Sunshine Act Compliance Simplified
SpendMD helps you get compliant and get on with business.
- Track and report meeting expenses, HCP/HCI indirect spend accurately with an aggregate spend solution designed specifically for Sunshine Act requirements
- Generate irrefutable documentation for PPSA compliance with automated attendee tracking technology
- Save time and effort with SpendMD’s streamlined, automated spend tracking process
- Minimize chances of error associated with the tedious manual process
- Ensure timely legal compliance and enjoy peace of mind with SpendMD, an accurate and efficient one-stop reporting software
The final ruling on the Sunshine Act has been released.
Collection of data begins August 1, 2013.
Are you ready?
PPSA Legislation:
The New Challenge For the Health and Life Sciences Industry and
How SpendMD Can Ease Your Annual Burden of Compliance
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
- collecting and compiling financial transactions from multiple, disparate sources
- integrating various expense types including meeting expenses with an internal reporting system
- ensuring accuracy, efficiency and timeliness in this process to avoid fines and other punitive action
The Need For a Spend Solution
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?
Consider SpendMD, the One-stop Spend Solution
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.