Open Payments compliance software.
Beginning on August 1, 2013, medical device and pharmaceutical companies will be required by federal law to account for the benefits provided to physicians in the course of regular sales processes. That means travel, gifts, meals, honoraria and other costs above $10 must be reported along with their itemized dates, values and the nature of each benefit. Companies out of compliance can be fined anywhere from $10,000 to $1,000,000. Companies need software that uniquely identifies each physician attendee in a sales process, tracks the spend on each physician attendee, reports costs per physician, and adds it all up per physician at the end of the year. That's a lot of data, but Concur has it covered.
As of February 2013, the Centers for Medicare & Medicaid Services (CMS) has officially announced the final ruling for the Open Payments regulation. Data collection will begin on August 1, 2013. Group purchasing organizations and manufacturers will report data from August 1, 2013 through December 31, 2013 to CMS no later than March 31, 2014. Are you prepared for these rapidly-approaching deadlines? Concur is ready to help your company get Open Payments compliant today.
How Concur helps manage healthcare provider spend.
Concur has the tools to help Life Sciences companies maintain Open Payments compliance.
- Easy itemization for each expense to the associated health care provider
- Real-time meeting and event attendee itemization to the associated health care provider
- Mobile tools for tracking health care provider spend from the road
- Spend limitations to control cost-per-attendee for specific expenses, and to a set cost
- Connection to aggregate spend vendors for seamless federal reporting
- Industry-specific reporting and dashboards for internal business intelligence and auditing
Automated attendee fetch.
Concur is the only company providing real-time capabilities ensuring that all attendee and HCP data is appropriately captured and associated to your expenses. Concur’s Web Services fetch the data you need from designated lists of Healthcare Providers – including Medical ID Numbers – and attaches them to the record in real-time, ensuring that all legal data requirements are taken care of.
How do your sales reps feel about data entry? It's probably the one thing they dislike more than anything else. But your company depends on them to capture physician spend data accurately. Concur's integration partners help make data entry a snap, ensuring you get quality in and quality out rather than dealing with duplicates and umpteen different spellings of Dr. Robert Jones, Dr. Bob Jones, and Dr. R. Jones.Learn about Life Sciences Integrations
Why choose Concur?
Whether you're a pharmaceutical company, financial services firm, university or a small business, Concur is the world leader in expense management solutions. 17 of the 20 largest US pharmaceutical companies use Concur, and 25 of the top 30 US Medical Device companies are also Concur customers. Our product and implementation options are flexible enough to bend to a variety of business needs, and our industry expertise is deep enough to understand the unique challenges of Pharma and Medical Device companies.
With Concur, there’s no option for error. Healthcare Professionals and attendee names, addresses, license numbers and associated details are accessible in the solution, along with our categories of spend and spending limits. Everything’s been integrated into Concur Travel & Expense. That’s a big plus for our employees. Tracking attendee data—quickly and easily—is just a routine part of expense reporting for us now.