Global Spend Transparency Reporting Services
Global Spend Transparency Reporting Services
Darren R. Jones
CIA
Principal
Mark Scallon
Principal
Mario Prohasky
Director
Arun Parekkat
Managing Director
Baker Tilly’s global spend transparency solutions spans from conducting assessments, creating strategic roadmaps, integrating tactical solutions, and outsourcing all or select components of your reporting function depending on your organization’s specific needs.
Global Spend Transparency Reporting Solution
An easy-to-use solution that simplifies the spend transparency reporting processes, making data capture, collection, and reporting effortless, all while keeping you up-to-date on changing regulations.
Global spend transparency requirements
Life sciences companies are required to publicly disclose financial transactions and relationships with healthcare providers (HCPs), patient advocacy groups and other healthcare entities. Although many of these laws and regulations have been in place for quite some time, establishing an efficient, accurate and simple approach to meeting global transparency reporting obligations can often remain a challenge.
At Baker Tilly, our team of life sciences compliance specialists have a deep understanding of all key global spend transparency reporting requirements, including the enforcement of:
- The Physician Payment Sunshine Act – also known as the Open Payments Act – in the U.S.
- The European Federation of Pharmaceutical Industries and Associations (EFPIA) Disclosure Code
- The French Sunshine Act
- The Italian Sunshine Act
- The Medtech Europe Code
- The Japan Pharmaceutical Manufacturers Association (JPMA) Code on the Promotion of Ethical Relationships between Medical Practitioners and Pharmaceutical Companies in Japan
- The Medicines Australia Code of Conduct in Australia
- And more
With our wide range of experience and our global network of subject matter specialists, we can help life sciences companies meet their spend transparency reporting needs through our simplistic, flexible, coordinated and accurate approach.
Our spend transparency solutions
Baker Tilly is able to offer your life sciences company a wide set of spend transparency reporting solutions that are scalable to your organization’s maturity level as well as your unique situation and needs.
Spend transparency reporting assessments are aimed to help ensure your organization is in compliance with relevant laws, regulations and industry codes as well as identify areas for improvement with compliance program requirements. Our customizable spend transparency reporting assessments will help your organization
- Understand the extent and complexity of transparency reporting obligations
- Assess the maturity of current processes related to the capture of spending, collection of reportable data, reconciliation of data, preparation of reports, management of report submission, and any follow-up remediation
- Evaluate maturity of related processes such as pre- and post-event notification, consent capture, etc.
- Develop tactical roadmap for process enhancement combined with an easy-to-use spend matrix
Properly designing and optimizing your spend transparency reporting program allows for efficient and effective insights into your operations. Whether you are an emerging company that needs help with designing a program from the start or an established company that is looking to enhance its existing program, Baker Tilly can help
- Build or enhance key fundamentals of transparency programs, including policies and procedures, data collection templates, training materials, etc.
- Conduct training and drive alignment of internal roles as well as overall process, expectations and timelines
No matter how solid and confident your spend transparency reporting program may be, it is crucial to adopt an airtight approach to managing the overall execution of reporting in order to become compliant. Baker Tilly makes that process easy by:
- Driving the end-to-end execution of transparency reporting through our complete service model that encompasses data collection, processing and report submission
- Proactively managing the reporting process so that your transparency reporting seamlessly integrates into your ongoing business operations
- Maintaining a relentless focus on timely and accurate reporting and helping your organization meets its reporting obligations promptly and with precision
Baker Tilly offers a comprehensive transparency reporting platform which serves to enable the efficient and accurate execution of transparency reporting services. Our team has the ability to seamlessly configure our transparency reporting solution and optimize it based on your reporting and data sources integration needs. Baker Tilly is able to help with your spend transparency reporting technology implementation and optimization by being able to
- Manage the configuration of your transparency reporting platform to align with reporting obligations, business process requirements, and source system requirements
- Configure your transparency reporting platform and aid with its scalability, allowing for seamless expansion as your reporting requirements evolve
- Focus on making your platform user-friendly, enabling your team to navigate and utilize it with ease
Having an easy-to-use dashboard and data analytics platform allows for enhanced insights, improved compliance monitoring, timely reporting and improved benchmarking. At Baker Tilly we are able to aid in improving your compliance monitoring by helping
- Build a comprehensive analytics dashboard that is focused on business operations and adding value to your compliance function
- Deploy a standard analytics package that can allow for future augmentation and enhancements after the initial deployment, making sure your evolving transparency reporting needs are continuously met
Outsourcing parts of your compliance function can provide access to specialized resources, cost savings, scalability and the ability to focus on core competencies. At Baker Tilly, we are able to help your organization effectively manage specific parts or all of your spend transparency reporting requirements so that you can continue to focus on your organization’s core business goals and objectives.
Four approaches
Simplicity
Baker Tilly’s client-centric approach combines global subject matter specialists with user-friendly reporting technology and data tools to simplify global reporting operations for your convenience.
Flexibility
Baker Tilly’s reporting services and technology offer flexible options for individual countries or states (i.e., U.S. reporting) as well as on a global scale, providing easy and scalable configuration to accommodate your company’s unique, evolving needs.
Connectivity
Baker Tilly’s efficient reporting process and platform offer a proactive, client-centric coordination across functions, geographies, and vendors, facilitated by seamless connectivity with source data systems like Concur, SAP, and customer master platforms, supported by our technology platform that effortlessly integrates with all major data sources.
Accuracy
Baker Tilly’s commitment to effective data stewardship throughout all project phases helps with the accuracy and integrity of the data in your reports, while our vigilant monitoring of global transparency regulations allows us to swiftly incorporate regulatory changes into our processes and technology.