LumenData Spend Monitor Hub

LumenData (in yet another successful co-development partnership with Oracle) is proud to announce the availability of Spend Monitor Hub (SMH). This unique combination of proven Master Data Management (MDM), Reporting, Transaction Management, Business Rules and Managed Services capabilities provides a complete end-to-end solution for Life Sciences companies who have to comply with the mandated Sunshine Act.

The Sunshine Act proposes that Life Sciences companies must know who they are spending money on in the field, know how much they are spending on 'covered recipients' and be able to accurately report the spend specific to each covered recipient. Added to this, there is an additional challenge in that state and federal regulations are not consistent.

The introduction of this regulation has dramatically increased the data management challenges faced by Life Sciences companies because data about covered recipients and the amount spent on them exists in a myriad of disconnected systems within a Life Sciences company. Added to that, stiff penalties will be imposed on those companies who are not able to accurately account for the spend on covered recipients.

The Spend Monitor Hub is a pre-built, end-to-end solution that simplifies compliance with the Sunshine Act through the provision of the following integrated Oracle components:

• Master Data Management
  • MDM layer easily creates master data within a Life Sciences company in order to create the single view of a 'covered recipient'
  • Easily manage all the complexity inherent in the Life Sciences space (Health Care Professionals, Health Care Organizations, Affiliations, Buying Networks etc)
  • Integrated Data Quality ensures that the incoming data conforms to the required quality standards and can be uniquely identified and cross referenced
• Business Rules
  • Rules specific to transaction types, spend caps, reporting codes for various states are managed in the configurable Business Rules area of the Spend Monitor Hub
  • Alerts can be established to inform various users/groups of out of compliance situations
• Transaction Management
  • Transaction management capabilities allow capturing spend transactions from any number of source systems
  • Reverse engineer data on all covered recipients out of the transactions to ensure they are found and matched, not just those that exist in any imported master list
  • Business Rules evaluate the transactions to check for inconsistencies and errors and flag those transactions for follow up
  • Alerts can be associated to exceptions to ensure prompt follow up
• Reporting
  • The current state and federal reports come pre-packaged in the Spend Monitor Hub
• Managed Services
  • Compliance Validation - Optional component allows you to stay current on any changes to the regulations via a dedicated compliance team. If changes are required to any existing reports as a result of a change or if new reports are needed, those changes will be communicated via the compliance team to you.
  • Data Enrichment - Optional data enrichment component provides an industry leading, pre-validated provider database. This can be enabled as part of an initial load of the Spend Monitor or on an as needed basis to enrich specific internal records with missing information