Final Rule on Physician Transparency of Gifts and Investments Issued

A final federal rule requires drug, device, biological and medical supply manufacturers to annually report payments or other transfers of value to physicians and teaching hospitals.

Certain manufacturers and group purchasing organizations also must report physician ownership or investment interests, with payment and ownership information to be posted on a public Web site.

The Centers for Medicare and Medicaid Services has issued the “physician transparency rule”, available here with official publication on Feb. 8. The Affordable Care Act mandates the rule, which the Medicare Payment Advisory Committee recommended enactment of in 2009 to better identify conflicts of interest that could affect treatment decisions.

“The rule details what constitutes an ownership or investment interest for purposes of the reporting requirements, and defines for whom they must be reported,” according to the rule. “The rule also clarifies the content for the ownership or investment interest report.”