h1

‘Sunshine Act’ to require industry reporting of gifts, payments, financial interests

June 25, 2013

A new federal National Physician Payment Transparency Program: Open Payments initiative will soon require the manufacturers of pharmaceuticals and medical devices to publicly report all gifts or payments made to health care practitioners (see AOA News, March). The new federal program will also require the reporting of stock ownership or other financial interests that health care practitioners may have in drug or health care device companies.

Health care practitioners will not be required to make any reports under the new regulation. Responsibility for reporting falls entirely on manufacturers. However, practitioners will have the option to review and correct any reports mentioning them prior to posting on a public website.

To guide optometrists through the rules, the AOA Ethics and Values Committee developed “Sunshine Act: Impact on Optometry,” an AOA white paper on reporting problems scheduled for release this June.

Authorized under the so-called “Sunshine Act” provisions of the federal Affordable Care Act, the new regulations specifically require the reporting of:

  • Cash or a cash equivalent.
  • In-kind items or services.
  • Stock, a stock option, or any other ownership interest, dividend, profit, or other return on investment, and
  • Any other form of payment or other transfer of value.

Those “other payments or transfers of value” are defined to include: direct compensation for serving as faculty or a speaker for a medical education program, grants, consulting fees, honoraria, travel expense reimbursement, education, research, and charitable contributions (see below).

All reports will be posted on a new public website.

Additional reporting may be required under state law. Manufacturers may also be subject to their own internal controls, developed to comply with the laws in all states in which they sell products or have operations.

For additional information, visit http://bit.ly/WJaJOI.

Sunshine Act required reporting

  • Cash or a cash equivalent.
  • In-kind items or services.
  • Stock, a stock option, or any other ownership interest, dividend, profit, or other return on investment.
  • Any other form of payment or other transfer of value.

Other payments or transfers of value are defined to include:

  • Consulting fees
  • Compensation for services other than consulting
  • Honoraria
  • Gifts
  • Entertainment
  • Food
  • Travel (including the specified destinations)
  • Education
  • Research
  • Charitable contribution
  • Royalty or license
  • Current or prospective ownership of investment interest
  • Direct compensation for serving as faculty or as a speaker for a medical education program
  • Grants
  • Any other nature of payments or other transfer of value.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: