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Valuing Trained and Assembled Workforces in Healthcare Provider Entities: A Deep Dive
When valuing trained and assembled workforce (TAWF) in healthcare provider entities, such as physician practices, imaging centers, hospitals, ASCs, and the like, many appraisers get it wrong. Experts Tim Smith and Angie Smith discuss the most common reason including a misunderstanding of the correct application of the cost approach as currently formulated in the professional literature or the nature of training for healthcare provider employees, especially for physicians. Often appraisers have not correctly analyzed functional ...
Valuation Techniques for a Physician Practice: Getting It Right
Anyone have two tens for a five? Long-accepted practices such as valuing return on investment and disregarding anecdotal “data” (as one proponent exclaimed: “Well, it is data!”) are being ignored in favor of quicker, cost-efficient “opinions” of value. We risk training an entire generation of appraisers in methods that fail to conform to finance theory, something akin to voodoo finance. For example, a hypothetical buyer will choose to “buy” rather than “build” an asset or ...
The New Stark FMV is a Game Changer: The Rejection of “Survey Says” for Stark-Compliant Physician Compensation
This two-part BVR webinar series provides a critical and in-depth assessment of the new definitions of fair market value under the regulations for the federal physician self-referral law commonly known as “Stark.” Many in the healthcare valuation industry have viewed the updated definitions, along with new commentary from the Center for Medicare & Medicaid Services (CMS), as promoting “business as usual” for healthcare valuation practice. Timothy Smith, however, begs to differ. Smith was a major ...
The New Stark FMV is a Game-Changer: Foundational Concepts and Valuation Methodology
This two-part BVR webinar series provides a critical and in-depth assessment of the new definitions of fair market value under the regulations for the federal physician self-referral law commonly known as “Stark.” Many in the healthcare valuation industry have viewed the updated definitions, along with new commentary from the Center for Medicare & Medicaid Services (CMS), as promoting “business as usual” for healthcare valuation practice. Timothy Smith, however, begs to differ. Smith was a major ...
CHIPS release updated Physician Practice Acquistion Resource book
Cleverley, William O., Ph.D., CPA, Patrick J. Knott, MBA, and Carson F. Dye. The 1997-98 Physician Practice Acquisition Resource Book. The Centerfor Healthcare Industry Performance Studies. 1550 Ol ...
The 1999/2000 Medical Practice Valuation Guidebook: Including the Influence of Managed Care
In addition to raising the bar on medical practice valuation, Mark Dietrich has written a text on physician practice management that is really three books in one.
Physician Shareholder Asserts Transaction Bonuses Breach Board’s Fiduciary Duties—Appeals Court Finds Them Just and Reasonable
A physician shareholder claimed that the fair market value of his one share (of 75 total shares) was undervalued when the physician practice was merged and sold to NAMM California, a company that develops and manages physician provider networks. NAMM paid $18 million in the merger, and over $12 million of that amount was paid to individual physician shareholders in the form of “transaction bonuses.” The remaining almost $6 million was paid pro rata to the shareholders. The plaintiff appealed the judgment of the California trial court, but the appellate court deemed the transaction bonuses as “just and reasonable” and affirmed the trial court.
PPMC discount rate jumps from 12.97% to 16.35%; total PPMC market capitalization plummets 70.1%
We first introduced our readers to Physician Practice Management Companies in the May 1996 issue of Business Valuation Update . At that time, guest interviewee Rick Holdren considered the medical p ...
Data for valuing medical practice goodwill
The Goodwill Registry 2004, created by The Health Care Group®, serves as an important tool for accurate valuation of goodwill in the medical industry.
Spotlight on Healthcare: Top Five Drivers of Value for a Medical Practice
The recent shift back to hospitals purchasing physician practices has elicited much discussion about what a physician practice is worth and what drives the value of the practice. While valuing entities that operate in the healthcare industry is anything b ...
Damages Expert’s ‘Before/After’ Lost Profits Analysis Bolsters Plaintiff’s Defamation Case
In defamation and business disparagement case against former employer, appeals court affirms jury award to cardiovascular surgeon compensating for injury to reputation and lost profits; expert’s before/after analysis was supported by evidence, and expert ruled out other causes for lost business.
Damages Claim Fails to Provide Yardsticks Capturing Defunct Startup’s Value
Appeals court upholds zero damages finding in dispute involving short-lived software startup, where plaintiff’s expert had no experience valuing software companies, misapprehended basic facts, and developed multimillion-dollar valuations for a company with no product, no revenue, and no investors.
Patent Infringement Case Provides Judge With a Plethora of Daubert Challenges to Rule on
In this patent infringement case, the court ruled on a plethora of Daubert/Rule 702 challenges. The opinion provides an exhaustive list of Daubert-related issues that the court ruled on and provides a good tutorial on the real purposes of Daubert.
Understanding Work RVUs, Collections, Hours and Other Data That Impact Physician Compensation
Understanding and using survey data to support physician compensation arrangements can be challenging. Frequently clients and even compensation consultants don't understand what's behind the data and how it should be used to produce credible results. The final installment of BVR's 2014 Online Symposium on Healthcare Valuation features experts Alan Simons and Curtis Mayse, who explain common errors made when trying to support physician compensation, which data should be used based on a specific fact pattern ...
Valuing Physician Employment Arrangements
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 ...
Avoid This Pitfall When Valuing a Physician Practice
The current trend of physicians migrating away from private practice means more hospitals will be acquiring physician practices and entering into employment arrangements. We are once again seeing one of these consolidation cycles in healthcare when the ho ...
Goodwill in Physician Practice Valuations
Determining and apportioning personal and entity goodwill is a timeless and ubiquitous challenge in the business appraisal process. In the case of medical practices, however, this task requires a more robust skill set, including knowledge of medical regulation, income streams, and reimbursement schemes. In Part 11 of BVR's 2013 Online Symposium on Healthcare Valuation, experts Stacey Udell and Stacy Collins will address the critical information every appraiser must possess in order to perform a sound ...
Valuing Dermatology Practices: Get Some Skin in Your Game
Over the last 10 to 20 years, the line between plastic surgery and dermatology has blurred, as residency programs in dermatology and post-residency training programs expanded the skill sets of newly trained or retrained dermatologists. These practices now engage in a variety of medical services, procedures, and surgeries that have greatly expanded their reach and revenue sources. In Valuing Dermatology Practice, expert appraiser and curator of BVR's 2013 Online Symposium on Healthcare Valuation Mark Dietrich addresses ...
With Great Value Comes Great Responsibility: Valuing Physician Compensation
The U.S. healthcare industry is very large, complex, and changing rapidly. This highly regulated industry is also a significant user of valuation services. “Fair market value” opinions are commonly requested in connection with various physician compensation arrangements, and failure to consummate transactions at fair market value can result in substantial financial consequences. As such, healthcare advisors need to know the valuation and compliance issues associated with various physician compensation arrangements so they can drive value ...
Physician Compensation and COVID-19: Then and Now and Now What?
PYA’s Kathryn Taylor, CPA/ABV, ASA, MBA (consulting senior manager), and Justin Conant (consulting senior staff) will be presenting Physician Compensation and COVID-19: Then and Now and Now What. In this 100-minute session, Kathryn and Justin will review what physician compensation was like before COVID-19 and how it changed during the pandemic. Next, we will look into the future and explain where physician compensation and physician arrangements are headed. Kathryn and Justin will go through topics ...
Get Out of the Herd So You Don’t Run Off a Cliff: The New FMV Paradigm for Physician Clinical Compensation
Mark Dietrich and Tim Smith, co-editors of the just-released BVR/AHLA Guide to Valuing Physician Compensation and Healthcare Service Arrangements, offer a framework for a new approach to FMV for physician clinical services based on hundreds of hours of research, modeling, and writing. Examine and deconstruct the purported governmental mandate for using the “survey says” paradigm for FMV purposes, including a data-driven and evidence-based rebuttal of the government’s FMV theory in the Tuomey and Halifax cases ...
Physician Compensation and Valuation: Administering Top Tier Treatment
Assessing physician compensation is a critical component in valuing a physician practice. Many external factors, including the COVID-19 pandemic and proposed changes to the Medicare Physician Fee Schedule, have had and will continue to have significant impacts on physician compensation and associated practice valuations. In this discussion, Derek Long and Katie Culver will explain how physician compensation is analyzed in the context of valuation along with various factors that can influence it, both internally and ...
Healthcare Valuations: A Check Up
Since March 2020, the United States healthcare industry has faced great adversity. COVID-19 has impacted the way hospitals pay their physicians forever. Join Kathryn Taylor and Justin Conant for your annual Healthcare Valuation Checkup. Get up to speed on the current environment surrounding physician compensation and review the top 10 issues potentially impacting physician compensation in 2022. Learn critical topics such as the group practice exception, advanced practice provider supervision and personally performed work, value-based ...
The Use and Misuse of MGMA Data in Healthcare Valuations
In the era of big data and healthcare reform, finding industry data for use in healthcare valuations is becoming easier than ever. Utilizing that data effectively, however, is still a challenge for many. In the final installment of BVR's 2013 Online Symposium on Healthcare Valuation, the compensation, performance, and reimbursement data the Medical Group Management Association (MGMA) provides is put in the spotlight. Under the guidance of MGMA data guru Meghan Wong and valuation expert ...
Important Provider Compensation Topics in 2022
To begin a dialogue on important topics in physician compensation and fair market value, PYA surveyed more than 30 physician compensation experts to understand the collective thoughts on issues impacting these topics in 2022. These issues range from compensation for advance practice practitioners to value-based compensation. Please join PYA Senior Manager Katie Taylor as she discusses key physician compensation issues in 2022 ...