July 31, 2013
August 1, 2013, is the initial date that all applicable manufacturers must begin recording qualifying payments or transfers of value to teaching hospitals or physicians in accordance with federal regulations commonly known as the Physician Payment Sunshine Act or OPEN PAYMENTS. The Centers for Medicare and Medicaid Services (CMS) refers to the Physician Payment Sunshine Act as OPEN PAYMENTS. Please click here for a brief overview of the OPEN PAYMENTS program. For 2013, applicable manufacturers will record qualifying payments or transfers of value from Aug. 1, 2013 until Dec. 31, 2013. Applicable manufacturers will then report to CMS the payments or transfers of value by March 31, 2014. CMS will compile and publish the reports on a publicly available website. Below are five tips to help with the data-recording process.
If you have questions about the Physician Payment Sunshine Act, OPEN PAYMENTS and recording and reporting applicable payments, transfers of value or physician ownership, please contact one of the authors.