Several states and the federal government require Life Sciences companies to track and report interactions with healthcare providers and organizations. Reportable interactions may include the provision of educational items and meals, honoraria payments, grants and sponsorships.
Compliance professionals must prepare for and comply with complex tracking and reporting requirements, including laws that restrict interactions, limit spending, and establish specific reporting parameters and formats. To meet the terms of these diverse requirements, Life Sciences companies must create and follow processes that facilitate the capture and communication of accurate information.
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From the CMS.GOV website, "Sometimes, doctors and hospitals have financial relationships with health care manufacturing companies. These relationships can include money for research activities, gifts, speaking fees, meals, or travel. The Affordable Care Act requires CMS to collect information from applicable manufacturers and group purchasing organizations (GPOs) in order to report information about their financial relationships with physicians and hospitals. Open Payments is the federally run program that collects the information about these financial relationships and makes it available to you. View the summary data dashboard for an overview of the published data."