November 29th, NEW JERSEY: Life sciences compliance solutions provider, qordata, is releasing risk-based scoring functionality for compliance monitoring, following the recent OIG Special Fraud Alert and PhRMA Code revisions.
This configurable and intelligent risk-based scoring will help the pharma compliance community with a more diligent monitoring system, especially for the speaker programs, after a new set of expectations created by OIG fraud alert and subsequent PhRMA Code revision.
This new product identifies high-risk HCPs and Speakers through an algorithm that assigns a risk score to each HCP according to parameters as defined by OIG in the Special Fraud Alert, the latest PhRMA Code, and internal policies and guidelines. Based on the risk scores compliance professionals can then choose to take further action in the form of monitoring, auditing, or remediation. The system manages the entire compliance monitoring life cycle from risk-based selection to scheduling, notification and eventual action and closure.
qordata’s CEO, Mohammad Ovais expresses his enthusiasm over this launch.
“With the changing landscape of compliance monitoring, especially in the context of the Speaker Programs after OIG’s Special Fraud Alert and the PhRMA code update, we feel the community needs more effective controls and monitoring systems. Our customers find it hard to evaluate risk at scale across commercial activities with HCPs and data originating from multiple source systems. Our risk score algorithm does the hard work and provides Chief Compliance Officers risk-rated HCPs to focus limited compliance resources on. Our goal is to enable compliance teams to harness the power of data to make compliance programs more effective,” he said.
The solution is already a hit among the community even before its formal launch.
Sharon R. Delshad, who is a compliance consultant and attorney with over 10 years of experience supporting life sciences companies as an in-house Compliance Director, reviewed the solution and said:
“I’m so impressed with qordata’s latest offering for Risk-Based Monitoring. Their software centralizes all of the data needed to identify events to monitor and audits to conduct, as well as a system to record and report potential findings. I found the dynamic HCP consultant risk score dashboard particularly useful with multiple ways to analyze the data presented.”
The Risk-based Monitoring Solution comes as a standalone offering as well as a component to qordata’s industry-leading Compliance Monitoring platform Compliance Central.
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