PYA’s valuation experts provide fair market value (FMV) compensation opinions for a wide range of financial arrangements entered into by physicians, hospitals, and other healthcare entities. Most often, our reviews are used to help ensure that compensation arrangements comply with the Stark Law and the Anti-Kickback Statute, including their commercial reasonableness requirements, and any other regulations governing transactions in the healthcare industry.


Our experience in this area comes from performing hundreds of FMV studies annually. FMV is determined on a case-by-case basis by examining the facts and circumstances of a proposed deal as well as the relevant market for the services or products being provided. We provide our clients with a comprehensive opinion that begins with the most current market data available and is supported by our specialized knowledge, extensive expertise, and a review of a multitude of other factors which determine FMV compensation.


PYA has performed FMV studies on all types of physician specialties as well as physician and hospital arrangements such as:

  • Employed Physician Compensation
  • Medical Directorships
  • Call Coverage Compensation
  • Clinical Co-Management Agreements
  • Consulting Agreements
  • Professional Clinical Services (such as Diagnostic Interpretation)
  • Space, Equipment, and Staff Leasing
  • Financial Subsidies
  • Income Guarantees
  • Joint Ventures
  • Management Agreements
  • Professional Services Arrangements
  • Quality Incentive Programs
  • Recruitment Incentives
  • Non-Monetary Compensation
  • Isolated Transactions

Tools and Checklists

Commercial Reasonableness Checklist
Appraisal and FMV Checklist for Attorneys
Physician Contract Review Checklist