Preparing for the Sunshine Act - The Patient Protection and Affordable Care Act
Original air date: June 25, 2013
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.
- 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