Open Payment Capabilities – (Sunshine Act)
Watch a brief video covering Paramount WorkPlace’s Open Payment Act functionality
Capture the data needed to remain in compliance with the Open Payment Act
Comply with the Open Payment Act reporting, allocating travel, meal, gifts, payments, etc. by NPI number.
The Sunshine Act (also known as Open Payments) took requires medical professionals to submit detailed owner information and payment data to the U.S. government. This includes all physician travel, gifts, meals, honoraria and other costs above a specified dollar amount. On top of the law’s strict guidelines, steep fines are imposed for failure to submit comprehensive reports.
In accordance with the regulations provided by the Centers for Medicare & Medicaid Services (CMS), all manufacturers of drugs, devices, biological products, and medical supplies must provide an annual report to the CMS for payments, ownership, investment interests and other transfers of value (TOV) to physicians and teaching hospitals. This especially applies to:
- Drug Manufacturers
- Medical Supplies Manufacturers
- Medical Device Manufacturers
- Biological Product Manufacturers
Paramount WorkPlace makes it simple to remain in compliance with Open Payment Act reporting, by enabling you to allocate and track travel, meal, gifts, payments, and other expenses by NPI number, name and address to remain in compliance with internal and external regulatory reporting.
Features and Benefits:
- Expense entry splitting
- Robust NPI search by name, NPI#, other fields
- Attendee tracking – allocate by percent or amount
- Define additional categories or products
- Simplify and enforce compliance for both internal and external compliance reporting
Terms & Definitions
What is Sunshine Act/Open Payments Act:
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 & Medicaid Services (CMS) fulfills the law’s mandate via the Open Payments Program.
What is an NPI Number:
The NPI number is a unique 10-digit identification number issued to covered health care providers by the CMS
What is Transfers of Value:
A transfer of value is defined as a direct or indirect transfer of value, whether in cash, in kind or otherwise, made, whether for promotional purposes or otherwise, in connection with the development or sale of medicines.