Disclosure and transparency of pharmaceutical spend with Health Care Providers (HCPs) and Health Care Organisations (HCOs) place increasing demands on life sciences industry members to accurately report increasingly granular expenditure information.
Calculating total spend with individuals, and with partner organisations is challenging if you do not have a single, trusted view of health care providers, both as individuals and as part of health care organization. HCP ad HCO data is typically spread across departments and systems, which have primary functions in R&D, Sales and Marketing. Each division can be working off their own definition of customers or research partners, with little confidence in being able to identify individuals across systems and can compromise compliance with spend reporting requirements. With customer data spread across the systems and divisions, sales and marketing operations will not be operating efficiently. The same single view of customer built for spend reporting should also be used to improve sales and marketing operations to drive revenue growth.
Building a single view of customer without the support of MDM technology is challenging. In 2013, the Centers for Medicare and Medicaid Services (CMS) found that 1.8 million records from 4.45 million submitted could not be matched to a single doctor or teaching hospital due to missing or inconsistent information within the submitted record. Roughly 40% of records, accounting for 62%, of spend could not be attributed to its recipient. This level of error drives up the cost of compliance due to the manual work required to investigate, correct and resubmit data to the relevant authority. By first creating a single view of HCPs and HCOs in a Master Data Management system, reporting errors will be reduced dramatically, reducing the cost and effort of transparency reporting requirements globally.
Informatica customers who used MDM to achieve spend reporting compliance, also received the following benefits: