit transparency reports.
Therefore, your transparency reporting partner should offer flexible software for HCPs that they can configure to their specific needs.
In addition to that, technologies will keep on evolving to meet the demands of the users. Hence, your reporting partner should frequently add more features and functionalities and update regulatory and compliance requirements.
2. Functionality
Functionality is vital in two specific ways – #1, the overall quality of the transparency software and how well it serves its purpose, and #2, the range of operations it can perform.
For the first part, you must evaluate that your transparency software offers the features necessary to ensure a smooth and swift reporting process.
Features like data validation, checking for accuracy, duplication identification, deadline alerting, automation, and completeness are perhaps some best examples of the features that your transparency software should have.
For the second part, get a software demo to identify how much human intervention is required to prepare aggregate spend reports.
If the change before and after onboarding of the software is calculated to be more on the human intervention side, it’s better to go for a different transparency reporting software.
3. Scalability
See if the transparency software is capable of performing in a dynamic environment.
It’s important to gauge if the software is a long-term solution for transparency reporting and whether it can upgrade itself according to the ever-changing compliance regulations.
The world of life science is changing even as we speak, and a sudden change in compliance requirements may require a battle-experience reporting software to respond to the changes globally.
4. Customer Service
Customer service generally relates to the availability of the partner that you’re willing to work with.
Given that there may be countless transparency reporting software providers in the market, you need to select the one available in your region, on your time and speaks the language you do.
Pro Tip: Things get technical when it comes to compliance, and when you’re leveraging software to meet your compliance objectives, you need to make sure that round-the-clock help is available so that you never get stuck anywhere.
Furthermore, you can ask the company to share their entire suite of services, see what they’re offering at what cost, and whether their existing clientele is satisfied or not.
Another critical service is maintenance and updates of your reporting software. Some providers offer these aspects for free, and then there are paid ones.
Clarity on the above services will help you keep your budget intact while knowing what complimentary professional services you’re getting from your transparency partner.
Also, some transparency reporting partners offer staff augmentation services, which is an entirely different business model in itself.
What happens in this model is that you get the option to scale up your team during peak hours by hiring professionals on an hourly basis.
Once the workload has been mitigated, you can scale down and exponentially reduce your cost.
5. Product’s Experience
We’re living in the experience economy, and literally, everything that offers a user-friendly, unmatched, and value-driven experience is trending in the market these days.
And that’s something that you should look out for, too.
Does the solution you’re about to buy offer business intelligence through data analytics?
Ask yourself the above question while searching for software, and if the answer is yes and the solution you’re buying offers insights in a professional yet flexible and innovative fashion – look no further.
And while you’re doing so, see if the software supports third-party integrations and predictable navigation and offers your custom tips and tutorials on how to use the software.
This would help your team learn about the software on the go and understand how they can fully utilize an end-to-end reporting software to its maximum potential.
And even if things get complicated and you require assistance, the customer service part you went through above will enable you to schedule meetings with product experts who will guide you through your new transparency reporting process.
6. Reliability
Until now, we were talking about transparency reporting in the U.S, but when it comes to global reporting, things become lengthier and more complicated simply because of the specifications involved.
EFPIA, FAHMP, MEDTECH EU, and other codes are some regulations that healthcare manufacturers operating in different European nations are advised to abide by.
Unlike in the U.S, where transparency reporting has been commercialized, abiding by the regulations mentioned above is not legalized in other regions.
So, for the life-science companies operating within a particular region in which transparency reporting has been made legal, it becomes crucial to submit spend reports based on the specific code that the state is following.
This also counts as scalability but is more inclined towards reliability. So, whichever product you’ve selected, make sure it offers global reporting so that you can meet your reporting obligations globally.
Over to you
The life science industry is dynamically changing and evolving. As a result, companies produce tons of data daily, making transparency reporting difficult.
So, instead of building a full-fledged transparency solution, Gartner recommends partnering with a solution provider.
Because solution providers are highly competitive today and hire the most experienced and knowledgeable professionals to develop products that resolve sophisticated challenges within an organization, you’ll surely end up with an innovative product designed to help you meet your objectives.
And if you’re looking for a transparency reporting solution, qordata offers a data-driven solution that ticks all five qualities mentioned above.
In a nutshell, our aggregate spend reporting software helps you complete and submit your reports on time.
Schedule a meeting now and see why qordata’s aggregate spend reporting platform is considered the best in the market today.
