Cvent launches SMM solution for tracking healthcare spend

Cvent, the world’s largest provider of online event management, meeting site selection and web survey solutions, is to roll out a new Strategic Meetings Management (SMM) solution in the third quarter of 2011. The product is designed to help meeting managers at pharmaceutical and other life sciences companies comply with fast-approaching federal reporting requirements for expenses involving health care professionals (HCPs).

Under the US Physician Payments Sunshine Provisions, included in the Patient Protection and Affordable Care Act of 2009, pharmaceutical, biotechnology, and medical supply manufacturing companies must publicly report all gifts and payments made to physicians and teaching hospitals annually or risk hefty fines. Companies must begin recording this information by January 1, 2012, with the first report due by March 31, 2013. For many companies, meetings and events account for a significant portion of HCP spend, and making sure this spend is accurately and consistently captured is a daunting task.

With customisation and reporting options, Cvent’s HCP product allows meeting managers to generate both detailed and summary reports of meetings-related HCP expenses, such as food, travel, lodging, honoraria, entertainment, and speaking fees.

“All too often, other software companies rush to market with half-baked or simply repackaged solutions that fall short. At Cvent, we take a different approach by investing the time to truly listen to our clients’ needs, allowing us to consistently deliver best-in-class solutions,” said Chuck Ghoorah, Cvent’s Co-Founder and Executive Vice-President of Sales and Marketing. Cvent claims its device alerts meeting managers to potential fines and facilitates meetings compliance programmes.

Do you have a news story for CN? Email: pcolston@mashmedia.net   

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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