|By Business Wire||
|October 7, 2013 07:22 AM EDT||
RxVantage, a healthcare technology company with an innovative cloud-based platform that enables physicians' practices to streamline and improve their relationships with pharmaceutical and other medical sales reps, today announced the addition of The Sunshine Act Tracker™ to the suite of online features and tools that make up its proprietary technology platform.
Key functionality of the enhancement includes the ability for practices to capture and run reports on transfers of value from manufacturers to their physicians; for example, the dollar value of meals served during educational presentations. Physicians have the option to review and, if need be, contest the data that manufacturers will report to CMS, prior to it being made public. With this data organized on RxVantage.com, physicians and practice administrators have a comparison set against which to measure manufacturer data for accuracy.
The goal of The Sunshine Act is to encourage greater transparency about the financial interactions between physicians and the industry. Final rules were released earlier this year stating that manufacturers are now required to report on payments, meals, and other transfers of value provided to physicians, and beginning in September of 2014, the data will be published on a public website created by CMS.
“Though physicians understand that the value they get from manufacturers in the form of education creates value for their patients in the form of better care, they want to ensure that the numbers reported about them on the CMS website are accurate,” notes Dan Gilman, president of RxVantage. “The Sunshine Act Tracker enables practice administrators to track transfers of value, down to the penny, for each physician, directly in the system they already use to efficiently schedule rep visits in their practice.”
In less than 30 seconds, the practice administrator can record all transfers of value associated with an appointment booked through RxVantage.com. In one common example, when a modest meal is served during an educational presentation to the doctors and staff, with a few clicks, the admin can record the cost of the meal, the caterer, the office staff and providers who attended, and the products that were discussed. The time and date of the appointment, rep name and contact info, and manufacturer name are already recorded in RxVantage, and this will be combined with the practice-entered data to create precise reports.
During the period in which physicians are able to review the data manufacturers plan to submit to CMS, but before they actually submit it, RxVantage will provide the only comparative source of data for physicians. If errors are present, practices using RxVantage can correct the record, while those using paper calendars can either seek to recreate the data by hand, or concede that the rep entered data was accurate.
RxVantage is a venture capital backed, Los Angeles based healthcare technology company with an innovative cloud-based platform that enables physicians' practices to streamline and improve their relationships with pharmaceutical and other medical sales reps. The platform includes a rules-based rep scheduling application and a suite of software tools designed to make requesting samples and communicating with medical reps markedly more efficient. The technology also features an up-to-date, centralized directory of patient assistance programs and a comprehensive drug coupon database, powered by RxAssist, which greatly simplifies the practices' task of researching prescription medication information on behalf of its patients. For more information, visit www.rxvantage.com or call 866-464-2157.