The Physician Payment Protection Act is reality. Pharmaceutical companies, medical device manufacturers and Group Purchasing Organizations (GPOs) are scrambling to prepare for greater transparency in tracking and reporting payments made to healthcare professionals (HCPs) and healthcare institutions (HCIs). This involves the burdensome task of tracking, compiling and reporting direct financial transactions and Transfers of Value (TOV) to physicians and teaching hospitals with irrefutable supporting documentation, annually. Meeting the stringent reporting requirements of the Sunshine Act calls for
Your existing ERP system may be capable of tracking direct payments made to HCPs, however, tracking and reporting indirect spend and TOV covering airfares, entertainment, gifts, meals, accommodation and other miscellaneous expenses incurred by meeting attendees is not as simple. This is where accurate disclosure can get tricky if you are not equipped with the right tools for indirect spend tracking and reporting.
The consequences of inaccurate reporting could be financially devastating, not to mention the potential risk to business reputation should there be an audit and requirements haven’t been met.
How are you gearing up for this new challenge?
SpendMD is a web-based aggregate spend solution specifically designed for timely and accurate accounting of HCP indirect spend. This comprehensive solution comes with robust tracking and reporting functionality and data mining capabilities coupled with a simple and secure, user-friendly interface.
Investing in SpendMD could be the game-changing decision that saves your organization an enormous amount of time, money and effort when it comes to PPSA transparency obligations. Now is the time to seize the opportunity to get Sunshine compliant as efficiently as possible and stay ahead of the game in the coming years.