What Must Be Reported Under The Sunshine Act?
The majority of the information in the reports is available to the public via a searchable website. As a provider, you have the right to review the reports and challenge any that you deem false, inaccurate, or misleading.
Payments and Transfers of Value
Manufacturers must report any direct payments or transfers of value of $10 or more. These items fall under the following categories:
- Consulting fees
- Compensation for services other than consulting
- Charitable contribution
- Royalty or license
- Current or prospective ownership or investment interest
- Direct compensation for serving as faculty or as a speaker for a medical education program
There are some exclusions to the rule, including product samples and educational materials that directly benefit patients.
In addition to what is listed above, certain indirect payments and transfers are subject to the new reporting rules. These include transfers or payments that you specify should be paid to another person or entity.
Manufacturers and group purchasing organizations (GPOs) are required to report on ownership interests held by providers and their immediate family members. The transparency report must include the following:
- Dollar amount invested
- Terms of ownership or investment interest
- Any payment provided to physician owner or investor
Ownership or investment interests in publicly traded security and mutual funds are excluded.
Key Dates for Sunshine Act implementation
- August 2014: CMS provides physicians a consolidated version of all reports for the previous calendar year.
- September 30, 2014: CMS will release most of the information on a public website.
The American Medical Association provides more detailed information about the Sunshine Act on its website.