Why Doesn't MiMedx Report Open Payments Data?
Posted on January 26, 2018 by Medtech[y] Staff
We recently wrote about Marc Cohodes questioning MiMedx CEO, Parker Petit, at the JP Morgan Healthcare Conference earlier this month.
Since the meeting, both MiMedx and Marc Cohodes have defended their positions via Twitter and websites that each party have setup. You can check them out for yourself:
With no information aside from what has been written on Twitter and the above websites, we have no idea who is right and who is wrong.
With that said, these accusations (and entertainment) have peaked our curiosity enough to look into the Open Payments Data for MiMedx as the 2016 Open Payment numbers were released earlier this week.
For those not familiar with Open Payments Data, here is a definition from the CMS Open Payments Data website:
Open Payments is a national transparency program that collects and publishes information about financial relationships between the health care industry (i.e. drug and device companies) and providers (i.e. physicians and teaching hospitals). These relationships may involve payments to providers for things such as research, meals, travel, gifts, or speaking fees. One of the ways that the Centers for Medicare & Medicaid Services (CMS) provides data to the public is through this search tool, which allows the public to search for physicians and teaching hospitals receiving payments, as well as companies that have made payments.
The purpose of the program is to provide the public with a more transparent healthcare system. All information available on the Open Payments database is open to personal interpretation and if there are questions about the data, healthcare consumers should speak directly to the healthcare provider for a better understanding.
With a quick and simple search, we found out there is no Open Payments data for MiMedx.
Ok, that's odd. We've never known a medical device company to not have data to report to the database as all medical device companies reimburse physicians throughout the year for things such as consulting and expenses incurred flying to a training seminar put on by a company.
These are all normal and legal expenses which is why it is odd that a company doesn't have anything to report.
Maybe we just don't understand what they sell so we checked out one of their competitors, Organogenesis. We know they are competitors because they were suing each other a couple of years back.
That's fair enough.
They compete so they must call on the same customers and have somewhat similar sales practices as Organogenesis.
So what comes up when you search for Organogenesis on the Open Payments website?
In 2016, Organogenesis reported ~$1.3 million and 11,100 transactions to the CMS Open Payments Data website. That is a stark difference between the data from the MiMedx search.
What is the reason that MiMedx doesn't have data to submit to the CMS database? Could they be listed under another company name that we are not familiar with? Maybe.
If they didn't report, it would be interested to understand the reasons why.
Feel free to share your thoughts on our anonymous MiMedx Message Board.