Oracle Health Sciences has launched Oracle’s spend monitor solution, which helps life sciences organizations increase transparency and comply with disparate state and federal regulations and industry guidelines governing sales and marketing spend, as well as financial arrangements with healthcare providers.
Life sciences organizations face unprecedented reporting complexity as a growing number of states, as well as the federal government, initiate new and varied requirements around monitoring and limiting aggregate spend.
Oracle’s spend monitor solution combines pre-integrated applications as well as services and federated data feeds. It helps life sciences organizations to facilitate compliance by automating the capture, tracking and aggregation of spend transactions, and generating real-time alerts and reports that are compliant with state and federal regulations including the federal “Sunshine Act,” a transparency initiative that will go into effect in 2013.
The solution provides a solid foundation for compliance as well as internal transparency initiatives by:
Incorporating existing customer master files, creating a validated healthcare practitioner identifier across source systems, and standardizing third-party data feeds to ensure data accuracy.
Capturing and consolidating all healthcare practitioner spend from core financial, human resources, and operational systems into a consolidated database for complete visibility.
Delivering robust reporting and analytics required for all state and federal requirements, as well as providing highly flexible business intelligence functionality for internal stakeholders.
Maintaining updated rules for mandatory reporting content and schedules.
Incorporating state-by-state dashboards, as well as internal data quality processes and compliance alert reporting to enable dynamic monitoring.
Offering options for managed services to ensure high-quality regulatory support and technology hosting.