The current cycle of hospital-physician integration has created high demand for appraisals of physician compensation in employment arrangements. While the prevailing techniques for valuing these arrangements are based on physician compensation surveys and physician work relative value units (WRVUs) used in Medicare, questions are arising regarding these data's reliability and the values resulting from its use. In Part 10 of BVR's Online Symposium on Healthcare Valuation, appraiser Timothy Smith argues that overuse and overreliance on the surveys and WRVUs has led to compensation levels that are unsustainable and questionable from a fair market value perspective. Hear Smith present his case for relying less on the market approach and more on the cost and income approaches to derive more accurate and reliable determinations of reasonable physician compensation.