Ensure Sunshine Act Compliance with Quality Software

Ensure Sunshine Act Compliance with Quality Software

The Physical Payments Sunshine Act (Sunshine Act), a Patient Protection and Affordable Care Act (PPACA) provision, requires drug and medical device manufacturers to submit annual payment reports to the Centers for Medicare & Medicaid Services. While the regulation can make it challenging for many organizations to comply with federal guidelines, top-notch Sunshine Act reporting software delivers myriad benefits.

For example, many life sciences industry organizations are taking extra steps to comply with the Sunshine Act. Ed Sleeper, a life sciences sector professional, noted that a proactive approach to the Sunshine Act is ideal for companies of all sizes, as these firms can avoid steep penalties by relying on quality expense management tools.

"The better that manufacturers understand the necessity of timely and thorough reporting, the less need there will be for corrective actions later on," Sleeper said. "This is especially true given the many layers of detail encompassed by the Sunshine Act and similar state reporting laws."

How is the Sunshine Act affecting drug and medical device manufacturers nationwide?
Drug and medical device providers put their profits and reputations at risk if they fail to comply with the Sunshine Act. These manufacturers must report any gifts and payments made to physicians and teaching hospitals with a value totaling $100 annually or greater, and failing to do so could result in fines ranging from $10,000 to $100,000 annually.

Thankfully, there are several ways that drug and medical device companies can quickly comply with national guidelines. Business administrators who understand the Sunshine Act and its immediate and long-term effects can retrieve the necessary information to avoid significant penalties. In fact, these company leaders can comply with the Sunshine Act and improve their everyday operations if they invest in Sunshine Act reporting software.

With state-of-the-art tools at their disposal, business officials can enjoy the benefits of a Sunshine Act reporting platform without delay. This solution is intuitive and enables company leaders to ensure compliance with federal rules.

Additionally, Sunshine Act reporting software has many features that make it an attractive choice. The platform enables users to link several physicians to a single expense and generate federally mandated reports instantly.

Sunshine Act reporting tools can help drug and medical device providers become more efficient and productive. Expense management is difficult for many organizations, but first-rate Sunshine Act reporting software makes it easier for company leaders to develop reports and comply with national regulations.