Industry compliance and transfer of value scrutiny has created an atmosphere where tracking cost and the process by which they are calculated is high priority. AHM, a leading vendor of assisting life sciences clients with managing HCP Interactions, understands the imperative to be diligent in this effort while recognizing that our clients have an individual and unique idea of what costs should be attributed to a per person basis. Solution providers, like AHM that operate in this space must be agile in not only developing processes and systems that apply broadly across its customer base, but can be modified based on the changing landscape of the life sciences industry and the regulations impacting them. A flexible, calculation model for transfer of value is necessary. One key factor is obtaining an itemized receipt upon the conclusion of any meal or event that consists of HCPs in attendance.
One of the key complaints by HCPs is not posting transfers of value about them, but ensuring that what is being posted IS in fact accurate. To ensure accuracy this itemized receipt illustrates exactly in black and white what is being charged to the sponsor and thus by category of spend what will be extracted and reported per HCP. To be successful and achieve accurate reporting for these programs, solution and service providers must be proactive and engage all stakeholders involved outlining expectations of the program including the documentation necessary post program. AHM recommends the following 3-pronged redundancy to obtain this essential document:
- Beforehand we alert the venue that an itemized receipt will be requested
- Onsite, during the event we provide the Client Host the ability to upload a photo of the receipt
- Post event we employ timed system and manual follow-ups with the venue
AHM provides the Client host with technological tools (e-sig app) to accurately record all attendees, their food and beverage consumption and other appropriate details on reportable HCPs.
The flexibility is introduced in the determination of the calculation. AHM works with its clients to determine exactly what they consider reportable Food and Beverage and then co-creates rules on how to handle items like tax/tip, room rentals, unmet minimum fees, admin fees, and delivery charges. AHM reviews all options with our client (while presenting best practices) and then creates a calculation model based on their specific choices.
The final cost allocation calculation is completed utilizing the final true F&B and the HCPs who consumed F&B at the meeting. A few key takeaways for the approach outlined are that consistency in the approach to the calculation is key and having a complete set of business rules to address each expense category and its impact on Transfer of Value is a must. A complete, itemized receipt will provide the best information for your calculations. AHM is a leading global provider of technology and service solutions designed to manage compliant Interactions with healthcare professionals and assist clients in managing accurate data collection and reporting on a daily basis. Thus, utilizing this tried and true methodology can ensure the most accurate, defendable Transfer of Value for our clients and yours.
Lori Cottrell, Vice President, Account Management, AHM
Lori is a Vice President and has been part of AHM’s Account Management for 10 years. During her tenure with AHM she has successfully guided many accounts, including 2 of the top 10 US pharmaceutical companies. Prior to joining AHM, Lori spent over 6 years in operational management in other industries. Lori has a BS from the University of Vermont and a MBA from Columbia University.