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June 2024 Compliance Calendar's Important Dates

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June 2024 Compliance Calendar's Important Dates
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In the realm of business operations, meeting regulatory deadlines is paramount. Here, we outline key deadlines for June 2024 that your company must adhere to stay compliant with various regulations and avoid penalties.

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Prescription Drug Data Collection Report Due June 1, 2024

The Centers for Medicare & Medicaid Services (CMS) requires an annual submission of prescription drug data from health plans. This reporting helps maintain transparency and accountability in prescription drug spending.

Ensure your health plan's annual prescription drug data collection report is submitted to CMS by June 1, 2024. Since this date falls on a Saturday, CMS may allow submissions until the next business day, June 3, 2024. Under a transparency law, employer-sponsored health plans and health insurance issuers must report their prescription drug spending to the federal government annually. This process is known as the "prescription drug data collection" (RxDC report). Most employers depend on third parties, such as issuers, third-party administrators (TPAs), or pharmacy benefit managers, to prepare and submit the RxDC report on their behalf.

Steps to Ensure Accurate and Timely Submission

  1. Review Reporting Requirements: Familiarize yourself with the specific data and documentation required for the RxDC report. This includes details on prescription drug spending, utilization, and pricing.

  2. Choose a Reliable TPA: Select a third-party administrator or pharmacy benefit manager with a proven track record in RxDC reporting. Ensure they are well-versed in the latest CMS guidelines and requirements.

  3. Gather Necessary Data: Collect all relevant data from your health plan, including information from issuers and pharmacy benefit managers. Accurate and comprehensive data collection is crucial for a successful report.

  4. Set Internal Deadlines: Establish internal deadlines well ahead of the CMS submission date to allow ample time for data review and report preparation. This will help avoid last-minute issues and ensure a smooth submission process.

  5. Review and Verify Report: Before submitting the RxDC report, conduct a thorough review to verify the accuracy of all information. Cross-check data against source documents and ensure compliance with CMS guidelines.

This month was fairly short regarding compliant dates, but nonetheless important. If you're interested in learning more about your Payroll Department contact a TPG Payroll & HR Specialist at 909.466.7876 today for more information!

Also, check out the latest updates in compliance regarding your business:

 

 
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