Date: Wednesday, January 22, 2020
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

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Featuring  (click image for bio)

Timothy R. Smith
TS Healthcare Consulting

About This Program

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 proposes to view valuation under the Stark law. It will examine CMS’ new definition in light of the valuation body of knowledge across the four major valuation disciplines, including business, compensation, M&E, and real estate valuation. Learn to identify missteps and positive steps in the proposed regulations, highlighting the apparent paradigm shift in the government’s thinking on standard valuation practice for regulatory compliance purposes.


  • The Actual and the Hypothetical in FMV Based on Valuation Theory
    1. The hypothetical willing buyer and seller based on actual market conditions
    2. Valuing an actual transaction in healthcare regulatory compliance work
    3. Valuing an actual subject, not a hypothetical one
    4. Using the actual facts and circumstances
  • The Buyer and Seller in Healthcare Transactions
    1. Markets with multiple buyer types
    2. Markets with predominant or single buyer types
    3. Unique market conditions
    4. How the regulatory purpose/use prevents certain characteristics of the hypothetical buyer and seller from being used
  • Overview of FMV and Valuation Practice under Current Healthcare Regulations
    1. Stark law and regulations
    2. Anti-kickback statute
    3. Tax-exempt regulations
  • The Proposed Redefinition of FMV
    1. The government’s view of FMV as a “hypothetical value” of a “hypothetical transaction”
    2. “Market value” as the new basis for general market value under Stark
    3. What is “market value”?
    4. “Market value” as investment value
    5. The problems with the new definition of FMV and general market value
  • The New Move Towards “General Concepts and Principles in the Valuation Community”
    1. CMS’ affirms standard valuation practice?
    2. What are “accepted market valuation principles”?
  • A Critical Analysis of CMS’ Compensation Examples
    1. The “rock star” orthopedic surgeon
    2. The family physician and the reluctant hospital
    3. How “survey says” is the root problem in CMS’ compensation examples
    4. How accepted valuation principles would approach the examples
    5. A paradigm shift away from “survey says”?

Learning Objectives

  • List the differences between the actual and the hypothetical in FMV based on the valuation body of knowledge
  • Contrast the historical perspective of healthcare regulators on matters of FMV and valuation
  • Examine the changes in the proposed redefinition of FMV for the Stark regulations
  • Explain how to prepare for future valuation work under the new paradigm for FMV and accepted valuation practice

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)

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