As physicians and their advisers finish up tax season, the information on who earned how much from drug company related programs is fresh in our minds. Many physicians may need to file reports with the hospitals on which they have staff privileges. If so, Marcum can assist in complying.
For the first time, the government will make information about financial relationships between doctors, teaching hospitals and drug manufacturers publicly available.
To comply with a provision in the Affordable Care Act, drug and device manufacturers, along with group purchasing organizations, will have to disclose all of their payments and other compensation to physicians and teaching hospitals. Those who don't comply could be fined.
The information will be gathered beginning in August and disclosed by Sept. 30, 2014 on a new website of the Centers for Medicare & Medicaid Services. The site is part of the National Physician Payment Transparency Program, an effort to bring the financial relationships to light.
The possible conflict of interest that occurs when physicians receive gifts and incentives from drug companies has made news for the past few years. Dr. Charles Nemeroff, former Department of Psychiatry chairman at Emory University, earned $2.8 million by speaking and consulting for drug companies over seven years. An article in the Economist in March said drug companies spent more than $24 billion marketing to doctors in 2012.Source: Physician News Digest