In the third quarter of 2011, meetings technology company Cvent will release a new strategic meetings management (SMM) solution to help meeting planners at pharmaceutical and other life sciences companies comply with new federal reporting requirements for expenses involving health care professionals (HCPs), it announced yesterday.
A response to the Physician Payments Sunshine Provisions included in the Patient Protection and Affordable Care Act of 2009 — requiring pharmaceutical, biotechnology and medical supply manufacturing companies to publicly report all gifts and payments made to physicians and teaching hospitals — the new tool will allow meeting planners to generate both detailed and summary reports of meetings-related HCP expenses, such as food, travel, lodging, honoraria, entertainment and speaking fees.
"All too often, other software companies rush to market with half-baked or simply repackaged solutions that fall short," said Cvent Co-Found and Executive Vice President of Sales and Marketing Chuck Ghoorah. "At Cvent, we take a very different approach by investing the time to truly listen to our clients' needs, allowing us to consistently deliver best-in-class solutions. Cvent’s HCP solution is the most accurate and customizable offering available and provides thorough reporting without sacrificing ease-of-use."
Specific features of Cvent's HCP solution include:
• Approval routing and review for meeting requests;
• Flexible field customization and unlimited budget allocation options so HCP attendees can be identified and expenses can be appropriated and tracked;
• Automatic spend calculations per participant that deliver accurate expense details;
• Application Programming Interface (API) access so clients can easily incorporate meetings data into other reporting systems; and
• Spend-per-participant reporting as well as one-click reporting that summarizes spend data by product, allocations and vendor.
"With more than 400 customers in the health care, pharmaceutical and medical device industries, Cvent has its finger on the pulse of the healthcare industry," said Cvent Vice President of Enterprise Sales and Partnerships Anil Punyapu. "That said, Cvent's solution not only addresses HCP requirements but also the compliance needs of other industries, and we will continue to add enhanced functionality, such as features that alert meeting managers to potential fines, to help our clients implement effective meetings compliance programs."
Companies must begin recording information about gifts and payments under the Patient Protection and Affordable Care Act by Jan. 1, 2012, with the first report due by March 31, 2013. For more information about Cvent's HCP solution — and how it will help meeting planners comply — visit www.cvent.com.