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RESEARCH TRIANGLE PARK, NC--(Marketwired - June 03, 2015) - Physician fair market value (FMV) rates historically based on salary data now consider a variety of factors when determining payment schedules, including geographic region, tier designation, specialty area and company type. According to a report by primary intelligence provider Cutting Edge Information, determining FMV by geographic location has great variability.
The average base hourly rate for a key opinion leader (KOL) in the United States is $356 per hour and is followed closely by Japan ($323 per hour) and Australia ($296 per hour). In large parts of Asia, however, the average rate is $92 per hour.
"The standard centers of life sciences activity tend to pay more than other regions," said Jason Richardson, president and CEO at Cutting Edge Information. "However, basing FMV rates on a variety of considerations -- company size, KOL tiering, and specialty area in addition to geography -- helps ensure consistent and defensible fee schedules that will withstand regulatory scrutiny."
Use Global Key Opinion Leader Compensation 2015,
available at http://www.cuttingedgeinfo.com/research/medical-affairs/thought-leader-fmv-physician-fee-schedules/, to stay compliant and keep pace with the rapid, worldwide formalization of FMV processes and legislation, as well as to determine whether company FMV payments for specialists and non-MDs are defensible and clear. Other key questions answered by this report include:
To learn about Cutting Edge Information's fair market value service, please visit http://www.cuttingedgeinfo.com/physician-fair-market-value/.NEXT ARTICLE