Global technology and financial services company for clinical trials Clinverse has rolled out its new tool ClinSpend, to fulfill the reporting needs to the Center for Medicare and Medicaid Services (CMS) for Sunshine Act.
Dubbed as Open Payments, the new technology offers better transparency around the financial relationships of manufacturers, physicians, and teaching hospitals.
Clinverse president Steve Ayala said that managing the volume of data needed for the Sunshine Act will require either a small army of resources or an automated technology.
"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," Ayala added.
As an aggregate spend reporting module, ClinSpend has been integrated with Clinverse's Financial Lifecycle System (FLS), which has boosted its capacity to collect and report on payments made directly to teaching hospitals and indirectly to research performing physicians.
Designed to offer HCPs access to real-time, proactive dispute resolution to review and challenge payment claims made by applicable manufacturers, the new tool can be used as standalone or as an integrated component to the FLS platform.
Instead of requiring HCP to wait to file a dispute after many months when data are transmitted to CMS, the new system helps manufacturers to manage HCP relationships by verifying data and resolving discrepancies soon after a payment is made.
In order to ensure hassle free acceptance of research, non-research, and ownership data from various other sources, including clinical software applications and spreadsheets, ClinSpend has been equipped with Clinverse's application programming interface (API).
Established in 2008 and headquartered in Raleigh, North Carolina, Clinverse, provides clinical financial technologies through the collaborative and transparent financial management and payment platform.