Sunshine Act, drug and medical device suppliers nationwide must track specific expenses. However, many firms might be unfamiliar with the regulation or its conditions, which can make it nearly impossible to avoid compliance issues.
A well-informed business operator could help his or her firm stay on track with its operating costs. Even a minor expenditure can have far-flung effects on a company, especially for a drug or medical device provider that must comply with the Sunshine Act.
With state-of-the-art receipt management software from Certify, a firm could prevent expense reporting errors. Sunshine Act compliance software may benefit both big and small firms, enabling these companies to manage their operating expenses for extended periods of time.
Monitoring expenses under the Sunshine Act
The American Medical Association's Jeremy Lazarus points out that the Sunshine Act helps ensure transparency in physicians' interactions with members of the pharmaceutical, biologic and medical device industries. Because the regulation features steep penalties, however, companies are taking steps to ensure that they manage their expenses accordingly.
Under the Sunshine Act, any transfers of value or payments to physicians and hospitals greater than $10 must be reported to the federal government. These expenses include consulting fees, research costs and much more, and all contributions exceeding $100 will be published on a public website as well.
Meanwhile, a business that ignores the Sunshine Act may receive annual fines up to $1 million. Drug and medical device manufacturers can prevent compliance problems, however, if they invest in expense reporting platforms.
A high-quality Sunshine Act compliance solution
To navigate the Sunshine Act, a firm can rely on Certify's high-quality compliance software. This platform allows companies to track expenses quickly and effectively, enabling these businesses to submit timely, accurate reports to the federal government.
Certify's innovative expense management system makes it easy for employees to send error-free materials to managers. Additionally, supervisors can use the solution to report on all National Provider Identifier data by depending on a web-based platform.
On-the-go functionality also makes Certify's Sunshine Act compliance solution a first-rate choice for businesses of all sizes. Certify users can link multiple physicians to a single expense, create federally required reports and perform other tasks on their smartphones and tablets.
The Sunshine Act may seem confusing at first, but Certify is incredibly valuable to firms that must comply with this regulation. In fact, an investment in this expense reporting solution gives team members access to top-notch tools that may help them for years to come.