Exposing the Financial Relationships Between Manufacturers and Doctors
The Physician Payments Sunshine Act is designed to increase transparency around the financial relationships between physicians, teaching hospitals and manufacturers of drugs, medical devices and biologics. The Centers for Medicare and Medicaid Services (CMS) have developed the Open Payments Program to make transactions between physicians and pharmaceutical manufacturers more transparent so identifying potential conflicts of interest is much easier. Manufacturers must submit annual data on payment and transfers of value made to physicians and teaching hospitals. Physicians have 45 days to review their Open Payments data and dispute errors before public release. Failure to report required information on a timely basis as well as knowingly violating the law can result in manufacturers paying penalties up to a maximum annual total of $1.15 million.
Compliance Made Easy
Hiperos 3PM helps manufacturers of drugs, medical devices and biologics manage potential risks under the Sunshine Act arising from relationships between physicians and sales agents. Hiperos 3PM simplifies and streamlines the compliance management process by centralizing relationship information and workflows, automating and documenting due diligence, assessment and scoring of relationship risks, managing only relationships posing kickback risks and monitoring risk factors continuously with data from internal systems and data providers. All material kickback issues and actions taken are recorded in a central “book of record” with a verifiable audit trail.