CMS Plans to Publicly Disclose Financial Dealings between Doctors and Drug and Medical Device Manufacturers

The U.S. Centers for Medicare & Medicaid Services (CMS) have issued a proposed rule requiring drug and device manufacturers that participate in Medicare, Medicaid, or CHIP to disclose financial relationships with participating health care providers. CMS will collect the information and make it publicly available starting in September 2013.

CMS asserts that such disclosures lessen the chances that a provider’s clinical judgments will be inappropriately influenced by personal financial interests. By law, those who fail to report are subject to annual fines of up to $150,000; the fine is $1,000,000 for those whose conduct is intentional.