(From the April 2014 Issue of MedStat)
The Open Payments program, more commonly called Physician Payments Sunshine Act, went into effect in 2013. The law is intended to make the financial/monetary relationships between pharmaceutical/device manufacturers and physicians more transparent. Under this law, manufacturers of drugs, devices, biologics or medical supplies covered by Medicare, Medicaid or CHIP will be required to track and report payments and other transfers of value to physicians and teaching hospitals. Payment reports will be submitted to the Centers for Medicare and Medicaid Services (CMS) so they can publish the information on a publicly accessible website. All payments/items of value must be reported unless the item falls under a statutory exception to reporting. Meals, gifts, payments for consulting, travel, and other transfers of value must be reported. To find out more about this law and how it may affect you, please visit the CMS Open Payments website and the AMA Toolkit for Physician Financial Transparency Reports website.