How Should Life Science Companies Prepare For Sunshine Act Rules?
How much is the Physician Payment Sunshine Act going to add to the cost of meeting reporting requirements? Probably a lot more than most medical device technology companies realize, according to a recent article on the Mass Device website.
Jonathan Kellerman, compliance and risk assessment manager at PricewaterhouseCoopers, believes the “make-it-or-break-it” variable that will determine how well each company handles the costs is its data management system. More mature, consistent and high-quality systems will have an easier time reporting to the Centers for Medicare & Medicaid Services.
It might be easier for smaller companies to comply with the new regulations simply because they have less data to report, but the bottom line is that the edge will go to those that embrace technology and use a CRM system to streamline the process
The new reporting requirements were released in February. As the article explains, “the measure requires companies to track all interactions with physicians and start reporting the data to CMS by March 31, 2014.”
Article originally posted on our CRM for Medical Device Organizations website.