The much-awaited Physician Payments Sunshine Act now sees the light of day. The “Final rule” under the sunshine provisions of the Patient Protection and Affordable Care Act have been published by the Centers for Medicare & Medicaid Services (CMS). This rule governs the financial ties between drug and device manufacturers and healthcare providers, and aims to establish better transparency in the business relationship between the applicable parties. Drug and device manufacturers have to publicly disclose details of certain payments, ownership and investment interests, and other transfers of value or gifts made to various healthcare providers defined in the covered recipients list. They need to equip themselves with the right global policy as well as adequate systems and procedures, to track, document, evaluate and report third-party payments.Download Solution Brief
MetricStream Physician Payments Sunshine Act Software Solution
Many other countries including Netherlands, Slovakia, the U.K. and France have similar public disclosure regulations for drug and device manufacturers. Therefore, companies need to have an integrated policy and approach towards compliance with the Sunshine Act. A key step towards transparency and compliance is to adopt a configurable and reliable solution, which will enable companies to streamline and automate the payment tracking and reporting processes.
MetricStream solution for managing third-party payments is equipped with advanced tools and powerful capabilities to track and record third-party payments, automate third-party payment approval, define concrete policies, manage payment violations and exceptions, and analyze and report the payments. It also provides accurate intelligence on risks, and comprehensive reports on payment irregularities. Built on a robust GRC platform, the solution improves scalability, and aligns a company’s Sunshine compliance efforts with its overall compliance goals.
“At INC Research, we hold ourselves to the highest standards of quality, MetricStream’s solutions will be an important part of sustaining those standards of quality as we grow and expand. We selected MetricStream based on the company’s rich domain knowledge of the Life Sciences industry which enabled them to support a large, growing organization such as ours.”