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How Connected Intelligence Can Extract Actionable Insights From Compliance Reporting
Bill Buzzeo, General Manager, U.S. Center of Compliance Excellence, IQVIA
Justin Will, Senior Principal, Commercial Compliance Consulting
Jun 17, 2021

Compliance data is an underutilized resource in the life sciences industry — but it shouldn’t be. Tools that support the relational analysis of disparate data, position compliance departments at the leading edge of a new landscape of ideas and innovations in data utilization. As a result, this data is key to unlocking insights that can transform not only compliance operations, but enterprise-wide strategy.

A silver lining to the ever-increasing regulatory scrutiny of life sciences engagements with HCPs and HCOs is that those collection and reporting requirements yield a trove of data that can be leveraged for increased visibility into HCP interactions and the spending patterns associated with those touchpoints.

At the nexus of information and analysis is human data science — a discipline that blends industry-leading consultative expertise and world-class technology to turn compliance analytics into a competitive advantage. Life sciences companies that position themselves to be early adopters will be ahead of the curve.

Implement a three-step process to effectively harness the power of this resource.

  1. Tap new data streams: Think beyond CMS and internal audit results. Advances in data collection and reconciliation make it possible for a life sciences company to monitor compliance across a wide range of inputs in almost real-time. This allows more proactive risk management—from HCP office visits to call logs, from grant and donation management to medical information requests, from fee for service documentation to compliance training records.
    • Establish compliance benchmarking with KPI metrics and both short- and long-term goals for identifying and mitigating risk.
    • Design a dashboard that reflects the alignment of these objectives with enterprise-wide business functions.
    • Catalog and inventory available data assets across silos, including HR, sales and LMS, including any gaps that impede visibility into potential behavior risks.
    • Evaluate your reporting policies to achieve operational consistency in monitoring methodology.
    • Augment the effectiveness of internal controls by using automation and Artificial Intelligence/ Machine Learning (AI/ML) to facilitate reconciliation and integration between various data sources.
  2. Create a process management strategy: Companies must make sure to accurately capture and report a cross-section of data points. A solution that embeds risk evaluation in review processes along with traditional live and transactional monitoring gives compliance professionals a comprehensive overview of key risk indicators on an ongoing basis.

    To achieve more responsive and nimble compliance management, establish a workflow and develop a platform comprising the following key elements:
    • Ongoing risk-based reviews — with real-time reconciliation, transactional and spending checks built into the technology.
    • Documentation of key findings — inclusive of continuous follow-up, systemic mitigation and seamless transition to a multi-step corrective protocol.
    • Reporting to high-level stakeholders — equip your compliance committee with the necessary communication tools to provide accessible and relevant updates to senior leadership.
  3. Remain dynamic: Throughout the development process, compliance monitoring needs to be a flexible process for information to be leveraged to its full potential. Compliance solutions must be integrated and consistently updated with accurate HCP/O information. Data is no longer static, so management needs to seek out agile, world-class technology to effectively capture the value that can be harnessed with AI-assisted analytics.

    The great promise of human data science is two-fold. It offers the ability to unlock value in the form of actionable insight benchmarks, as well as the ability to facilitate connectivity between platforms: CRM, expense management, promotional speaker contracting and content programming, logistics and other discrete business functions.

    The consultative focus of IQVIA’s benchmark-establishing expertise leverages next-generation analytics and machine learning to create a holistic compliance risk perspective. IQVIA HCP/O Engagement Management streamlines the end-to-end engagement process—with embedded compliance, while IQVIA Transparency Reporting aggregates all HCP/O spend for accurate reporting across regulatory data formats.

    Managing compliance risk has never been about a single workflow or static set of best practices, and that axiom is — now more than ever — an enterprise-wide imperative for companies.

    To learn more about how connected intelligence can deliver valuable insight from compliance data, download our newest white paper here: https://www.iqvia.com/library/white-papers/turn-insight-into-action-with-connected-intelligence.

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