Transforming Life Sciences Compliance: Baker Tilly Unveils Innovative HCP Engagement Solution
CHICAGO, March 12, 2024 /3BL/ - In a move set to redefine compliance processes within the life sciences industry, leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly), introduces engagementNOW and transparencyNOW. These cutting-edge solutions aim to streamline engagement and reporting procedures for life sciences companies, irrespective of their size or global reach. By integrating these products into the complianceNOW platform, Baker Tilly enables life sciences companies to simplify interactions with healthcare professionals (HCP), reducing manual efforts and enhancing compliance controls within their existing workflows.
“Leaders in the life sciences industry consistently grapple with ever-changing regulations, alongside the complexity of orchestrating workloads across various departments, engaging multiple stakeholders and managing disparate systems,” said Darren Jones, Baker Tilly principal, life sciences consulting. “Baker Tilly’s complianceNOW platform enables life sciences leaders to confidently fulfill their operational duties by gaining access to embedded compliance and risk controls backed by a trusted brand that facilitates a more cohesive approach to their compliance function.”
“With the launch of engagementNOW and transparencyNOW, Baker Tilly provides life sciences companies with a streamlined HCP engagement solution, enabling life sciences companies to have a more coordinated approach when interacting with healthcare professionals as well as an enhanced compliance solution that is able to scale with growth of their organization,” said Samantha Sutherland, Baker Tilly director, life sciences consulting. “These two new products also provide users with access to Baker Tilly’s extensive healthcare experience, empowering life sciences companies with both technological solutions and strategic guidance, ensuring leaders stay focused on core objectives while enabling teams to pursue higher value-added goals.”
engagementNOW and transparencyNOW seamlessly connect with Baker Tilly’s suite of complianceNOW products, including fmvNOW and kolNOW, creating a true end-to-end HCP engagement and reporting solution. This all-in-one platform allows life sciences companies to:
- Assess business needs to ensure HCP engagements serve legitimate purposes
- Obtain internal and external approvals to meet key control requirements prior to engagement initiation
- Coordinate interactions with key opinion leaders across various departments
- Reconcile proof of payment and performance to ensure contractual obligations are met
- Process payments to consultants across the globe
- Establish fair market value rates, determine HCP expertise levels, and manage payments to prevent bribery or kickback incidents
- Comply with global spend transparency reporting requirements, reducing the risk of penalties or government inquiries related to spend transparency data
Discover Baker Tilly’s complianceNOW solutions:
About Baker Tilly US, LLP (bakertilly.com)
Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles, Chicago and Boston. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 141 territories, with 43,000 professionals and a combined worldwide revenue of $5.2 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Instagram.
