October 1, 2020 –
A recent Cutting Edge Information webinar—which you can view by clicking here—focused on some of the key considerations to account for when deploying healthcare provider (HCP) compensation rates across a life sciences organization. Examples of these considerations include whether to take a global- vs. country-specific approach in distributing fair market value (FMV) rates or whether to pay an HCP a flat rate for a given engagement vs. an hourly rate. Disseminating HCP compensation rates within an organization is not an exact science, and companies can approach this task in different ways.
Two polls conducted during the webinar explored how attendees deploy HCP compensation rates within their organization. Results for both polls show that respondents’ deployment methods are mixed. For example, when asked whether their company uses hourly or flat fee FMV rates, two-thirds of the audience deploy a combination of flat and hourly rates, while the remaining third only use an hourly rate.
The second poll question focused on bucketing FMV rates into different titles and groups. To make rate cards more accessible for end users, some teams may choose to aggregate rates for similar titles and therapeutic areas into a single rate or a range of rates. When asked if they had any interest in bucketing their FMV rates, webinar attendees’ responses were diverse. One-third reported that they already use bucketed rates, and a similar percentage (25%) said they have no interest in the practice. The final portion of poll respondents answered that they have varying degrees of interest for creating and distributing bucketed rates.
These webinar polls hint at the unique ways in which a company can handle rolling out HCP compensation data. Key decisions for FMV deployment don’t stop with fee structure or aggregating rates, either. Additional questions surrounding format, HCP logistics, and tiering are just a few factors that have a bearing on FMV deployment.
If you would like to know more about our recent FMV webinar or would like information on future webinars, click here to contact us. We also welcome questions regarding any aspects of FMV data, including HCP compensation deployment or rate cards.
ABOUT THE AUTHOR
Todd Middleton is a senior research analyst at Cutting Edge Information. In this position, he provides qualitative FMV information for in-house and external use to ensure compliant HCP engagements. As an analyst, Mr. Middleton affirms that accurate data, in combination with topical research, can ensure successful life science company compliance. He is a graduate of the College of Charleston.