Understanding the Sunshine Act with the help of Certify

Understanding the Sunshine Act with the help of Certify

The Transparency Reports and Reporting of Physician Ownership or Investment Interests section of the Patient Protection and Affordable Care Act - know colloquially as simply the Sunshine Act - signifies a major change for many individuals working within the medical industry. All U.S. drug and medical device manufacturers must now report all gifts and payments made to physicians and teaching hospitals if the value amounts to more than $100 - meaning the provision will have a major effect on the majority of transactions that occur between the two aforementioned parties.

This is going to create significant changes to the process by which many medical professionals do business. If you are a medical device manufacturer, a drug manufacturer, a biological product manufacturer or a medical supplies manufacturer, then you must provide an annual report to the U.S. Centers for Medicare & Medicaid Services. This report needs to list all necessary information regarding payments, ownership, investment interests and other transfers of value made to physicians, teaching hospitals and other individuals or organizations within the industry.

All different kinds of transactions need to be tracked. If you're working within the medical industry, then it's likely you can't go more than a few days without encountering an expenditure that needs to be tracked according to the standards of the Sunshine Act. All kinds of costs need to be reported: business gifts, food and meal costs, grants, entertainment-related expenditures, royalties, consulting fees, travel costs and much more. If you make a transfer of value to a physician or a hospital and it exceeds $10, it needs to be reported - even including stocks, traded services and returned investments. These reports will be thoroughly vetted, and then made available to the public.

How can you be sure each cost is accurately reported?
Handling this by hand likely seems an insurmountable task: how can all of your employees be sure they're logging every single affected cost? The penalties for violating the Sunshine Act can be massive, so your organization can't possibly risk that some of the staff will fail to accurately report each individual expenditure.

That means you need an expense reporting solution: an automated program that can provide instant access to the templates needed to create the federally required reports, that can integrate directly with the NPI database, and that will provide on-the-go functionality for employees who need to report an expenditure quickly and efficiently.

Certify can help you to do that and so much more. Our expense report solution can track spending in compliance with the regulations put forth by the Sunshine Act, even helping you to place the information within the federally-required forms. There's even a feature that allows you to easily access NPI data, making it extremely simply to report physician-related spending in real-time, complete with the necessary personal information.

Certify's staff can help you to troubleshoot through any problems
With Certify, you can manage the responsibilities put forth by the Sunshine Act with the greatest of ease. That starts immediately when you begin to implement our automated expense management system: our team can provide live demos to our clients that will help them to understand how our software works to fulfill all the needs created by the implementation of these new provisions.

The automated expense reporting solutions provided by us offer a number of key features you'll need to help abide by the laws put in place by the Sunshine Act. Our program can let you link multiple physicians to a single expense, offers you a constantly-updated NPI database, and will help automate the process of creating the federal reports themselves. Once you start using Certify, you never have to worry about the Sunshine Act again.