These last few years have become a little more hectic for companies in the Life Science sector. Many companies are struggling to efficiently manage the rigorous Open Payments requirements brought about by The Sunshine Act. But while some companies are stuck in reactive mode, others have simplified systems, streamlined processes, and boosted morale.
Read on to discover how modern Life Science companies are solving common Open Payments problems.
Digging out your sales team.
Open Payments has been a metaphorical punch in the gut for sales reps in the Life Science sector. Suddenly, essential activities like customer education and relationship building occupied a smaller slice of sales reps’ schedules, while minutia in the form of mounting paper receipts, intense scrutiny of physical transaction records, and persistent panic stemming from lost records crept to the forefront of their minds.
The good news is that more Life Science companies are reducing receipts and other transfer of value (TOV) paperwork by collecting all necessary documentation digitally. Sales reps can use mobile apps synced with desktop programs to make quick work of transaction records on the go. Automated Receipt Processing, for example, lets you upload transaction details to a digital wallet at the point of sale, then match each one to the corresponding physician or teaching hospital via the National Provider Identifier (NPI) database. No more follow-up tasks and no more fear of hefty fines.
Complicated reporting procedures slow everybody down. While it’s natural to expect complications as a result of new requirements, more companies are realizing success via simplification.
What does simplification mean, exactly? It means that every aspect of the Open Payments submission process is streamlined for every stakeholder. It means saying goodbye to disparate systems and integrating the NPI database within the expense reporting platform. It means accurate reporting automation, drastic overhead reductions, and administrators who aren’t pulling their hair out.
A take-no-chances approach to TOV accuracy.
When reps need to accurately record all their expenses, and when forgetting about a single TOV could cost upwards of $1M, a take-no-chances approach is the only reasonable solution.
For risk-averse companies, what was once reported on paper is now completely electronic. Stapled stacks of receipts and scribbled notes are now digital TOV records that ensure compliance.
The ability to create digital records the moment a transaction occurs also protects your company’s most important relationships. Physicians and teaching hospitals disputed over 1,700 records totaling about $5M in 2014 alone (OpenPaymentsData.CMS.gov, 2015). When sales reps estimate dollar values and details — either because they lost a receipt or lacked the technology to accurately record it in real time — the end result can be devastating. One damaged relationship can negatively affect your company’s reputation with other physicians and teaching hospitals, leading to a significant blow to the balance sheet.
Satisfy internal VIPs.
Open Payments brought a new wave of rigorous requirements, which naturally created a serious burden on Life Science employees in all departments. While some companies are still reacting to the onerous obligations, others are investing in a single solution that saves employees from hours of stress.
When you have an end-to-end solution that integrates the company T&E policy, travel booking, mobile expense reporting (which can be linked to the NPI database), CSV/XML file exports, and customizable spend analytics, it’s easy to ensure all employee spend aligns with the company’s policy and mission. More importantly, everyone is happier, from the sales star to the administrator who sends off submissions to the CEO.
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