The Sunshine Act for all business organizations was passed in 1976. This was done to bring about some transparency in the dealings between the governmental agencies and the people. In 2010, the Physician Payment Sunshine Act was enforced as a law for the healthcare industry. All physicians and medical manufacturing companies make sure they adhere to this law latest by 2013.

The Sunshine Act is new and has brought about a few changes in the healthcare system. It has greatly affected the dealings between medical practitioners and medical device and drug vendors. Here are four main things that the act requires from them.

– The act mandates the recording of all the business and financial dealings between medical vendors and physicians. All the details of payments made or received between both the parties are to be recorded and reported. This is done mainly ensure that all the dealings in the healthcare industry are legal and to identify any loopholes.

– Annual reports must be sent to the Health and Human Services. The reports need to be electronic and must include all the information about payments received by physicians, such as amount, nature of payment, and so on. If any information is intentionally left out, severe fines are levied on the wrongful party.

– These annual reports must include details of the transactions, like form of payment (cash, check, gift, charity, consultation fee, etc.), vendor ID, date, physician details (name, address, specialty), and the name and cost of drug or product received. In case an amount exchanged is less than $10, it does not need to be included in the report. If any information is found to be withheld, the organizations involved will have to face the penalty.

– The passing of this law has ensured there is transparency between the medical practitioners and vendors, and the general public is able to see clearly what is happening in the healthcare industry. It gives them clarity to understand the reasons physicians prescribe the medicines they do. The physicians will not be able to abuse their power as they will be accountable to their patients and the public. They will not be pressurized by drug vendors, but will prescribe medicines with only their patients’ well beings in their mind. All the information about the dealings will be available to the public via the internet.

The Sunshine Act has caused quite a stir within the U.S healthcare system. Not everyone is in favor of this act being passed. Many healthcare organizations and companies have appealed against it. They say that it will change the entire course of the healthcare industry as they know it.

Nevertheless, The Sunshine Act is in place and all medical professionals must be aware of its guidelines. The Sunshine Act training is being offered by various training institutes and it is good to attend it. You can also read up about it online. Training is essential because it keeps you aware of the guidelines and rules.

For more information, please visit our Texas HB300 website http://www.hipaaexams.com/sunshine-act.asp

For more information, please visit our Texas HB300 website.

For more information, please visit our Texas HB300 website http://anype.com/SURF/http://www.hipaaexams.com/sunshine-act.asp

Author Bio: For more information, please visit our Texas HB300 website.

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