The Sunshine Act was passed by the US Govt. in 2010 to increase transparency in financial payments made by Drug Manufacturers or GPOs to healthcare providers and teaching hospitals. In compliance with this act, the resulting data, which is known as Open Payments Data, is released by CMS on June 30th every year.
Apart from that, the authorities have implemented a system that allows physicians & teaching hospitals and drug manufacturers or GPOs to collaborate with each other when it comes to dispute resolution over the spend reported by applicable manufacturers and GPOs.
This treasure trove of collected and published spend data can be analyzed further by pharma providers to acquire meaningful insights – and this is where data analytics comes in.
Data Analytics in the Pharma Industry – Why is it So Important?
To put it in simple words, data analytics plays a rather significant role in the pharma industry as it allows pharma companies to take a deep dive into their spend data and detect anomalies prior to reporting.
Data analytics solutions have quickly become a key element for the pharma industry to evaluate their spend data, mitigate data anomalies, and reduce the risk of Open Payments.
To fill this industry need, qordata has stepped in to help pharma companies organize their Open Payments data and pair it with analytics tools to benefit pharma sales & marketing, and compliance teams.
With an aim to help pharma companies integrate analytics & improve compliance effectiveness, qordata has stepped in with fresh ideas in the field of data analytics for the pharma industry with its web-based analytics solution, Open Payments Analytics, which can play a vital role for the Pharma & Life Sciences industry.
A Look into What Open Payments Analytics Has to Offer
There are several dashboards with Open Payments Analytics, including Physician, Company, Geographical Analysis, Specialty, and Competition. Discussed below are a few sample dashboards that are accessible over our platform:
Physician Analytics Dashboard
This dashboard provides information related to the spend on a physician with a category for the amount by spend type. This dashboard is meant to help pharma companies in decision-making and focusing on where to spend on which physicians will be effective.
Specialty Analytics Dashboard
This is an extremely useful dashboard that presents a comparison between two companies’ spend amounts in different areas and types, including specialty and payment type.
Geographical Analysis Dashboard
Through this dashboard, pharma companies can view collective state or geographical spending irrespective of specialty or spend type.
For the record, the above-mentioned dashboards can only be viewed by registered users on Open Payments Analytics. We encourage you to explore the tool and see how our analytics engine can help you detect outliers and other data anomalies prior to CMS submission.
