Polaris Unveils Exclusive Product to Manage Focus Arrangements
NEW YORK, NY: Polaris, the company that specializes in consulting and technology solutions for life sciences healthcare law compliance, debuted its Focus Arrangement Management System which according to the company is an exclusive technology developed to provide life science companies with a system that can fully manage all focus arrangements. Polaris, which assists clients in developing comprehensive risk-based programs to review and approve focus arrangements, has come up with a product offering capable of creating, tracking and approving contract requests as well as approved FMV (fair market value) ranges.
The software offers standardized benchmarking which can be used to objectively assess fees across common service categories delivering enhanced visibility to the valuation of engagements thereby enabling visibility to focus arrangements, and allowing companies to effectively evaluate arrangements to ensure that market forces are being leveraged for an assured FMV.
Focus arrangements is a broad spectrum involving individuals or entities that may purchase or make referrals for company products including but not limited to all fee-for-service activities with managed care organizations as well as academic research hospitals. Establishing a management discipline for identifying, assessing and managing it is the need of the hour. Due to increased government oversight, companies are rather compelled to create and maintain a centralized tracking system that imparts more transparency into existing and new or renewed arrangements.
Implementing Polaris’s solution help identify common cost drivers across a category of services resulting in an effective method of evaluating service costs, automating the approval workflow and informing compliance auditing and monitoring; as opposed to traditional way of comparing only with direct comparable service activities.
“Our Focus Arrangement Management System and consulting expertise allows pharmaceutical and medical device companies to make more informed, confident and expedient decisions,” said Polaris Partner Darren R. Jones. “As the industries get more competitive, Polaris’ Focus Arrangement Management System will provide our clients with a much-needed competitive advantage.” he added.