SpendMate is a healthcare compliance transparency tool designed to streamline the end-to-end business process of transparency reporting. Like other offerings in the Cresen Solutions suite, SpendMate was created in partnership with our life sciences and pharmaceutical customers. SpendMate enables companies to meet the growing demand for transparency between industry and medical providers in the form of report preparation, generation, and submission.  It is cost-effective and it can easily scale with companies as they expand globally. Transparency reporting has complex requirements, and SpendMate excels in the way it enables healthcare companies to efficiently navigate these requirements.

The post SpendMate White New appeared first on Cresen Solutions.

SpendMate, a healthcare compliance transparency tool within the Cresen Solutions suite, simplifies the end-to-end process of transparency reporting. Developed in collaboration with life sciences and pharmaceutical customers, SpendMate enables companies to meet the increasing demand for transparency in industry-medical provider relationships through efficient report preparation, generation, and submission. It offers scalability as companies expand globally, excelling in guiding healthcare companies through complex compliance requirements.

Spend Reporting Simplified

Healthcare companies engage in various transactions with medical professionals and organizations, such as service fees and travel expenses, mandated to be reported and disclosed publicly across applicable countries. These regulatory requirements vary by jurisdiction and involve intricate business rules to determine reportable transactions. Manual reporting methods are error-prone and time-consuming for compliance teams, particularly with high transaction volumes.  SpendMate simplifies spend reporting with flexibility and scalability, supporting clients in meeting compliance obligations with external entities. Recently implemented at a top 10 pharmaceutical company, SpendMate’s reporting module enhances control and configurability compared to previous systems. Its user-friendly interface and configurable business logic engine allow seamless adjustments to attributes and rules without affecting legacy data. SpendMate’s customizable forms and templates are tailored to align with each client’s specific needs, facilitating the importation, processing, validation, and reporting of data from various engagement management systems.

Operating globally across diverse jurisdictions requires effective user and permissions management. SpendMate categorizes roles into Administrative, Data Coordinator, and Data Entry, ensuring secure access and data management. Administrative accounts oversee all functionalities, including system administration and configuration, while Data Coordinators manage transaction editing, verification, and country-specific reporting. Data Coordinators are assigned to specific countries to enhance data security, limiting access to designated country data and reports. Vendors are granted Data Entry roles for specific transaction entries in commercial and research engagements, with flexible user role adjustments facilitated by administrators during workforce transitions.

SpendMate’s versatile reporting module supports various compliance reports including EFPIA, European Local Law, CMS, and country-specific reports (e.g., Australia, Mexico). It adapts easily to evolving regulatory landscapes with configurable templates and business rules adjustments, enabling multi-language report generation and user-defined reporting timeframes. SpendMate empowers clients to define reportable interactions and professional types through customizable country and report type mappings.

The post EngageMate appeared first on Cresen Solutions.

THE CHALLENGE

A medical device company was buried in a manual expense reporting system, leading to chronic budget overruns and a lack of control.  Their reliance on spreadsheets and manual processes made data collection, reporting, and accuracy a constant struggle, hindering their ability to effectively manage spending and ensure compliance.

THE INTERVENTION OF CRESEN SOLUTIONS

We knew this company needed a complete overhaul of its expense reporting system. Enter SpendMate and EngageMate, our dynamic duo of expense management solutions.

• SpendMate: Streamlined global expense reporting, allowing them to proactively manage spending and prevent overruns before they even happened.
• EngageMate: Took cap management to the next level, ensuring expenses stayed within approved limits, leading to significant cost savings.

The post Med Device Use Case appeared first on Cresen Solutions.

Cresen Solutions developed MonitorMate to enable our clients to easily assess global risk, create a calibrated monitoring plan, and track the execution of compliance monitoring and associated remedial events. The system is designed to automate the monitoring process of any company’s unique business need – from the risk assessment to the corrective action tracking for issues identified throughout the monitoring process. Additionally, the system has an automated workflow and email notification capability that eases the monitoring and remediation process of the company.

Risk management, auditing, and monitoring processes allow Life Science companies to conform with state and federal regulations while enabling them to also align with relevant internal policies and procedures. Within most companies, the global compliance department identifies potential risks through the execution of their ongoing monitoring process. Assessing the risk enables the organizations to identify weaknesses within the internal controls and identify policies and procedures that should be corrected. Companies can then take necessary corrective actions which ultimately can reduce the number of high-risk issues in the future. Additionally, the compliance department must monitor and document business events and interactions. Most companies lack flexibility and sophistication in identifying and mitigating their risk areas, monitoring, and auditing phases. The majority of these details are often tracked through Excel sheets, which can be cumbersome and prone to human error. This manual tracking process becomes even more complex when the compliance teams are located across the globe in regions with varying international laws. Now, more than ever, it is essential to have a refined system where companies can conduct a risk assessment, track monitoring, and remediation details, and easily assess the corrective measures.

The post MonitorMate White Paper appeared first on Cresen Solutions.