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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 public commenter to CMS during its recent update of the Stark regulations on FMV matters. After spending significant time analyzing CMS’ new definitions and commentary, he believes these updates usher in critical changes in how accepted valuation principles and practices are used to determine Stark FMV. Smith believes the new Stark FMV is an overall game-changer for healthcare valuation.
The webinar series highlights content from BVR’s forthcoming guide to Stark FMV. A unique aspect of this guide is that it provides the actual text of the public comments CMS responded to in the preamble commentary to the final Stark regulations. The guide allows readers to review the full extent of the issues the industry raised to CMS in response to the agency’s proposed regulations on FMV. It also presents CMS’ summary of these public comments and its response to them. The new guide also includes an entire section devoted to examining all of CMS commentary on various topics and issues, along with insightful analysis and discussion of its implications for healthcare valuation practice.
Program Agenda
Part 2 of the webinar series examines CMS’ extensive discussion of Stark FMV for compensation arrangements. In the new Stark regulations, CMS explicitly disclaimed much of the industry’s popular practices for setting physician compensation using survey data. In rejecting such practices, the agency went as far as providing retroactive clarification on its past preamble commentary that many industry participants had misinterpreted and misapplied in valuing physician compensation. In the updated commentary, CMS provided significant analysis of how Stark FMV should and should not be determined in reference to survey data. The agency also provided critical comments on valuation methodology and the use of market data that have a direct impact on healthcare compensation valuation practice. The totality of this commentary clearly indicates that common industry practices based on survey data will not meet the requirements of the new Stark FMV definition that is applicable to compensation arrangements. Topics covered in the webinar include:
CMS’ commentary on survey data usage;
The implications of CMS’ three compensation examples;
The impact of the new valuation date for compensation arrangements;
The limitations placed on survey data usage under the precluded reliance doctrine;
Meeting the requirement of buyer neutrality;
Using a commercially reasonable valuation method;
Valuing the economics of the subject transaction; and
Evaluating practice losses as an FMV issue.
Learning Objectives
Restate CMS’ commentary on survey data usage;
Describe implications of CMS’ three compensation examples;
Restate the impact of the new valuation date for compensation arrangements;
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