Still are you in the hard time in understanding the sunshine act? the Centers for Medicare & Medicaid Services (“CMS”) within the Department of Health and Human Services (HHS) announced the release of the final rule implementing the Transparency Reports and Reporting of Physician Ownership or Investment Interests section of the Patient Protection and Affordable Care Act (“ACA”), commonly referred to as the “Sunshine Act.”
The Physician Payments 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 Care Act of 2009 (H.R. 3590, section 6002). Failure to stay in compliance may result in fines ranging from $10,000 to $1,000,000 annually.
The Sunshine Act has presented doctors and medical professionals everywhere with a large selection of questions to ask - about how they'll be affected, about how much extra work they'll be faced with, and about whether or not the provisions will change the way they do their jobs. The standards put in place by the Sunshine Act have already took effect, but the questions still remain. Top-level expense management software is an absolute must for any medical professional hoping to stay ahead of the game in light of the new rules - but it's also necessary that all affected individuals are up to date and fully briefed on the changes that have occurred. Listed below are a number of frequently asked questions about the Sunshine Act provisions of the Affordable Care Act, along with the answers to the many queries.
Any manufacturers of drugs, medical devices, and medical supplies that are covered under Medicare, Medicaid, or the Children's Health Insurance Program are required to disclose all payments and transactions of value made to physicist or hospitals, under the provisions put into place by the Sunshine Act. All investments or purchases made in regards to physicians are required for reporting.
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