Is the new CMS rule that impacts healthcare valuations now at risk?
This past December, the Centers for Medicare & Medicaid Services (CMS) released a final rule that modernizes and clarifies the regulations that implemented the Medicare physician self-referral statute (the Stark Law).
BVU News and Trends January 2021
A monthly roundup of key developments of interest to business valuation experts.
Stark Differences from the Inside Out: Two Key Responders Discuss The Final Stark Regulations for FMV and Commercial Reasonableness
The Stark regulations have been updated. What has changed and how does it impact value? Mark Dietrich and Tim Smith were two major contributors of public comments to the Centers for Medicare & Medicaid (CMS) for the updated Stark regulations with over 100 pages of newly written material that was influential in the development of the final regulatory definitions for FMV and commercial reasonableness. In addition, they included over a dozen chapters from the BVR/AHLA ...
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 ...
New CMS rules impact healthcare valuations
The Centers for Medicare & Medicaid Services (CMS) has released a final rule that modernizes and clarifies the regulations that implemented the Medicare physician self-referral statute (the Stark Law).
BVU News and Trends October 2020
A monthly roundup of key developments of interest to business valuation experts.
New guide to pathology compensation arrangements
HealthCare Appraisers has released its Comprehensive Guide to Pathology Arrangements, which provides an overview of key concepts and terminology used in pathology as well as a more in-depth description of the most common pathology service arrangements.
Healthcare Valuation Townhall: Four Expert Panel on Covid-19 Impacts and Beyond
Bring your questions as leading experts Jerry Chang, Mark Deitrich, James Lloyd and Todd Sorensen have a conversation about the critical issues impacting healthcare. Covid-19 has impacted the healthcare industry in unique ways, and those valuation experts who practice in this high regulation environment know it is critical to keep up to date about the most pressing issues. Covering a wide range of issues from four perspectives this event delivers the insight you need in ...
Healthcare Valuation in the Corona Virus Era: That Was Then, This Is Now
COVID-19 has impacted perhaps no industry in such a complex way as healthcare. Join Mark Dietrich in this discussion of items to consider before you forecast the likely impact on the healthcare industry of the current crisis. First, it is necessary to understand where the industry was before COVID-19 and then to understand what the crisis revealed about the allocation of resources. Second, you need to consider where future spending will be directed and how ...
Valuing Rural Healthcare Clinics
Rural health clinics (RHCs) are specially certified entities that were created to increase access to primary care services for patients located in rural communities. Demand for rural health services is expected to increase in the coming years due to the aging baby boomer population and its status as potential acquisition targets by nonprofit healthcare organizations seeking to meet their charitable mission. The number of transactions involving RHCs is expected to increase, creating an opportunity for ...
Reconciling FMV with Investment Value: What’s Up with the Proposed Redefinition of FMV by Healthcare Regulators?
In October, the Centers for Medicare and Medicaid Services (CMS) released its newly proposed updates to the Stark regulations that included an overhaul of the definition of fair market value (FMV) for regulatory compliance purposes. Surprisingly, CMS pointed to a whole new framework for FMV and valuation practice in general. To help practitioners prepare for the new paradigm, Tim Smith will do a deep dive into the proposed redefinition of FMV and how CMS now ...
When the marriage is over, what is the physician practice worth?
When a physician gets divorced, the value of his or her ownership interest in the practice is often included as an asset for property distribution purposes. In the BVR/AHLA Guide to Healthcare Industry Finance and Valuation, contributing author Stacey D. Udell dives into how the value of a physician practice is based on the valuator’s informed judgment applied to the specific facts and circumstances.
How the Healthcare Industry Misuses and Abuses Survey Data
Compensation survey data do not provide a complete and precise depiction of the physician marketplace for any physician deal. The authors debunk the current “survey says” paradigm and provide the foundation for a completely new standard for the fair market value of physician clinical compensation.
Physician Distribution, Mobility, Fair Market Value, and Compensation Surveys
An analysis of regional differences in physician compensation coupled with the general tendency against long-distance relocation shows there is no national market for established physicians. Rather, local market conditions must be considered in setting fair market value.
BVU News and Trends March 2019
A monthly roundup of key developments of interest to business valuation experts.
Take a fresh look at IRS data on healthcare organizations
Over the past few years, the IRS has become a treasure trove of financial information regarding nonprofit healthcare organizations.
Groundbreaking study debunks use of surveys for FMV of physician compensation
An article in an upcoming issue of hfm Magazine presents groundbreaking research and data analytics that challenge commonly held beliefs about survey data, physician compensation, and fair market value.
Book Review: The BVR/AHLA Guide to Valuing Physician Compensation and Healthcare Service Arrangements, 2nd Edition
The second edition of this book expands upon the groundbreaking first edition and provides 1,400 pages of content written by 42 experts in the field, including attorneys and valuation experts.
BVU News and Trends May 2018
A monthly roundup of key developments of interest to business valuation experts.
Hospice Valuation: Trends, Value Drivers, and Physician Compensation
Hospice has become a primary focus for buyers looking for stable reimbursement and good margins in the healthcare industry. What do hospice providers do? And why are the multiples for these companies so high? Join Darcy Devine and William Hamilton for an examination of the business model behind many hospice companies, as well as the risks and opportunities that investors face in this arena. Learn about the fair market value and commercial reasonableness issues related ...
No takers yet for Dietrich and Smith debate challenge
A few issues ago, we relayed the message that healthcare valuation experts Mark Dietrich and Tim Smith have offered to debate anyone who disagrees with their views on the fair market value of physician compensation.
Letter to the Editor: Comments on a Recent Article on the FMV of Physician Compensation
A letter in response to the article, “Dietrich and Smith’s Debate Challenge Re: FMV of Physician Pay,” that appeared in the March 2018 issue of Business Valuation Update that presents new thinking and approaches.
Dietrich and Smith’s Debate Challenge Re: FMV of Physician Pay
Mark Dietrich and Tim Smith will debate anyone who disagrees with their views on the fair market value of physician compensation, views that refute conventional wisdom. BVR will provide a forum for the debate.
Use and Misuse of Survey Data to Set Physician Compensation
Timothy Smith (Ankura Consulting) interviews Meghan Wong, assistant director, data solutions, Medical Group Management Association (MGMA), in an excerpt from the recently released BVR/AHLA Guide to Valuing Physician Compensation and Healthcare Service Arrangements, 2nd edition.
Commercial Reasonableness: Defining Practical Concepts and Determining Compliance in Healthcare Transactions for Physician Services
Financial relationships between hospitals and physicians must be both commercially reasonable and at fair market value (FMV) to meet certain regulatory requirements. Ensuring compliance with these requirements is critical--failing to do so could invoke sanctions and penalties related to the Stark Law, the Anti-Kickback Statute, the False Claims Act (FCA), and Internal Revenue Service 501(c)(3) status for tax-exempt entities. As such, a thorough understanding of these requirements is necessary to ensure compliance in transactions between hospitals and physicians, as well as other parties with referral relationships within the healthcare environment.
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