U.S. drug and medical device manufacturers must comply with Sunshine Act provisions

U.S. drug and medical device manufacturers must comply with Sunshine Act provisions

The Physician Payments Sunshine Act is drastically affecting U.S. drug and medical device manufacturers around the country. This regulation, which requires these companies to track any gifts and payments totaling $100 or more that are made to physicians and teaching hospitals, has already had far-flung effects on many firms nationwide.

For example, Daniel Gilman, a healthcare professional, notes that the Sunshine Act could help physicians and patients in several ways. The act promotes collaboration between both parties, which may lead to long-term partnerships.

"Pharmaceutical companies and doctors work together every day to extend and improve the quality of life for their patients," Gilman said. "The Sunshine Act is intended to ensure transparency in instances when this collaboration involves [pharmaceutical firms] compensating doctors for their expertise and time."

While the Sunshine Act could have positive effects on many drug and medical device suppliers, these companies may struggle to instantly comply with the regulation. However, expense management software can significantly benefit drug and medical device providers of all sizes by helping them quickly create accurate reports.

Why is Sunshine Act compliance software helpful?
An innovative expense reporting solution delivers myriad benefits to drug and medical device manufacturers. Within short periods of time, these businesses can track and submit expense reports relating to how much they provided to physicians and teaching hospitals.

Software to track physician payments is valuable to companies because the system helps firms save time and money. Additionally, the platform offers on-the-go functionality, and users can enter data into their smartphones and tablets to develop first-rate reports.

Sunshine Act reporting software also enables drug and medical device providers to track expenses by using specific criteria. The solution is dynamic and allows users to enter expense categories, dates and other details to ensure Sunshine Act compliance.

A web-based system provides instant access to expense reports at any time, which further boost the solution's value to drug and medical device manufacturers. It is easy to use and has National Provider Identifier (NPI) functionality to help users generate federally required reports without delay.

In short periods of time, managers can find physicians, link multiple medical professionals to a single expense and complete first-rate reports thanks to top-notch Sunshine Act reporting software. With an NPI database that is updated monthly, users can get up-to-the-minute reports on physician payments and secure their data to comply with Sunshine Act provisions.