Open Payments CoreStream GRC

CoreStream GRC launches Open Payments API as part of Conflict of Interest Solution

02 Aug

CoreStream GRC is proud to announce the launch of the new Open Payments API that complements our Conflict of Interest (COI) solution. This new API significantly reduces the time spent comparing CMS Open Payments data with disclosures made during the COI process, helping Compliance Officers in the healthcare industry streamline their processes.

Key Features:

Integrated view for participants

Users can now view the Open Payments data as they fill out their disclosures. This seamless integration ensures that individuals are fully aware of any payments reported to CMS, helping them provide accurate and complete information during the conflict of interest process.

Easy comparison for organizations

Organizations can easily compare what is reported to Open Payments with what has been disclosed. This feature simplifies the reconciliation process, ensuring that all disclosures align with the data reported to CMS, thereby enhancing transparency and compliance.

Enhanced reporting and trend analysis

Our API enables organizations to generate reports, identify trends, and easily compare data. Companies can see data specific to their interests and processes, enabling them to make informed decisions and maintain a high level of compliance.

Automated new hire process

With the new API, organizations can automate the new hire process using the National Provider Identifier (NPI) number. This automation reduces administrative workload and ensures that all new hires are promptly and accurately incorporated into the compliance system.

The benefits for Compliance professionals

The healthcare industry is heavily regulated, and Compliance Officers face numerous challenges in ensuring that all data is accurate and transparent. The introduction of CoreStream GRC’s Open Payments API addresses these challenges by streamlining the process and providing a robust tool for managing conflict of interest disclosures and Open Payments data.

By integrating the Open Payments data directly into the conflict of interest disclosure process, CoreStream GRC is providing a powerful solution that not only saves time but also enhances the accuracy and reliability of compliance data. This innovation underscores our commitment to supporting Compliance Officers and helping organizations maintain the highest standards of integrity and transparency.

We are thrilled to bring this new functionality to our clients and look forward to seeing the positive impact it will have on their compliance processes. The Open Payments API is a testament to CoreStream GRC’s dedication to continuous improvement and innovation in the GRC space.

If you are interested in learning more about how CoreStream GRC’s Open Payments API can benefit your organization or about the conflict of interest solution, please contact us today at  demo@corestreamgrc.com

Frequently Asked Questions (FAQs)

1. What is the CoreStream GRC Open Payments API?
The Open Payments API is a new feature launched by CoreStream GRC as part of its Conflict of Interest (COI) solution. It helps Compliance Officers in the healthcare industry streamline processes by integrating CMS Open Payments data directly with conflict of interest disclosures.

2. How does the Open Payments API simplify the conflict of interest process?
The API allows users to:

  • View Open Payments data as they complete COI disclosures.
  • Easily compare data reported to CMS with internal disclosures, ensuring alignment and transparency.
  • Automate processes like onboarding new hires using the National Provider Identifier (NPI) number.

3. What are the key benefits of the Open Payments API for compliance teams?
Compliance teams benefit from:

  • Time savings through automated data integration and comparison.
  • Improved accuracy with seamless data alignment.
  • Enhanced transparency by reconciling reported and disclosed payments.
  • Simplified reporting through tools for trend analysis and decision-making.

4. How does the API support trend analysis and reporting?
Organizations can generate detailed reports, identify trends, and filter data relevant to their compliance processes. This helps in making informed decisions and maintaining compliance standards.

5. Can the API help with onboarding new hires?
Yes, the Open Payments API automates the new hire process by leveraging the National Provider Identifier (NPI) number. This reduces administrative workload and ensures timely incorporation of new hires into the compliance system.

6. Why is the Open Payments API important for the healthcare industry?
The healthcare industry faces stringent regulatory requirements. The API simplifies compliance by ensuring data accuracy, reducing administrative burden, and improving transparency in managing conflict of interest disclosures.