March 31 is quickly approaching. Are you ready to report any direct payments or transfers of value to the Centers for Medicare & Medicaid Services (CMS)?
If not, be prepared to pay! You could receive a civil money penalty of not less than $1,000, but not more than $10,000, for each payment or other transfer of value or ownership or investment interest not reported. The total amount of civil money penalties will not exceed $150,000. Knowingly failing to submit payment information will result in a civil money penalty of not less than $10,000, but not more than $100,000, for each payment. The penalty will not exceed $1,000,000. Combined, penalties may not exceed $1,150,000.
ExpenseWire simplifies expense reporting and eliminates the need for complicated, time-consuming spreadsheets. Take control of your organization's expenses and ensure compliance to company policy — all online through a paperless solution. Contact us to learn more about the Sunshine Act and how you can track your health care (HCP) spend with our robust analytics.