Region
- America
Country
- United States
Product
- MediSpend Insights
Tech Stack
- GoodData
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Life Sciences
- Healthcare & Hospitals
Use Cases
- Regulatory Compliance Monitoring
Services
- Data Science Services
About The Customer
MediSpend is a company that helps life science industries comply with regulations. They have been a customer of GoodData since 2013. They use the MediSpend Insights solution powered by GoodData for compliance in life sciences. Their favorite metric is Meals Analysis. They appreciate the Life Cycle Management (LCM), visualizations, and the ability to handle large volumes of data offered by the solution. About 35-40% of their customer base is using MediSpend Insights and most new customers opt for the Insights upsell. They have been able to reduce costs by eliminating a separate ETL partner and due to fewer resources needed for onboarding new customers.
The Challenge
The Sunshine Act of 2013, for example, requires pharmaceuticals, medical device, and biotechnology companies to collect, track, and report all payments made to healthcare professionals. Every time a company reimburses a healthcare professional, he or she generates what regulators call a “Transfer-of-Value”. The company must keep records of all such Transfers of Value and measure them against the thresholds based on their company’s policies and direction. Violation of policies and not conforming to compliance controls leads to serious fines sometimes to the tune of millions of dollars not to mention multi-year oversight of the company’s compliance processes and procedures by monitors that cost the company a lot of money. Life Sciences companies internationally including in the European Federation of Pharmaceutical Industries and Associations (EFPIA) face similar regulatory challenges. MediSpend has partnered with GoodData since the product’s earliest iteration. During the first few years, they partnered with a third party for the ETL (extract, transform, and load) side and with GoodData for the analytics. Soon it became clear that having separate data management and dashboard technologies was sub-optimal and was not efficient in onboarding new customers.
The Solution
In 2016 Singhal and his team decided to use the GoodData platform for the entire end-to-end process. In the fall of 2016, the company released MediSpend Insights, with the actionable analytics embedded into the solution, alongside an updated version of the platform, MediSpend 4.0. MediSpend Insights is an optional upsell for users of the platform, and most new customers are opting for it. Every customer they talk to is interested in analytics. They’re keen on not only seeing their data visually, but also being able to make decisions confidently based on suggestions they see in their customized dashboards; they want to manage based on facts. As a result, about 35 to 40 percent of their customer base is currently using the Insights platform. By consolidating its analytics process under GoodData, MediSpend has realized numerous benefits that not only improve its customers’ experience, but also benefit the company’s own bottom line.
Operational Impact
Quantitative Benefit
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