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Company News Release
Solution Serves as a Single System for Collection, Integration, Verification, and CMS Reporting of Payment, Transfer of Value and Ownership Data
Clinverse, Inc., a global technology and financial services company for clinical trials, today introduced its ClinSpend™ solution, designed to meet the reporting requirements to the Center for Medicare and Medicaid Services (CMS) for the federally mandated Sunshine Act, now called OPEN PAYMENTS, providing greater transparency around the financial relationships of manufacturers, physicians, and teaching hospitals.
ClinSpend is the aggregate spend reporting module within the family of products integrated seamlessly alongside Clinverse’s Financial Lifecycle System (FLS). ClinPay®, the company’s anchor product, is the industry’s leading fully-automated investigator payment system which streamlines and automates the financial payment process in clinical trials. For sponsors, clinical research organizations (CROs), and healthcare providers (HCPs) deploying ClinPay for payments, more than 90% of the research transactional data required by OPEN PAYMENTS already resides within the system. By leveraging the unified FLS platform, ClinSpend has the added capability to collect and report on payments made directly toteaching hospitals and indirectly to physicians performing research at the teaching hospital.
Whether used alone or as an integrated component to the FLS platform, ClinSpend provides HCPs access to real-time, proactive dispute resolution through its site portal to review and challenge payment claims made by applicable manufacturers. Manufacturers can proactively manage HCP relationships by verifying data and resolving discrepancies shortly after payment is made, rather than requiring the HCP to wait to file a dispute months later when data are transmitted to CMS.
Clinverse’s application programming interface (API) provides the flexibility for ClinSpend to easily accept research, non-research, and ownership data from a wide variety of additional sources, including clinical software applications and spreadsheets. One example is the recent strategic partnership agreement with Aggregate Spend Solutions, LLC, integrating the company’s flagship product, SpendMD™. SpendMD is a web-based system created to report transfer of value (TOV) associated with investigator and other meeting-related expenses. Related data are captured and easily exportable for review by the client and investigator, and are then sent to ClinSpend to be packaged with all other OPEN PAYMENTS data for submission to CMS.
“The reality is that the cost of meeting these new requirements is a burden and must be absorbed by drug, biologic, device, and manufacturers doing business in theUS,” said Steve Ayala, President of Clinverse. “For many manufacturers, managing the volume of data needed for the Sunshine Act will require either a small army of resources or an automated solution. Outsourcing the data collection and integration process to a single, quality-driven solution like ClinSpend is an attractive, cost-effective alternative that allows manufacturers to focus on their core business activities.”
Clinverse will be exhibiting at DIA 2013 in Boston June 23rd – 27th. Stop by Booth #2000 for more information on ClinSpend.