A proposed CMS rule would require manufacturers of drugs, devices, biologicals and medical supplies covered by Medicare, Medicaid or the Children's Health Insurance Program to report payments or other transfers of value they make to physicians and teaching hospitals to CMS, according to a CMS news release.
The rule, which would also require manufacturers and GPOs to disclose physician ownership or investment interests to CMS, is part of the agency's ongoing efforts to increase healthcare transparency as part of the Affordable Care Act. The rule is intended to reduce the potential for conflicts of interest for physicians and teaching hospitals that have relationships with manufacturers.
Under the Affordable Care Act, violators would be subject to civil monetary penalties of $150,000 annually for failing to report and $1,000,000 for knowingly failing to report. CMS will accept comments on the proposed rule until Feb. 17, 2012, and will publish a final rule in 2012.
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The rule, which would also require manufacturers and GPOs to disclose physician ownership or investment interests to CMS, is part of the agency's ongoing efforts to increase healthcare transparency as part of the Affordable Care Act. The rule is intended to reduce the potential for conflicts of interest for physicians and teaching hospitals that have relationships with manufacturers.
Under the Affordable Care Act, violators would be subject to civil monetary penalties of $150,000 annually for failing to report and $1,000,000 for knowingly failing to report. CMS will accept comments on the proposed rule until Feb. 17, 2012, and will publish a final rule in 2012.
Related Articles on CMS:
CMS Issues Revised '30-Minute Rule' on Administration of Medication
Measure Applications Partnership Releases Quality Measures Under Consideration by CMS
CMS Targets Unnecessary Medical Technology, Devices