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Program Description
One of the most controversial topics in healthcare valuation is how to appraise physician practices. Frequently, the value indications from the Market, Asset-based, and Income approaches are widely divergent, especially with regard to the value of intangible assets. To explore the issues at an advanced level, some of the main players in the profession have come together to exchange ideas and debate the issues in a lively and collegial discussion format.
Learning Objectives
After completing this webinar, attendees will be able to:
- List the critical issues in valuing physician practices
- Estimate the impact of post-transaction compensation and the premise of value in the appraisal of practices
- Identify the weaknesses and strengths in each approach to value and their impact on the determination of FMV
- Assess the key considerations in reconciling values from the three approaches and forming a conclusion of value
Who Should Attend
Practitioners and attorneys
Moderator(s)
Richard Romero, MBA, CVA, CHFP, PAHM
Mr. Richard Romero has over 20 years’ experience assessing the financial performance of various entities. Mr. Romero’s practice focuses on valuation and litigation support. His previous experience includes strategic and operational consulting, bankruptcy and turnaround, valuation, litigation support, expert witness services, compliance and employment-related matters. Mr. Romero has experience in the valuation of a variety of healthcare entities and contractual relationships.
Prior experience also includes his leading the healthcare forensic and dispute-consulting practice for one of the eighth largest public accounting firms in the U.S. He was a member of the healthcare practices at nationally known consulting firms. He has presented nationally and been published on topics involving healthcare, litigation, and valuation. Mr. Romero maintains memberships in several professional healthcare organizations and currently serves on the advisory committee for the Healthcare Practice Group of the National Association of Certified Valuators and Analysts (NACVA). Mr. Romero has a master of business administration degree from the University of Florida and a bachelor of science degree from University of Tampa. His professional designations include Certified Valuation Analyst (CVA), Certified Healthcare Financial Professional (CHFP), and Professional, Academy for Healthcare Management (PAHM).
Presenter(s)
Robert James Cimasi, MHA, ASA, FRICS, MCBA, CVA, CM&AA
Mr. Robert James Cimasi serves as chief executive officer of HEALTH CAPITAL CONSULTANTS (HCC), a nationally recognized healthcare financial and economic consulting firm headquartered in St. Louis, MO, serving clients in 49 states since 1993. Mr. Cimasi has over 30 years of experience in serving clients, with a professional focus on the financial and economic aspects of healthcare service sector entities, including valuation consulting and capital formation services; healthcare industry transactions, including joint ventures, mergers, acquisitions, and divestitures; and, certificate-of-need and other regulatory and policy-planning consulting.
Mr. Cimasi holds a masters in health administration from the University of Maryland as well as several professional designations. He is the author of several books, the latest of which include Accountable Care Organizations: Value Metrics and Capital Formation (2013, Taylor & Francis, a division of CRC Press), and Healthcare Valuation: The Financial Appraisal of Enterprises, Assets, and Services (2014, John Wiley & Sons). Mr. Cimasi is a nationally known speaker on healthcare industry topics; the author of numerous additional chapters in anthologies, books, and legal treatises; published articles in peer- reviewed and industry trade journals; research papers and case studies; and is often quoted by healthcare industry press.
Mark O. Dietrich, CPA, ABV
Mr. Mark O. Dietrich is editor and contributing author to the American Health Lawyers Association/Business Valuation Resources’ Guide to Healthcare Valuation, 3rd Edition, and the Guide to Healthcare Industry Compensation and Valuation. He is principal author of Business Valuation Resources’ Guide to Physician Practice Valuation, 2nd Edition, and co-author with Gregory Anderson, CPA/ABV, of The Financial Professional's Guide to Healthcare Reform. Mr. Dietrich is also co-author ofPPC's Guide to Healthcare Consulting and dozens of articles on valuation, taxation, and the healthcare regulatory environment. Mr. Dietrich’s career experience includes serving as partner-in-charge of the annual audit of an 80-physician, tax-exempt faculty group practice and the negotiation of Medicare Advantage contracts. He has completed more than 350 valuation engagements in the healthcare industry and has served as an expert witness in regulatory matters. Mr. Dietrich is a regular speaker at national and international conferences on healthcare reform, valuation, and other topics. He has presented at NACVA and ASA conferences as well as webinars related to valuation.
Jason Ruchaber, CFA, ASA
Mr. Jason Ruchaber is a Director in the Health Analytics Practice of Berkeley Research Group where he provides analysis and consultation to health lawyers, health systems, physicians, and other healthcare investors regarding the valuation of healthcare related business enterprises and intangible assets. Mr. Ruchaber received a degree in Finance from the University of Texas at Austin, holds the Chartered Financial Analyst (CFA) designation and is an Accredited Senior Appraiser (ASA) with the American Society of Appraisers.
Mr. Ruchaber has valued hundreds of healthcare entities throughout the U.S., including hospitals, surgery centers, physician practices, imaging centers, pathology labs, oncology centers, and home health agencies, among others. A frequent speaker and author on healthcare valuation topics, Mr. Ruchaber was a contributor to the BVR/AHLA Guides to Healthcare Valuation and Healthcare Industry Compensation and Valuation, has been recognized by Becker’s Healthcare as one of the 40 leaders under 40 in the ASC Industry, and is a faculty member of the Healthcare Special Interest Group of the American Society of Appraisers.
Timothy Smith, CPA, ABV
Mr. Timothy Smith is the national director of American Appraisal’s healthcare valuation practice. Mr. Smith has over two decades of experience in the healthcare industry, including more than 14 years at Hospital Corporation of America, Inc. (HCA), one of the nation’s largest hospital companies. During his tenure at HCA, he worked on hundreds of physician practice acquisition, divestiture, and employment deals. Mr. Smith also completed regulatory compliance reviews on hundreds of appraisals for acquisitions, divestitures, and compensation arrangements. Following his HCA tenure, Mr. Smith has worked in the appraisal profession with a focus on physician compensation arrangements. He has emerged as a thought leader in the area of healthcare compensation valuation (CV). He authored the first systematic account of the theory and practice of CV in the BVR/AHLA Guide to Healthcare Industry Compensation and Valuation, which he co-edited with Mark O. Dietrich. Mr. Smith is the most extensively published author on the newly emerging appraisal discipline of compensation valuation in the healthcare industry today.
CPE Credit |
Richard Romero, MBA, CVA, CHFP, PAHM
Robert James Cimasi, MHA, ASA, FRICS, MCBA, CVA, CM&AA
Mark O. Dietrich, CPA, ABV
Jason Ruchaber, CFA, ASA
Timothy Smith, CPA, ABV
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