Princeton, NJ (PRWEB) October 23, 2013
R-Squared Services & Solutions, Inc. (R-Squared), a leading developer of compliance software for the life sciences and healthcare industries, today announced a new relationship with HealthCare Appraisers, Inc., a pre-eminent Fair Market Value ("FMV") consulting and valuation services firm exclusively focusing on the healthcare and life sciences communities. The collaboration will allow users of R-Squared’s RADS® Compliance Platform to have real-time access to FMV data needed to ensure compliance with the myriad of state, federal and international anti-bribery laws.
Virtually all financial relationships between physicians and pharmaceutical and medical device manufacturers implicate the federal Anti-kickback statute in the U.S., and the Foreign Corrupt Practices Act (FCPA) and local laws in foreign countries. The ability to meet regulatory safe harbors and otherwise evidence compliance with these laws depends on the ability of the manufacturer to show that payments to healthcare professionals reflect the fair market value for the services performed. HealthCare Appraisers has developed sophisticated algorithms to determine the appropriate payment level based on the qualifications of the healthcare professionals.
“We are extremely pleased to integrate HealthCare Appraisers’ FMV calculator into RADS,” said Michael Bell, President and CEO of R-Squared. “They are leading experts in this field, and now with a few clicks of a mouse, our customers will have immediate access to their expert FMV data that can be used to set the FMV compensation rate for physicians, allied health professionals and other healthcare professionals around the globe. Further, this information is centrally stored within the comprehensive provider profile in our CiR2us customer master database—it’s a great fit,” he added.
“Our FMV calculator has been configured to operate seamlessly within RADS, and embedded in operational workflows. The combined solution provides for uniformity and consistency in FMV approach, which is exactly what is needed by compliance professionals within pharmaceutical and medical device manufacturers,” said Ann Brandt, Ph.D., Partner and Life Sciences Service Line Leader at HealthCare Appraisers. “Users will have efficient and timely access to FMV compensation data that is applied consistently across their financial relationships with healthcare professionals. We’re very excited about this integration and the capabilities it provides to life sciences companies,” she said.