Most organizations operating in the healthcare industry in the United States are struggling with the implications that have emerged from the implementation of the new Physician Payment Sunshine Act.
Every company has some kind of a system tracking their professional spend. Unfortunately, most of the current available systems are not in line with the wide-sweeping Physician Payment Sunshine Act regulation. As a part of this act, healthcare providers/doctors need to track all their gifts, travel spend, meals, in-kind contributions from patients, fees, and more. Tracking and reporting physicians’ spend has become a tedious task not only for companies in the healthcare industry but also for the doctors. And the main challenge here is that penalties ranging from $1000 to $100000 are applicable for failing to report expenses.
With so much at stake, it is now necessary to get a flexible and automated expense reporting tool that is compliant with the Sunshine Act and can:
Streamline the entire expense reporting process
Be flexible enough to allow every individual to enter each meal, grant, gifts, and more, and upload it to cloud database
Generate custom-reports
Configure alerts for expense thresholds
Set cost limits per attendee for a specific expense
Generate reports on specific attendee and their costs associated to unique expense
Perform cost-aggregations
Expense reporting technology helps companies stay compliant with all rules and regulations including the Sunshine Act, leveraging highly customizable fields, setting rules, and reporting.
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