Insightful Open Payments Data Compliments of Huron
Mark Linver, Jeffrey Fisher, Juan Tessi
On June 30, 2015, CMS released 2014 Open Payments spend data containing approximately 11.4 million transactions that equaled $6.4 billion worth of transfers of value to over 600,000 HCPs and Teaching Hospitals.
The official CMS factsheet can be found at openpaymentsdata.cms.gov.
With publicly available information an opportunity exists for life sciences companies to leverage the Open Payments data to internally identify potential compliance risks, and to potentially gain tactical insights into commercial business functions. For example data analysis can assist with:
- Identifying activity outliers, both to internal policies and to the broader industry
- Updating KOL utilization strategy to ensure engagements are in executed in accordance with established or planned needs (e.g.,in line with a needs-assessment or similar plan)
- Developing an understanding of peer speaker bureau composition and geographic coverage
- Identifying KOLs or PIs experienced with certain products or therapeutic areas
Conducting data analyses usually requires more effort than simply reviewing online data provided in the public website. The effort to access and load data into an analysis model is complex and should be approached as a carefully planned, formal project. Actionable goals and measures of success should be established from the onset. Careful consideration must also be paid to organizational dynamics. As Open Payments touches multiple business units (Sales, Research, Compliance, Marketing and Medical, etc.), all stakeholders should have a seat at the table. Instead of undertaking these efforts in a silo’d fashion, a cross functional team can often generate significant insight while still adhering to applicable regulations and policies.
Understanding these challenges, Huron developed a platform and methodology that allows the interactive review of Open Payments data. For example, this visualization allows users to compare the overlap in HCP utilization for two products of interest.
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