Time crunch - Sunshine Act
Tracking payments to physicians and teaching hospitals
Executives at life science companies have known for some time that the final rule implementing the Physician Payment Sunshine Act (“Sunshine Act”) would have a significant impact on their operations. Companies must track payments starting August 1, 2013, giving them very little time to prepare their processes and systems for compliance.
We have identified four key areas where companies can take action as they prepare to begin collecting the necessary data by August 1 for the Sunshine Act. These include:
- Empowering decision makers
- Making smarter trade offs
- Cleaning up your data
- Automating with a human touch
Companies should thoroughly understand the requirements as stated in the final rule in order to meet the deadline, identifying, and assessing gaps in their infrastructure and processes; creating a plan to achieve their tracking and reporting responsibilities; and managing change as they go through the process of collecting, validating, and reporting spend data.