Fair Market Value

WEBCAST ON CD

Sponsored by eLearning: Compliance Training for Pharmaceutical Sales Representatives

presented on March 25, 2008

The government is increasing its scrutiny of financial arraignments between physicians and pharmaceutical and medical device manufacturers—which means your company must step up its calculation and documentation of physician remuneration. Five orthopedic manufacturers recently learned the hard way that determining fair compensation for physician remuneration should be a top concern when they had to settle with the government for a combined $311 million. Four of these manufacturers also had to enter into deferred prosecution agreements.

Many pharmaceutical companies underestimate the necessity of complying with fair market value standards, and as a result they are lagging behind the provider industry. The legal and financial ramifications of improper financial arrangements with physician make this issue a priority.

Develop reasonable, compliant physician-arrangements

Listen to HCPro's 75-minute Webcast, Fair Market Value: Latest best practices for compliant physician arrangements. Healthcare compliance expert Robert A. Wade, Esq., will detail how companies can accurately calculate fair-market value (FMV), and will provide examples of good and bad practices. He will also detail methods for properly documenting all physician arrangements, including consulted arrangements, royalty arrangements, and product development arrangements.

At the conclusion of this Webcast, participants will be able to:

• Recognize the need to arrive at fair market value contracts in any physician financial arrangement
• Accurately document and calculate fair-market value
• Comprehend the consequences of ignoring fair market value concepts or improper recording them
• Maintain compliant documentation of fair market value payments to physicians

AGENDA

• Why is fair market value (FMV) relevant?
• Pharma industry
• Device industry
• Documentation of fair market value
• Types of arrangements in pharma and device industries where FMV is important
• General FMV principles
• Consulting/independent contractor arrangements
• Documentation guidelines
• Negative ramifications if FMV is not documented
• Restrictive corporate integrity agreements
• Fines and costs associated with monitors
• Q & A

MEET THE SPEAKERS

Robert A. Wade, Esq., Partner, Baker and Daniels, LLP. Mr. Wade concentrates his practice in representing a variety of healthcare clients. His specialization includes representing clients with respect to the Stark Law, Anti-Kickback Statute, False Claims Act, and Emergency Medical Treatment and Labor Act. Mr. Wade is a nationally-recognized expert in all aspects of healthcare compliance and he has experience in representing clients with respect to issues being investigated by the Department of Justice and the Office of Inspector General.

WHO SHOULD ATTEND THIS WEBCAST?

Pharmaceutical professionals, including:

• Compliance officers
• In-house legal counsel
• CEOs
• COOs
• Compensation managers
• Board members
• Finance officers
• Compliance analysts
• Committee members

PROGRAM MATERIALS

You will receive presentation slides and other materials that you can print and distribute to all of your peers at your location.

Purchase a CD of the program and listen when you can. It's also a perfect training tool for new staff or as a refresher for veteran staff.

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