Extended Sunshine Act Deadline Provides Extra Time for Pharma, Biotech and Device Companies to Track and Report Physician Payments
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--As the industry awaits the release of the delayed Sunshine Act guidelines, pharmaceutical and medical device companies are benefiting from the extra time by reviewing current physician payment reporting structures and tightening their documentation procedures.
"Every company, no matter how large or small, needs a tracking and reporting system capable of handling all of the Sunshine Acts requirements now," said Elio Evangelista, director of research at Cutting Edge Information. "The largest companies are ahead of the pack. Most already have sophisticated databases in place, as well as the IT infrastructure and personnel to support the documentation requirements."
Cutting Edge Informations report, "KOL Fair-Market Value and Aggregate Spend," serves as a guidebook to companies working to comply with the reporting requirements of the Physician Payment Sunshine Act while meeting the needs of physicians and internal stakeholders. Based on interviews conducted with medical affairs executives across the industry, Cutting Edge Information recommends the following fundamentals when constructing a KOL database:
- Include fields for all information required by the Sunshine Act – Each entry must have fields to enter name, company, Medicare billing number, service provided, physician compensation and other reimbursed expenses (including travel, hotel, and food).
- Design strong report-building capabilities – The more sophisticated the databases query building and report-generating capabilities are, the less work companies will have to do on the back end.
- Establish a centralized location – Centrally located databases are more reliable for preventing duplicated efforts and data loss.
- Create multiple access points with differing levels of clearance – Some employees may need the ability to enter new information into the database, but not everyone needs to alter information.
- Create a built-in system to verify data – It is always easier to handle mistakes internally than to have external agencies point them out.
- Include links to, or archive, thought leader deliverables – An easily traceable copy of the thought leaders deliverable provides undisputable proof that a service has been rendered.
For the latest insights into fair-market value and compliant reporting, contact Elio Evangelista at 919-403-6583.
Posted by Sean Fenske, Editor-in-Chief, MDT