Since 2017, Healthcare Fraud Strike forces scattered all across the Country, have been cracking down on compliance issues. This force is not just made up of The Department of Justice; it is also the OYG, HHS, CMS, DEA, and the list goes on. The power of all those great resource groups together and all of the data that they have access to can mean trouble for organizations that are not prepared. By investing in data analytics, you will know exactly what is happening with your data, day-to-day operations and what tools are available to you and your compliance team working with all of your business entities. To quote Ben Franklin, “an ounce of prevention is worth a pound of cure,” especially when it comes to compliance. Learn more about how data analytics can benefit your business and prevent a lengthy and expensive investigation.
More about the Uses of Data Analytics
The implementation and use of Data Analytics has increased in recent years. This is largely because the pharmaceutical market opted to use data analytics in order to provide regulatory authorities with access to a wide variety of information. This information helped pharmaceutical companies view data to address matters including fraud and other related issues. The move to focus more heavily on data analytics is not just about staying compliant; it also helps businesses save time and money. The government proved how instrumental data analytics are for businesses through a study led by experts working on the governmental level. They were initially investing their time and effort into using data analytics to investigate and remedy matters affecting security in 2017. For every dollar the government spent on these investigations, they were able to achieve an impressive return of $4.20. By 2019, they answered almost 2,400 data analysis requests in 59 of the 94 total federal districts. The Government response to settlements and judgements in a single year collected $2.6 billion.
This study was instrumental in establishing that Data Analytics have a wide variety of potential uses for the pharmaceutical industry. Industry insiders have noted that the Government will eventually come knocking on your door for this data, so it is best to have and put the data to use. It also made it possible for businesses to handle matters related to cybersecurity and the overall protection of the business, its employees, clients, and associates. Overall, it has made it possible for companies to conduct better business in general through increased business insights and more efficient reporting.
Data Analytics and Compliance Insight
There is a major emphasis on the importance of compliance in the business sector. Data analytics can also be used to collect compliance insight. Compliance advisory services make it possible for companies to handle problems proactively rather than retroactively. Nevertheless, in order to truly be effective, companies need to have robust tools and resources at their disposal. Data analytics is one major tool that can be used for this purpose.
Compliance insight analytics are vital in order to assess and respond to issues affecting various aspects of any given company, and used to create a more dynamic compliance team. Data analytics can be used to investigate a wide variety of situations and circumstances. Ultimately, it is more cost-effective to add data analytics to your organization’s value chain now, than it is to solve those problems after they have occurred.
- The use of data analytics has been steadily increasing since 2017.
- Data analytics make it possible for companies to respond to security proactively rather than retroactively.
- Data analytics make it possible to build more dynamic compliance teams, which are then capable of responding to a wider range of issues.
Reach out to Synergistix to learn more about how we can help as a leading provider in Customer Relationship Management and Sampling Solutions for Life Science Companies both small and large. We can show you how to build a better virtual customer environment utilizing our CRM and SampleIQ solutions.