Fair Market Value Analyst

Boston Scientific•Arden Hills, MN

2d•$65,800 - $125,000•Hybrid

About The Position

The Clinical Fair Market Value (FMV) Analyst at Boston Scientific plays a pivotal role in establishing fair market value rates for study activities as part of the clinical site startup process. This position helps ensure excellence in FMV operations by developing comprehensive documentation that supports the negotiation of budget parameters with clinical sites. In this role, you will build and review clinical trial budgets globally while adhering to applicable regulatory standards. You will also review escalated fees that exceed established parameters, evaluate site-provided rationale and justification, and help ensure compliance with organizational standards.

Requirements

Bachelor's degree in science, health care administration, business, finance or a related field, or equivalent professional experience.
Minimum of 3 years' experience in roles involving budget development, ideally within clinical research or a health care-related field.
Familiarity with federal regulations related to health care payments and payments to physicians, Good Clinical Practice (GCP), and applicable global regulatory standards.

Nice To Haves

Effective time management skills, including the ability to independently prioritize multiple concurrent workstreams, such as budget creation, budget revisions and escalation processing, across multiple clinical trials.
Ability to work independently, demonstrate initiative and apply sound judgment to proactively identify and resolve compliance, regulatory and process risks.
Strong analytical and organizational skills, with the ability to interpret complex clinical trial protocols, regulatory standards and supporting documentation.
Ability to synthesize information from multiple sources and communicate clearly, professionally and objectively in English, both verbally and in writing, with cross-functional stakeholders and external partners.
Strong interpersonal skills and a proactive, customer-focused approach, with the ability to think critically and build trusted relationships across functions.
Ability to work under general direction, exercise judgment in complex situations and determine appropriate actions or solutions.
Working knowledge of business and industry practices and organizational processes, with the ability to apply functional and technical knowledge to accomplish objectives.

Responsibilities

Develop and maintain budget negotiation ranges for study activities based on protocol-driven procedures, time and effort, ensuring alignment with industry standards and global regulatory requirements.
Read and interpret clinical trial protocols to identify procedures and assessments requiring reimbursement in trial budgets and those that may be considered standard of care, consulting with trial teams as needed.
Identify appropriate Current Procedural Terminology (CPT) codes to price protocol-required procedures and collaborate with cross-functional partners or consultants to accurately price complex procedures.
Identify applicable administrative fees based on clinical trial phase, disease indication and therapeutic area.
Use data platforms and software to compile cost data for administrative, procedural and per-patient fees in company-required templates, establishing reimbursement ranges for negotiation and escalation decisions.
Collaborate with clinical trial teams and cross-functional partners to identify and implement solutions that enhance operational efficiency and expedite budget development.
Lead discussions to review budget documentation, ensure alignment with protocol requirements, gather feedback from contract and budget specialists, and coordinate with data management and clinical IT teams on payment programming requirements.
Review and analyze escalated fees that are not included in or exceed established parameters, evaluating site-provided rationale and supporting documentation for compliance.
Use data platforms to perform additional analysis using site-specific information and critically evaluate overlapping, duplicative or unnecessary services and fees that may fall outside fair market value parameters.
Clearly communicate the rationale for declining fees and objectively document requests that exceed fair market value to support informed decision-making by trial teams, legal partners and other cross-functional stakeholders.
Apply risk-based approaches to FMV processes, proactively identifying potential challenges and recommending innovative, adaptable and compliant solutions.
Identify areas where incomplete information could affect downstream contract and budget negotiations, data management, clinical IT or payment processes, and collaborate with partners to develop solutions.
Communicate effectively with internal and cross-functional stakeholders, providing clear updates regarding deliverables, timelines, risks, pricing analyses and escalation approvals.
Monitor market trends, pricing data and regulatory changes to help maintain competitive and compliant FMV rates.
Compare pricing and cost data across similar clinical trials and information gathered through escalations to identify cost trends and inform trial budget development.
Monitor applicable federal and regulatory standards for potential impacts on clinical trial activities and payments related to research services, consulting functional partners as needed.
Participate in the development and refinement of FMV policies, procedures and processes to improve operational effectiveness, collaboration and compliance.
Share knowledge and best practices across the team and assist with training and onboarding new team members on FMV processes.
Maintain accurate and organized documentation of FMV budget creation, escalation reviews and related activities to support audit and reporting requirements.
Build collaborative, trust-based relationships with internal and cross-functional stakeholders to enhance understanding, visibility and transparency of FMV processes.
Provide clear and concise communication regarding the interpretation of contract terms and payment language contained within budget exhibits to trial teams, contract and budget specialists, and external partners as requested.