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The Sunshine Act is supposed to shed light on the pecuniary relationships between Life Science companies and Health Care Providers (HCP). The federal government is requiring the former to report all payments and “transfers of value” to the latter. Then all these spend instances will be posted online for the world to see. That’s the “sunshine” part.
Will this be a challenge for you?
Not if you’re already following Best Practices, which of course you are. To be a good business partner, you should give all HCP “covered recipients” (speakers, advisors, consultants, etc.) a chance to review what you’ll be reporting to Uncle Sam. They might not realize that some “... Read more..
Tim Robinson, Esq., President, Regulatory Law Group, PLLC and General Counsel, MMIS, Inc. will be presenting recent survey results at the Second Annual West Coast Tracking State Laws and Aggregate Spend Conference to be held April 13-14, 2011, in San Diego, CA. The conference is presented by The Center for Business Intelligence (CBI), a subsidiary of Advanstar Communications Inc.
The first survey Mr. Robinson will present identifies life sciences industry trends and best practices in aggregate spend tracking and reporting. The second measures the awareness and understanding of Health Care Providers (HCPs) vis-à-vis the industry's reporting requirements and the potential impact on their practices.
Over the last several... Read more..
Attention pharmaceutical, biotechnology, medical device and medical supply companies! Are you ready to report physician payments to the Federal Government?
The Physician Payment Sunshine Act is a component of the Health Care Reform Bill that became law last March. The Sunshine Act will affect most pharmaceutical, biotechnology, medical device and medical supply companies in the United States starting on January 1, 2012.
You will be required to report to the federal government every payment of any kind (over $10) that you make to physicians. “Payment” in this case is defined as any “transfer of value” including all consulting fees, compensation, entertainment, food, travel, and more. All of these... Read more..