Newswise — MMIS launches MediSpend® Validate the first, free Open Payments validation and analysis tool for life science companies in the US. MediSpend® Validate has enhanced functionality to easily generate the CMS Phase I report as required by CMS for submission on or before March 31, 2014.
“This is a major accomplishment for our team and a free service for our customers. Since the CMS announcement of the two-phased submission approach (released February 8, 2014), our team of highly trained IT specialists and legal experts have updated MediSpend® Validate to include the new critical functionality needed to produce the Phase I report. Our primary goal at MMIS is to streamline the aggregate spend reporting process, with intuitive and comprehensive modular solutions,” said Michaeline Daboul, President & CEO.
MediSpend® Validate plays a critical role in the reporting process. With hundreds of thousands of transactions to be reported annually to the Federal government, the ability to perform a validation check of the data helps to ensure data quality and compliance with the US Open Payments requirements.
MediSpend® Validate can be paired with any aggregate spend reporting system. In fact, as a stand-alone validation tool, MediSpend® Validate does not require the use or purchase of any other aggregate spend reporting system. As long as the data is prepared for CMS submission, using the CMS templates, MediSpend® Validate will perform hundreds of checks using validation algorithms designed by subject matter experts and based on the CMS Federal report templates and guidelines.
“We decided to build this module as part of the MediSpend® Global Compliance platform in order to give non-MediSpend® customers the ability to test their data prior to the required upload to CMS,” states Daboul. “Producing a ‘score card’ indicating specific errors in the data set, MediSpend® Validate empowers life science companies to proactively check, review and analyze their data quality prior to submission.”
Current MediSpend customers already enjoy the benefits of validation, and MMIS's assistance generating the CMS Phase 1 Report, by using MediSpend®. “At an affordable cost, MediSpend® Validate, is an easy-to-use service, that should be incorporated into every company’s data review and analysis process.” states Daboul.
About MMIS, Inc.
MMIS is a global technology company providing compliance and business intelligence solutions for the life science industry. The MediSpend® Global Compliance SaaS solution addresses state, federal and global transparency laws. Developed using a proprietary rules-based system with tremendous flexibility and speed of update, MediSpend® solves the aggregate spend tracking and reporting problem. MediSpend® incorporates master data management (MDM) with a workflow designed to automate data entry from enterprise source systems and transforms data into reports required for state, federal and global jurisdictions.
MediSpend® Data Analytics is a cloud-based software solution that uses behavioral data analytics to help life science executives make skilled business decisions. MediSpend® Data Analytics enables our customers to capture rich data about their own behavior with the healthcare community turning market and aggregate spend data into actionable, business insights.
Our customers benefit from our proprietary data aggregation and analysis tools: MediSpend® (aggregate spend tracking and reporting tool), MediSpend® Notification and Dispute Resolution tool (manage and exchange data with physicians and healthcare organizations to resolve disputes), MediSpend® Data Analytics (Business Intelligence tool) and the Physicians Professional Network® (PPN) (a cloud-based platform to enable physician-to-physician and physician-to-industry connections. The PPN allows physicians to review and dispute--if necessary--spend data to be reported by pharmaceutical and medical device companies and create and maintain a personal disclosure database).
Developed by attorneys and IT specialists with over 25 years of experience in healthcare compliance, the MediSpend® Global Compliance solution represents the first end-to-end compliance and data analytics SaaS solution designed specifically to help life science executives make better-informed business decisions while ensuring compliance with global transparency laws.