Tuesday, May 7, 2013

The Hottest T&E Automation Trends for 2013

Despite advancements aimed at shrinking travel in the business world with technology such as online meeting rooms, web conferencing and communication tools, T&E expenditures continue to rise. PayStream Advisors conducted a first quarter 2013 Travel and Expense Management Adoption survey of over 300 professionals from a variety of finance and accounting positions. The vast majority (58 percent) of survey respondents report that T&E spend has increased over the last three years. Automating expense management is critical for organizations looking to rein in costs and improve employee satisfaction. By not automating expense management, many companies are choosing to let employees misuse and abuse expense accounts. Often employees will knowingly commit fraud on an expense report because for some reason, they feel justified. Even employees who are trying to follow procedures can unknowingly be costing their company thousands of dollars in rogue spending.

Innovative expense management solutions, like ExpenseAnywhere, are making it easier than ever for business travelers, as well as those incurring local expenses, to enter expenses while on the go. Improved functionality allows employees to quickly enter expense reports on their mobile devices and smartphone cameras can even be used to capture receipts with little effort. Approving managers also benefit when they are able to drill down on expenses from email and mobile devices to scrutinize expense spend and receipts to approve expenses from anywhere. As a result, employees are able to get reimbursed much quicker, increasing satisfaction with their employer.

When exploring expense management automation solutions, make certain to consider the hottest T&E trends:

  • Ease of UseExpenseAnywhere has been named the easiest to use T&E Automation Solution in the industry!
  • Pre-Trip Authorization (PTA) -ExpenseAnywhere features a built-in PTA module  that helps company administrators enforce policy, resulting in much tighter control of overall spending!
  • Online BookingExpenseAnywhere is the ONLY T&E Automation Solution that is partnered with Orbitz for Business!
  • Expense ReportingExpenseAnywhere has a full suite of solutions that can automate the simplest and most difficult of expense reports on a global scale!
  • SaaS SolutionsExpenseAnywhere is the only SaaS-based solution that is fully configurable, and can be customized to your companies current processes and procedureswe give you want you need, not what we think you need!
  • Mobile FunctionalityExpenseAnywhere offers complete mobility regardless of what mobile device your travelers are using!
  • Robust Reporting CapabilitiesExpenseAnywhere features the most robust reporting dashboards with complete drill down capabilities, giving you the information you need when you need it!
Effective expense management automation solutions provide flexible, intuitive and instant access to information. Without travel and expense metrics, companies are unable to view spend patterns to gain complete control over rogue spending. Expense management automation solutions provide crystal clear visibility into spend, providing the opportunity to drill down on opportunities for savings. These solutions also eliminate manual, error-prone processes and streamline the expense approval and reimbursement cycles, while ensuring corporate travel and expense compliance is adhered to strictly.

Friday, May 3, 2013

What is the Physician Payment Sunshine Act (PPSA)?

The Physician Payment Sunshine Act (PPSA), also known as the Sunshine Act, requires applicable pharmaceutical and medical device manufacturers to track and report all expenses, payments or transfers valued at more than $10 provided to any physician or teaching hospital. These “payments” include travel expenses, samples, meals, speaking fees, or research payments.

The tracking of the payment data must be done at the individual Health Care Professional (HCP) level, once compiled the data must then be submitted to the CMS.gov OpenPayment portal in a specific format. Once validated by the individual HCP the data will be compiled by the government and made available for public scrutiny.

Non-compliance will have severe financial consequences for each violation—that data will also be published publicly.

All applicable companies must be compliant as of August 1, 2013; the data collected from August through December 31, 2013 must be submitted to the CMS.gov Open Payment portal by March 31, 2014. After validating the payment data with the each HCP, the CMS will publicly publish the details by September 30, 2014.

More importantly will the Sunshine Act affect your company, and how?

If you are a pharmaceutical or medical device manufacturer, or Group Purchasing Organization (GPO) that has HCP payments that are reimbursed in the United States, regardless the region of the world your company is physically located, then you are subject to these compliance regulations!

If your organization is like most you have multiple AP, ERP and NPI systems that house all of the pertinent data that will need to be collected. You will have to take on the additional overhead to manually identify each HCP and then track back every payment that has been submittedwhich will quickly become a nightmare if your employees have not properly documented each transaction.  After collecting the data you then have to validate that you have all of the required CMS.gov Open Payment data (HCP Degree Information, Ownership/Investment Interests, “Agreement to Disclosure” documentation, etc.) and subsequently consolidate all of that data and submit it on time.

If you are not fully automated this process will impact your bottom-line and negatively affect your company’s public image!

It’s time to Contact ExpenseAnywhere – the ONLY PPSA SolutionThat Keeps Your Company Compliant without changing its Business Processes!