The medical sciences field comes with a wide range of uphill battles. There are about a million different issues and one major issue is open payment disputes. It is always helpful to identify those individuals in a company that are going to be able to help deal with open payments disputes. These individuals should be skilled in dealing with issues quickly and easily to help make the process run smoothly.Read More
CBI Scene Blog
When it comes to exchanges of value with health care professionals and organizations, life science companies are faced with a myriad of transparency laws and industry codes. This complicated regulatory environment is predicted to become more extensive in 2014 and beyond, making it important for these companies to understand their reporting requirements and optimize their systems. Many life science companies are taking a global approach to compliance, which is prompting them to improve the efficiency of their data management systems.
According to the Centers for Medicare and Medicaid Services, there has been a final ruling on the National Physician Payment Transparency Program: Open Payments, better known as the Sunshine Act. Under the Open Payments program, data collection of medical device and drug manufacturers who send gifts and payments to physicians and teaching hospitals is now mandatory. This applies to any manufacturer who receives government reimbursement, and collection data will be posted on a public website as of September 30, 2014.
The March 31, 2014 deadline for submitting reports reflecting the financial relationships between biotech companies, group-purchasing organizations (GPOs), pharmaceutical companies and medical device manufacturers passed. Physicians now have 45-days to review the reports for errors before the Centers for the Medicare and Medicaid Services (CMS) database goes online.