Expense Reporting | Physician Payment Sunshine Act Compliance

Physician Payment Sunshine Act

With provisions under the Physician Payment Sunshine Act (PPSA) requiring the compliance of pharmaceutical and medical device manufacturers who operate in the United States, many companies are facing the impending requirements of the PPSA, which go into effect as of January 2012. The complex requirements are designed to give patients greater visibility into the relationships doctors have with various pharmaceutical and medical device companies, by requiring very specific payment details to be reported through electronic yearly federal filings with the Health and Humans Services Department. All payments, including meals and gifts to in-kind contributions and speaking fees, must be reported by the first payment date which is due on March 31, 2013. All reported information will then be posted to the department's website for public viewing. Failure to report these items (either intentionally or by mere oversight) will result in significant monetary penalties.

As a result of the stringent rules required for expense reporting, many companies will need to look internally to see where and how their current expense systems have to be updated in order to fully comply with these new federal regulations. Some companies have begun the transition, but many still require further guidance in creating an automated expense reporting system that fully complies with all mandated regulations. Reporting details can vary from company to company, so current expense tracking solutions need to be capable of adhering with company-specific needs, as well as federal and even state-specific requirements.

How ExpenseAnywhere Can Help

Currently, most companies have an expense reporting system they use to track all payments and spending made to the various doctors from individual and group practices to clinics and teaching hospitals within their network. However, most systems are not yet up-to-date with the newest regulations that require the federal reporting of such specifics as the name and address of the recipient, the amount and date of the payment or transfer, a description of the form or nature of the payment or transfer, and whether the payment or transfer is related to marketing, education, or research-specific to a given product. The government-required reporting is extremely specific and is expected to continue to change over the next few years to include numerous other medical personnel (nurses, medical assistants, lab techs, researchers, pharmacists, and many others in the healthcare field)

Is your expense management automated, if yes, then does it have the capability to change with you as your needs change? With ExpenseAnywhere, we'll make sure your ExpenseAnywhere solution complies with all PPSA requirements and that reporting is both quick and easy even for the most difficult-to-categorize activities. If your company is required to comply with PPSA, please contact us today to discuss your options further.

Want to know more? Or see how ExpenseAnywhere can help?

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