It’s no secret that, for Life Sciences companies, the Open Payments submission process is a huge pain — and can have major consequences if not appropriately managed.
If you don’t have all of your ducks in a row, you’re setting yourself up for a messy road ahead. Making sure you have everything you need in time for the March 31st submission deadline is crucial if you don’t want to end up as the giant office stress ball. If you’re stressed about Open Payments, your employees will be stressed about Open Payments, and the physicians and teaching hospitals you’re reporting on will probably end up stressed, too.
Piles of receipts accumulated throughout the year need to be collected and translated into reportable files, with the appropriate employee name, company name and address, NPI, transfer of value amount, payment date, category, and description of the payment form included for each transaction. These files need to then be uploaded, either manually or via CSV file, to submit to the Centers for Medicare & Medicaid Services.
If disputes start rolling in from physicians or teaching hospitals after you’ve submitted, you’ll need to have those disputed records handy so that you can solve any outstanding issues before it’s too late. You only get 15 days to prove that you’re in the right, so it’s best to be quick about it.
But there is a better way to handle Open Payments process problems! Streamlining the entire process by tracking everything with a single solution simplifies every step from start to finish. You’ll be able to cut down the time it takes it complete all of the busywork, access your company’s transaction records whenever you need them, and, as a result, feel the stress that usually comes with submissions melt away.
With a streamlined, cloud-based solution, you and your team can:
- Digitally track every reportable transaction at the point of sale using Automated Receipt Processing.
- Store the required information for each of those transactions, including the payment category and NPI, in one place.
- Pull every single reportable record into a CMS-approved CSV file for an easy, on-time submission.
- Digitally retain date and time-stamped transfer of value records, accessible by desktop or mobile, to quickly solve any disputes.
There is an easier way for Life Sciences companies to submit for Open Payments. Check out our handy infographic to make sure you’re on track for submission success: