Preparing for the Sunshine Act - The Patient Protection and Affordable Care Act
Original air date: June 25, 2013
Speakers:
Bob Neveu, President at Certify
The Sunshine Act requires all U.S. drug and medical device manufacturers to report any gifts and payments made to physicians and teaching hospitals with a value totaling $100 annually or greater, as part of the Patient Protection and Affordable Car Act of 2009. Failure to stay in compliance may result in fines ranging from $10,000 to $1,000,000 annually.
Companies have been required to capture data as of August 1, 2013, and submitted their first federal reports on March 31, 2014.
Key Takeaways
- 47% of physicians and compliance officers don’t know about the Sunshine Act
- Manufacturers must report all spend made to physicians over $10
- The Act went into effect August 1, 2013
- Manufacturers are responsible for all data collection and reporting
- The "CMS" estimated the Sunshine Act would cost companies a total of $269 million in the first year