Staying compliant with new and wide-sweeping regulations is rarely an easy task, particularly for companies in the pharmaceutical and medical device manufacturing fields facing the soon-to-be-implemented Physician Payment Sunshine Act (part of the new healthcare reform bill). As part of the new legislation, these companies will need to start tracking all of their gifts, payments and other interactions with doctors and hospitals in minute detail, or else pay fines ranging up to $100,000 in some cases.
To effectively meet this challenge, companies will need specific functionality within their expense reporting system:
- Attendee Tracking – the system must be able to uniquely identify and track each attendee individually and within a given organizational entity
- Cost Limitations – a function must also be in place that allows the organization to limit the cost per attendee for a specific expense, to a set amount
- Attendee Cost Associations – the system must be able to generate reports on specific attendee information and their associated costs to a unique expense
- Cost Aggregation – finally, the system must be able to track and aggregate the portion of expenses attributed to a given attendee as defined by a specific set of expense types for a defined period of time, typically a calendar year
Fortunately, expense reporting technology now exists to help companies stay compliant with the Sunshine Act and other regulations, leveraging intelligent rules, highly customizable fields and in-depth reporting and analysis capabilities. All of this allows pharmaceutical and device manufacturers the ability to efficiently track year-to-date attendee totals and perform comprehensive audits of those totals over time and frequency through default and regulatory-specific rules.
To learn more about the challenges posed by the Physician Payment Sunshine Act and how Concur can help organizations stay compliant, check out the white paper, “Tracking and Reporting Health Care Professional Spend” or view the Webinar.