BELLINGHAM, Wash., Feb. 23, 2016 /PRNewswire/ -- Sunshine Act Software announces the public release of its groundbreaking master data management tool for annual compliance reports submitted to the Centers for Medicare & Medicaid Services (CMS) Open Payments program.
The Affordable Care Act (ACA) requires pharmaceutical companies, medical device manufacturers and group purchasing organizations to identify and report their financial relationships with physicians and research hospitals to the CMS, which enables the public to explore the data. The Open Payments program was created to aid financial transparency and requirements in compliance with the ACA.
"I built the software to help honest companies who are burdened by this law due to the actions of bad players in the industry," says the founder, Randall Minter. "The CMS validation process is onerous and requires an incredible amount of data collection. One report alone contains 160 fields. Sunshine Act Software imports spend records from a variety of sources and maps them to the health providers' CMS-required data. Customers especially like that we can even perform the role of Data Submitter and upload data on their behalf."
The government mandate has created a nightmare for companies, who must piece together financial records, email and expense reports from multiple systems. SunshineActSoftware.com is an intuitive, easy-to-use Software as a Service (SaaS) platform that efficiently distributes the compliance task across the whole organization. The cloud-based service enables Sunshine Act Software accessibility through the Web and mobile browsers. A convenient iPhone app also empowers sales reps to manage expenses and snap photos of receipts, even offline.
CMS estimates that "the average burden of the reporting requirements will be about $80,000" per company and cost the industry $193,037,104 in year one alone. Non-compliant companies can be severely penalized with fines up to $1.15 million.
Sunshine Act Software has reported over $9 million of transfers to the CMS, says Minter. "We help companies comply at a fraction of the government's estimated cost, while adding value with data analytics to guide better business decisions."
"Sunshine Act Software became part of our team," reports Dorinda Sandvig, an accountant for a medical device company. "The government site can be overwhelming with tons of details to wade through. We surveyed a half-dozen other options. They were expensive with features we didn't need. This program is customizable, easy on the eyes and bridged the gap between our systems and the CMS. Any questions were quickly answered, our company was compliant and we saved lots of money."
"We wanted a solution that would track, not only our employees' expenses, but also accounts payable to integrate with our accounting system," says Susie Russell, former Controller and Director of Administration at Visualase, Inc. "Sunshine Act Software made it possible for us to file our first report on time and accurately with ease."
Says Minter, "Our customers know they have an engineer at the helm to navigate them safely through the Open Payments process, even when technical problems arise with the CMS portal. With Sunshine Act Software, they receive the reliability they need, the care and attention they deserve and at a value that makes them very happy."
About Sunshine Act Software
Sunshine Act Software is a privately-owned software company that delivers powerful, intuitive and cost-efficient data compliance solutions for the Open Payments Program legislated by the Affordable Care Act of 2009. The company is committed to making it easy for customers to collect and accurately report value transfers in accordance with 42 CFR Parts 402 and 403.
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SOURCE Sunshine Act Software