Medical, Pharma and Biotech Industry
SutiExpense Offers Affordable Yet Accurate Compliance Tools for the Sunshine Act
Companies in the medical, pharma and biotech verticals have a special need for a robust expense report management system. The expense reporting system they choose should support requirements to meet compliance terms of the Sunshine Act, which mandates full disclosure of payments and other values health care providers receive from companies are in engaged in equipment sales, services, or seek their involvement in product promotions.
If you operate in a business covered by this act, you must construct a matrix of codes to properly track and report what your employees spend:
- Allocation of expenses by type and by health provider.
- Track expenses real-time, to highlight providers who have received the maximum value allowed by law.
- Extraction of data by provider ID to allow swift and accurate reporting.
Additionally, it provides the manual collection and tracking of receipts combined with the extraction of reports.
Allow yourself to benefit from adopting a highly customizable expense report software solution that eliminates all the manual steps, speeds up the process, and improves the ability to track every expense by type and health provider.
Automating expense reporting allows you to meet the requirements of Sunshine Act compliance without significant addition to staff time.
SutiExpense’s Software-as-a-Service provides that needed automation, with the customization you need to seamlessly export expense data by health provider ID, and import all expense data into your accounting system electronically:
- Eliminate coding errors from ever being a problem again.
- Comply with Sunshine Act reporting requirements promptly and with complete accuracy.
- Save paper and mailing costs which is designed for service firms with multiple locations.
- Reduce costs by eliminating errors and manual data entry.
With the advent of highly secure, universally available cloud-based software services, improving this process with time and money saved is within the reach of any firm that provides services or equipment to health providers.
SutiExpense Brings Efficiency with Cost Savings
- Real Time Analytics : Finance departments can run customized reports, either automated or on-demand. This includes regular or special reports segregated by health provider ID.
- Easy to Use : Simple web-based and mobile interfaces for your users, ensuring that employees actually use the tools you provide, which drives down processing costs and improves both accuracy and compliance.
- End-to-End Expense Report Management : Your expense policies can be built right into the system, and applied automatically in the booking and/or review process. Any out-of-policy expenditures, such as excessive payments to a particular provider, will be quickly spotted, allowing fast action to rectify any issues.
- Eliminate Paper Waste : Save money by converting all expense reports processed into electronic documents housed on a central server.
- Improve Visibility : All expense data is captured in one database, and can be easily accessed using SutiExpense analytic tools.
- Easy Accounting System Integration : Expense report categories are matched to your own GL coding system. This allows you to easily import all data into your accounting system for permanent records and reports.
- Fast ROI : Make your CFO happy with an investment that has a fast return. SutiExpense offers low set-up fees and affordable pricing plans. This enables you to break-even within one budgetary cycle.
Contact Us today to explore how SutiExpense offers professional service firms like yours all the tools you need to make expense report management easier and yet much more cost-effective. All of this at price that fits into your budget.
Get started with SutiExpense today!