Life science organizations account for a number of variables when deciding on an accurate FMV payment for contracted HCPs. It’s a process that — at some point — involves confirming the title of an HCP in the context of a company’s engagement.
A key factor in verifying a doctor’s title for FMV purposes stems from their personal career development. Accomplished HCPs often hold multiple titles at the same time or move from one position to another in a short span of time. For example:
- Specialist doctors within hospitals — e.g., neurologists, cardiologists, hematologists — can also hold the title of medical director or other general, high-ranking positions. Depending on their need, companies that encounter this scenario decide on whether they will contract the HCP as a specialist or as medical director.
- On a similar note, a prospective HCP may have different titles over a short period of time. This typically takes place within the same therapeutic area or title — think of a registered nurse who becomes a nurse practitioner (NP) or a pharmacist that becomes a hospital pharmacy manager.
Policies that address FMV compensation often provide instructions for determining HCP title. A common guideline is setting a time limit for an HCP with multiple, former titles. Like an expiration date, some policies may recommend against contracting a title if the doctor associated with it hasn’t worked in that role for a set number of years.
Questions about HCP titles or our services? Contact us directly.