January 4, 2012 – ExpenseAnywhere announced the release of its Sunshine Act Compliance (SAC) Module to aide its clients in the pharmaceutical and medical device manufacturing industries to comply with the complex regulatory requirements of the Physician Payment Sunshine Act, (PPSA) which goes into effect as of January 2012.
The complex requirements are designed to give patients greater visibility into the relationships doctors have with various drug manufacturers and medical device companies, by requiring very specific payment details to be reported through electronic yearly federal filings with the United States Department of Health and Human Services (HHS). All payments including such categories as meals, gifts, in-kind contributions, and speaking fees, must be reported by the first payment date which is due on March 31, 2013. All reported information will then be posted to the department’s website for public viewing. Failure to report these items (either intentionally or by mere oversight) will result in significant monetary penalties ranging from $1,000-$10,000 or $10,000-$100,000 per transaction, as deemed by the HHS.
As a result of the stringent rules required for reporting, many companies will need to look internally to see where and how their current expense management and financial systems have to be updated in order to fully comply with these new federal regulations. For companies still using paper-based systems, automation of their current expense reporting processes has become extremely critical in helping them to properly comply. This is why ExpenseAnywhere, a leader in travel and expense automation, has taken the first step towards aiding companies in the healthcare field with their transition.
ExpenseAnywhere with its SAC module offers their clients a better way of managing these new regulations within their travel and expense management system.
ExpenseAnywhere SAC features include:
· Proactive controls of the T&E system incurred with the health care provider (HCP)
· Customizable categories of PPSA required data
· Health Care Provider (HCP) tracking with cost limitations
· Alerts created for HCP spending
· Filtering and reporting capabilities of all HCP data
Expense reporting details can vary from company to company, so current solutions need to be capable of adhering with company-specific needs, as well as federal and even state-specific requirements. ExpenseAnywhere takes pride in their ability to fully customize their products to meet the needs of their customers, which is why they are proud to announce that their ExpenseAnywhere Expense Management Solution is PPSA compliant.