Healthcare Alert: Better Late than Never - The Sunshine Act Final Regulations are Finally Here!: Payments or Other Transfers of Value

“Payments or Other Transfers of Value”

Payments or Other Transfer of Value Must Have a Discernible Economic Value.In the Final Rule, CMS interprets value as the discernible economic value on the open market in the United States. Applicable manufacturers are allowed flexibility to determine value, and CMS outlines some guidelines to assist manufacturers. First, payments or other transfers of value that have a discernible economic value generally must be reported, even if they do not have a discernible economic value for the covered recipient specifically. Second, a payment or transfer of value must be reported, even if a covered recipient does not formally request the payment or other transfer of value. CMS notes that all aspects of a payment or transfer of value, including tax or shipping, should be included in the reported value. All applicable manufacturers must make a reasonable, good faith effort to determine the value of a payment or other transfer of value, and may include their methodology and assumptions in the applicable manufacturer's voluntary assumptions document.

Please see full alert below for more information.

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Topics:  CMS, Covered Recipients, Failure to Report, Final Rules, Medicare, Payment Records, Sunshine Act, Transfers of Value, Transparency

Published In: Health Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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