Reconciling FMV with Investment Value: What’s Up with the Proposed Redefinition of FMV by Healthcare Regulators?
BVR's Special Series presented by the BVR/AHLA Guide to Healthcare Industry Finance and Valuation
Wednesday, January 22, 2020
10:00am-11:40am PT • 1:00pm-2:40pm ET
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- The Actual and the Hypothetical in FMV Based on Valuation Theory
- The hypothetical willing buyer and seller based on actual market conditions
- Valuing an actual transaction in healthcare regulatory compliance work
- Valuing an actual subject, not a hypothetical one
- Using the actual facts and circumstances
- Markets with multiple buyer types
- Markets with predominant or single buyer types
- Unique market conditions
- How the regulatory purpose/use prevents certain characteristics of the hypothetical buyer and seller from being used
- Stark law and regulations
- Anti-kickback statute
- Tax-exempt regulations
- The government’s view of FMV as a “hypothetical value” of a “hypothetical transaction”
- “Market value” as the new basis for general market value under Stark
- What is “market value”?
- “Market value” as investment value
- The problems with the new definition of FMV and general market value
- CMS’ affirms standard valuation practice?
- What are “accepted market valuation principles”?
- The “rock star” orthopedic surgeon
- The family physician and the reluctant hospital
- How “survey says” is the root problem in CMS’ compensation examples
- How accepted valuation principles would approach the examples
- A paradigm shift away from “survey says”?
- 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
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