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.
“Open Payments is a national disclosure program that promotes a
transparent and accountable health care system by making the financial relationships between drug and medical device companies (reporting entities) and health care providers (covered recipients) available to the public.Through the Open Payments data, health care consumers have
insight into the provider-industry relationship.”
Association of American Medical Colleges (AAMC)
Why Open Payments matters for healthcare compliance teams
Centers for Medicare & Medicaid Service (CMS) explains that Open Payments is a national disclosure program designed to promote a more transparent and accountable health care system. However, while the data is public, it is also big, and it is not framed for you. Your team still has to interpret it, line it up with internal disclosures, and be able to explain the story if questions come up.
For Program Year 2024 alone, CMS notes 16.16 million published records totaling $13.18 billion.
And mismatches are not rare. A systematic review found a pooled 81% rate of conflict-of-interest (COI) disclosure discrepancies (varies by study and setting, but the signal is clear).
This is where strong compliance management software stops being “nice to have” and starts being basic operational hygiene.
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.
Want a demo of the Open Payments conflict of interest workflow?
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.
Case Study: CoreStream GRC and Open Payments integration in action
UNT Health’s story shows what’s possible when technology and integrity come together. With CoreStream GRC, the team replaced spreadsheets and manual chases with one integrated system that connects Open Payments data, HR processes, and conflict disclosures in real time.
The result? Faster compliance, greater transparency, and a culture where doing the right thing is effortless.
Frequently Asked Questions (FAQs)
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.
The API embeds Open Payments data directly into the disclosure workflow. As users complete their COI forms, they can instantly view payments linked to their name, compare them with what’s being disclosed, and ensure accuracy before submission. This eliminates manual lookups and ensures complete, compliant reporting.
Compliance teams using the CoreStream GRC Open Payments API benefit from:
– Significant time savings through automation and seamless data integration.
– Improved accuracy by aligning COI disclosures with CMS data.
– Enhanced transparency in reconciling payments and disclosures.
– Better insights through integrated trend analysis and reporting dashboards.
Healthcare compliance officers face strict transparency and reporting obligations. CoreStream GRC’s Open Payments API streamlines these responsibilities by integrating Open Payments data directly into the COI process, ensuring accurate disclosures, reducing manual reconciliation, and maintaining high integrity standards across the organization.
The Open Payments API uses the National Provider Identifier (NPI) to automatically retrieve and verify payment data for new hires. This automation reduces administrative workload, speeds up onboarding, and ensures new healthcare professionals are incorporated into compliance systems without delay.
