The American Medical Association reminds physicians that reporting of financial arrangements with industry stakeholders starts on August 1 as the Physician Payments Sunshine Act goes into effect.
The stakeholders with which physicians may have financial relationships include other physicians, hospitals, and drug and device manufacturers, among other businesses. The Centers for Medicare and Medicaid Services will begin to publish information on the interactions in September 2014.
AMA has a Physician Sunshine Act Tool Kit to aid members in complying with the law. The kit includes a Web seminar available to all physicians. The association further urges physicians to ask organizations they have a financial relationship with for the opportunity to review and correct if necessary information that is being reported to CMS.
Starting in January 2014, physicians can register with CMS to receive a report on their activities each June for the prior reporting year. CMS also recently introduced free mobile apps to help physicians and businesses track financial relationships.
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