HICX Solutions Limited
+44 (0) 203 008 8725
HICX Solutions Ltd. Announces New Physicians Payment Sunshine Act Solution
London, UK; March 5, 2012 – HICX Solutions Ltd, the leading global provider of enterprise-class supply base management software and services, announces a new Sunshine Act solution to assist its Life Sciences customers in complying with the reports required by the Secretary of Health and Human Services (HHS).
HICX, which offers a full-range of supplier information management solutions, is now bringing its expertise to physician payment regulations. Companies must begin tracking payments to physicians in January 2012, with reports due by March 31, 2013. To comply with the new regulations and avoid steep penalties, companies must act quickly to implement necessary planning, system, and process changes. Penalties can amount to $1,000 to $10,000 for each unreported payment, and $10,000 to $100,000 for each payment intentionally unreported.
“No other company has mobilized as fast as HICX in order to help companies comply with this act. We are proud to offer this capability. I believe it displays both our commitment to our customers in the Life Sciences industry, as well as our technology’s ability to be nimble,” said Costas Xyloyiannis, HICX Solutions’ CEO. “Our customers do not want to employ heavy manual efforts, or purchase yet another disparate system, every time a new regulation is introduced. Our goal has been to adapt to the needs of our customers, while staying true to our foundation, supplier information management – and I am confident that this new offering will be of great benefit to our customers.”
HICX’s Sunshine Act module allows customers to coordinate cross-functional teams such as finance, compliance, IT, legal, and sales. Six of the foundational elements in HICX’s enterprise-class supplier management solution have been repackaged to meet the needs of the new physician payment and reporting regulation. These elements include information collection, workflow and approvals, communication, configuration, integration, and reporting. The new module’s capabilities provide customers with the ability to track spend within the various systems, determine business users, collect missing key data fields (expense type, attendee data, etc.), and route internally for approval.
As with all HICX compliance modules, customers of the Sunshine Act solution will receive the same high standards of flexibility, implementation, and support – and have the choice to extend the functionality deeper into other compliance areas as well as general supply base management.
About HICX Solutions, Ltd:
Founded in London in 2004, HICX is the leader in providing Supply Base Management (SBM) technology and Business Process Outsourcing (BPO) solutions that help customers across the globe reduce costs and mitigate risks. Our integrated suite of technology solutions for Supplier Onboarding, Supplier Master Data Management, Supplier Management, Supplier Risk and Performance Scorecarding, Supplier Compliance, and Supplier Cockpit are successfully used by organizations across a wide range of industries. HICX Solutions maintains regional headquarters in London, Chicago, and Dubai in the United Arab Emirates.