With State Compliance Decision Manager solution, pharmaceutical firms can now provide states with more comprehensive and accurate information on commercial or "aggregate" spend associated with healthcare professionals and organizations-including dinner meetings, "lunch and learns," and medical gifts-to support current legislative requirements, including Office of Inspector General (OIG) and PhRMA guidelines. The State Compliance Decision Manager solution is powered by Fair Isaac's Blaze Advisor™ business rules management system, an industry-leading software package that allows design, deployment, execution and maintenance of business rules and policies as part of an automated business application.
State Compliance Decision Manager solution gives business owners greater process control and the ability to quickly update systems based on legislative changes. Its flexible standards-based architecture simplifies development efforts by seamlessly integrating with existing reporting environments and data. Companies can implement and enforce public policy changes quickly and accurately, reduce time and costs to incorporate aggregate spend changes, accelerate development and reporting, increase their business process agility, and minimize errors through a rules-driven compliance process.
"Legislation reflecting the ever-changing, state-level regulatory environment requires pharmaceutical firms to implement a system that helps them reliably and effectively track and report spend," said Jim Kalustian, vice president of the Pharmaceuticals and Healthcare division at Fair Isaac. "Managing this process can be a daunting task. Fair Isaac has worked with leading pharmaceutical companies to develop a solution that leverages our success in helping leaders in financial services and insurance manage complex and changing regulatory compliance requirements while optimizing their overall spend."
Fair Isaac's solution is designed to support pharmaceutical companies in their efforts to achieve regulatory compliance with current and future state-level reporting requirements by enabling them to move from a more retrospective focus of "what did we spend" to a more predictive "how and where should we spend."
State Compliance Decision Manager solution will help firms effectively manage multiple types of spend across the organization and provide reporting to individual states by providing a centralized storehouse for all current customer and spend data. Fair Isaac's rules engine is used to author, maintain and manage state-level business rules across client systems and organizations without the need to change code in existing systems. Closely linked to Fair Isaac's Blaze Advisor system, industry-standard reporting tools are leveraged to provide spend reporting to individual states and threshold reports in support of internal requirements.
About Fair Isaac Business Rules Technology
Analyst firm IDC recognized Fair Isaac as the worldwide revenue leader in the Business Rules Management Systems (BRMS) software market in "Worldwide Business Rules Management Systems Software 2006-2010 Forecast and 2005 Vendor Shares," IDC #203627, September 2006. "Business rules management systems are poised to become a common facet of application development across a wide range of industries," said Stephen D. Hendrick, group vice president for IDC's Application Development and Deployment research group. "Business rules management tools centralize the definition, discovery, storage, and submission of the vast quantity of rules used in business operations to provide organizations with greater automation, more responsiveness to change, and less expensive distribution and maintenance of their business activities."
The latest release of Fair Isaac's Blaze Advisor, version 6.1, includes the advanced Rete III inference engine for best-in-class performance within complex, enterprise-class deployments and powerful rules management capabilities. Blaze Advisor is used by many of the world's leading companies. It is the first rules engine to support Java, .NET and COBOL deployment of the same rules. The multi-platform solution supports Web Services and SOA, Java 2 Enterprise Edition (J2EE) platforms, Microsoft .NET, and COBOL for z/OS mainframes.
About Fair Isaac
Fair Isaac (NYSE:FIC) makes decisions smarter. The company's solutions and technologies for Enterprise Decision Management give businesses the power to automate more processes, and apply more intelligence to every customer interaction. Through increasing the precision, consistency and agility of their decisions, Fair Isaac clients worldwide increase sales, build customer value, cut fraud losses, manage credit risk, reduce operational costs, meet changing compliance demands and enter new markets more profitably. Founded in 1956, Fair Isaac powers hundreds of billions of decisions per year in financial services, insurance, telecommunications, retail, consumer branded goods, healthcare and the public sector. Fair Isaac also helps millions of individuals manage their credit health through the www.myfico.com website.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its new State Compliance Decision Manager solution and its Blaze Advisor business rules management system, and the benefits to be derived from these offerings, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offerings, the risks that customers will not perceive material benefits from the offerings, failure of the products to deliver the expected results, the possibility of errors or defects in the offerings, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2006. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
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