Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) launches fmvNOW, a self-service, online fair market value rate tool to help life sciences companies quickly analyze compensation rates paid to healthcare professionals.
“Medical device, pharmaceutical and biotechnology companies continue to face increased risk both in the U.S. and abroad associated with anti-kickback and anti-bribery regulations, as well as within the global supply chain,” said Mark Scallon, Baker Tilly life sciences consulting principal. “Among these regulations are requirements for companies to pay external healthcare professionals and other constituents in the global healthcare system fees deemed to be the fair market value for their services. However, determining these rates is not always easy.”
Baker Tilly’s fmvNOW tool provides life sciences companies access to global fair market value rates across the broad spectrum of healthcare specialties and key opinion leader tiers, and serves as the delivery mechanism for the output of the overall healthcare provider fair market value rate analysis. fmvNOW enables life sciences companies to:
- Access country-specific regulatory rates on-demand.
- Convert rates from the country’s local currency to U.S. dollars or Euros.
- Connect with Baker Tilly’s fair market value specialists.
- Rely on documented methodology that is defensible to regulatory inquiries.
“We understand the need for life sciences companies to have a more simplified approach to assessing fair market value rates paid to healthcare professionals for speaking and consulting engagements,” said Samantha Sutherland, Baker Tilly senior manager and lead fmvNOW product developer. “Baker Tilly’s fmvNOW solution enables management to easily and quickly determine fair market value compensation rates so they can focus their efforts on areas of greater risk and complexity.”
Learn more about Baker Tilly’s fmvNOW tool at bakertilly.com/specialties/fmvnow.
About Baker Tilly US, LLP (bakertilly.com)
Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm, providing clients a genuine coast-to-coast and global advantage with critical mass and top-notch talent in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 36,000 professionals and a combined worldwide revenue of $4.0 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.