The Federation of State Medical Boards

What The Federation of State Medical Boards does

The Federation of State Medical Boards (FSMB) is a national nonprofit founded in 1912 that serves as the representative body for the 70 allopathic and osteopathic medical licensing boards across the United States, its territories, and the District of Columbia. Headquartered in Euless, Texas with a government affairs office in Washington, DC, the organization operates a portfolio of interconnected regulatory and data products: the United States Medical Licensing Examination (USMLE) co-sponsored with the National Board of Medical Examiners; the Federation Credentials Verification Service (FCVS), a lifetime credential repository accredited by NCQA; the Uniform Application for multi-state licensure; the Physician Data Center (PDC), a centralized database covering 1.2 million+ physicians and PAs; and DocInfo, a free public physician search tool. Supporting services include the Special Purpose Examination (SPEX), the Post-Licensure Assessment System (PLAS), continuing medical education accredited by ACCME, and advocacy on policy issues including AI in medicine, telemedicine, and licensure compacts.

FSMB generates revenue through a diversified mix of transaction-based and recurring streams. Examination fees for USMLE Steps 1, 2 CK, and 3 (priced at $695, $695, and $955 respectively) and ancillary services such as eligibility extensions and score rechecks constitute a major usage-based revenue line tied to the flow of medical school graduates and internationally trained physicians. Credentialing services (FCVS), PDC query services priced at $9 per Standard Profile and $12 per Premium Profile (both including 12 months of continuous monitoring), CME joint-providership accreditation, and bulk data licensing for high-volume institutional users supplement transactional income, while membership dues from state boards provide a stable base. Distribution is multi-channel: self-serve portals (USMLE, myFCVS, DocInfo), enterprise dashboards (PDC), API and managed file transfer integrations for state boards and healthcare organizations, and event-driven engagement through the annual meeting and Board Attorneys Workshop. Pricing is publicly disclosed and consumption-based, with auto-generated monthly invoicing for institutional credentialers.

The customer base is structurally anchored in the 70 state member boards but extends to a much larger downstream constituency of physicians (1.08 million tracked in the 2024 Census), credentialing professionals at hospitals and health systems, and the general public. Recent strategic activity centers on (a) positioning FSMB as the convener for AI regulation in medical practice through a new workgroup established in May 2026, (b) a major platform revamp of the Physician Data Center in 2026, (c) expansion of federal advocacy capacity with the June 2026 hire of a Senior Vice President of Government Affairs, and (d) support for growing interstate licensure compacts (IMLC and the PA Compact, which reached 25 enacting states in June 2026). The organization is privately held as a nonprofit and does not publicly disclose revenue.

Name

The Federation of State Medical Boards

Legal name

Federation of State Medical Boards of the United States, Inc.

Website

https://fsmb.org

Company type

Private

Founded year

1912

Operating status

Operating

Headcount range

251–500 employees

Short description

The Federation of State Medical Boards (FSMB) is a national nonprofit founded in 1912 that represents the 70 U.S. medical and osteopathic licensing boards. It operates the USMLE examination (with NBME), the FCVS credential repository, the Physician Data Center covering 1.2 million+ physicians, and provides advocacy, data, and education to state boards, physicians, and credentialers.

Ownership category

akta.pro rank

Product category

Medical Regulation Services

NAICS

Business Associations (813910), Professional Organizations (81392)

SIC

Services-Health Services (8000)

akta.pro primary industry

Healthcare Clinical Professions (CME/CE for Nurses, Allied Health, Pharmacy) (EDAAALAC)

akta.pro secondary industry

Healthcare & Clinical Professional Development (CME/CE) (EDAGANAJ)

Keywords

• Medical licensure services
• Physician credential verification
• Medical board data
• Licensing examination administration
• Physician data center

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Examination and Assessment Fees: FSMB charges examination fees for USMLE Steps (Step 1: $695, Step 2 CK: $695, Step 3: $955) and SPEX ($80 recheck fees, eligibility extension fees), as well as transcript requests.
2. Credential Verification Services: FCVS provides credential verification for physicians and PAs seeking licensure across multiple states, with associated service fees.
3. Physician Data Center Query Services: PDC provides licensure and disciplinary data queries to hospitals and healthcare organizations. Standard Profile costs $9.00/physician with 12 months monitoring; Premium Profile costs $12/physician.
4. CME Accreditation Services: FSMB, accredited by ACCME, provides joint providership of CME activities for non-accredited organizations, with accreditation service fees based on membership status.
5. Data Licensing: High-volume institutional users access comprehensive data files of physician licensure and disciplinary information through licensing agreements for system integration.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels10 records

Core offering

FSMB is a national nonprofit that supports the 70 state medical and osteopathic boards of the U.S. and its territories. It delivers the United States Medical Licensing Examination (USMLE), the Federation Credentials Verification Service (FCVS), the Uniform Application (UA), the centralized Physician Data Center (PDC) covering 1.2 million+ physicians and PAs, the free DocInfo physician search tool, CME accreditation through ACCME, plus policy research and legislative advocacy for state medical boards.

Product overview

The Federation of State Medical Boards provides a comprehensive suite of interconnected products and services supporting medical licensure, credentialing, and regulation. The core offerings include: the United States Medical Licensing Examination (USMLE) - a three-step exam sequence leading to medical licensure; the Federation Credentials Verification Service (FCVS) - a centralized credential repository for physicians and PAs; the Uniform Application (UA) - enabling license portability across multiple states; and the Physician Data Center (PDC) - a robust database of licensure and disciplinary information on over one million physicians. Supporting services include DocInfo (free physician search for consumers), Educational Modules and CME accreditation through FSMB's ACCME accreditation, the Special Purpose Examination (SPEX) and Post-Licensure Assessment System (PLAS) for competency evaluation, GME Records for Closed Programs, and Practitioner Direct for electronic credential submission. These products work together to support state medical boards in their mission of protecting public health through proper medical regulation, licensing, and discipline.

Differentiator

Problem solved

Functional benefit

Brands

• DocInfo: A free online physician search tool that provides background information on more than one million doctors in the United States, powered by the Physician Data Center.
• Physician Data Center (PDC)
• Federation Credentials Verification Service (FCVS)
• USMLE
• SPEX
• Uniform Application (UA)
• FSMB Foundation
• Interstate Medical Licensure Compact (IMLC)
• PA Licensure Compact
• PLAS

Products and services

• United States Medical Licensing Examination (USMLE) A three-step examination sequence (Step 1, Step 2 CK, Step 3) that physicians take during their education and training to demonstrate medical knowledge and qualify for medical licensure in the United States. Co-sponsored with NBME.
• Federation Credentials Verification Service (FCVS) A service that establishes a lifetime repository of verified core credentials (medical education, training, exam history, identity) for physicians and PAs, enabling reuse across multiple state medical boards. NCQA-accredited.
• Uniform Application (UA) A web-based application that enhances the nation's state-based licensure system by improving license portability and eliminating redundant data entry for physicians, PAs, and resident applicants applying in multiple states.
• Physician Data Center (PDC) A comprehensive database providing licensure, disciplinary, and demographic information on over one million physicians and PAs. Offers Standard and Premium profiles for credentialers to verify physician license history and regulatory actions, with continuous monitoring and disciplinary alerts.
• DocInfo A free online physician search tool for consumers providing background information on more than one million doctors in the United States, powered by the Physician Data Center.
• FSMB Education Services

Quantifiable outcome

• 40,000+ learners served through ACCME-accredited CME since 2017
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Accreditation Council for Continuing Medical Education (ACCME)coreStrategic or Co-development Partner · 1 January 2017FSMB is accredited by ACCME to provide continuing medical education for physicians. This accreditation enables FSMB to jointly provide CME activities for non-accredited organizations and serve as an accredited provider for state medical boards.
• National Board of Medical Examiners (NBME)coreStrategic or Co-development PartnerNBME is the co-sponsor of the United States Medical Licensing Examination (USMLE) alongside FSMB. Both organizations jointly develop and administer the examination series that leads to medical licensure in the United States.
• State Medical BoardscoreOthersFSMB serves as a membership organization representing all state medical licensing boards across the U.S. and territories. These boards provide licensure and disciplinary data to FSMB's Physician Data Center and rely on FSMB services for assessment, education, and advocacy support.
• The Joint CommissionmajorTechnology or IntegrationFSMB's FCVS credentialing service meets The Joint Commission's ten principles for primary source verification. The Joint Commission recognizes FSMB as meeting primary source equivalent requirements for state board and federal sanctions.
• National Committee for Quality Assurance (NCQA)majorTechnology or IntegrationFSMB's FCVS service holds NCQA Credentialing Verification Organization accreditation, ensuring compliance with national standards for credentialing verification.
• Interstate Medical Licensure Compact (IMLC)coreOthersFSMB supports the Interstate Medical Licensure Compact, which streamlines the licensing process for physicians who wish to practice medicine in multiple states. FSMB provides administrative support and advocacy for the compact.
• PA Licensure CompactcoreOthersFSMB supports the Physician Assistant Licensure Compact, similar to the IMLC, which facilitates multistate licensure for PAs. Rhode Island became the 25th state to enact the PA Compact in June 2026.
• International Medical Regulatory AuthoritiesminorOthersFSMB data sources include international licensing authorities alongside domestic state boards and federal agencies, enabling comprehensive credential verification for internationally trained physicians.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/theFSMB
• GitHubgithub.com/fsmb
• Facebookfacebook.com/Federationofstatemedicalboards
• LinkedInlinkedin.com/company/usmle

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles26 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about The Federation of State Medical Boards