In March 2014, Centers for Medicare and Medicaid Services (CMS) granted access to Open Payments for healthcare manufacturers which began Phase 1 of the expense reporting process. Now, applicable manufacturers are required to register and submit their expense data. Phase 2 is now in effect and enables you to check and correct your report.
By now, the majority of companies should have already collected all required information – ideally done automatically and not manually. So here’s the question: What is so special about these health care expenses and why should they be collected and reported differently?
As you remember, one of the Sunshine Act’s fundamental requirements is to provide the participants’ information: who the report was made in relation to (the doctor and the institution). To be able to access this data correctly, you must have access to The National Practitioner Data Bank whenever you pay for your partners/practitioners dinner or make any other required reporting expense.
How about specific expense categories against which you have to report your expenses? Not only do you need to collect the data, you must break it down into three specific expense categories: research, general, and physician ownership. To comply with this requirement, you must map all related expenses to the correct category.
Can you imagine doing all of this manually? Even if you were willing to take that time out of your day to complete it, how accurate can you guarantee the data would be? You don’t want to risk your reputation and income for an incorrect expense report. Furthermore, how many employee hours would it take to complete, check and map the report? Expense reporting software which supports the Sunshine Act will save your time and money by simplifying the whole process.
The Sunshine Act was put in place to provide transparency for financial relationships between healthcare providers and pharmaceutical manufacturers. Compliance is required by law, so take advantage of the tools available to make this additional step that much easier.
To see an example of how Nexonia Expenses can keep your business compliant with the Sunshine Act, watch a demo with an experienced Product Specialist.