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Advanced Healthcare Valuation and Consulting Symposium

Healthcare is the largest, fastest-growing, and most complex industry in the United States. It is also undergoing accelerating change as the industry implements new payment models focused on the quality of service rather than the quantity. Transformation in how U.S. healthcare is regulated, taxed, accessed, delivered, and reimbursed has created a myriad of opportunities for business valuation and financial forensics analysts to support the business arrangements and operations of healthcare entities, and how they adapt to the ever evolving healthcare marketplace. Keeping up with these changes is daunting. To support the profession, the 2014 Advanced Healthcare Valuation and Consulting Symposium is designed to stimulate discussions and knowledge sharing on relevant topics in healthcare valuation and consulting assignments such as the regulatory environment, reimbursement models, value-based purchasing, organizational structures, benchmarking, and more.

 

Symposium Agenda
TIME Friday, December 12, 2014 Saturday, December 13, 2014
8:30–10:15 a.m. Halifax: A View from the Expert's Seat Panel Debate: How to Value Physician Practices
(2 Hrs. CPE) Kathy McNamara
(Moderator: Richard Romero)
Robert James Cimasi, Mark O. Dietrich, Timothy Smith
(Moderator: Richard Romero)
10:15–10:30 a.m. Break  
10:30 a.m.–12:15 p.m. The FMV Implications of Health Systems Losing Money on Employed Physicians The Anatomy of a Deal
(2 Hrs. CPE) Lynn Gordon, Timothy Smith Rick Buchsbaum, Sean Hogan, Richard Romero
12:15–1:30 p.m. Lunch  
1:30–3:15 p.m. Advanced FMV Compensation Issues Under the Stark Group Practice Definition Valuing Healthcare Brands
(2 Hrs. CPE) Gregory D. Anderson, Joseph Wolfe W. James Lloyd
3:15–3:30 p.m. Break  
3:30–5:15 p.m. Panel Discussion: The FMV Problems with Ancillary Services in Valuations of Physician Compensation and Medical Practices Panel Discussion: The Valuation Implications of New Reimbursement Models for Healthcare Facilities and Physicians
(2 Hrs. CPE) Gregory D. Anderson, Mark O. Dietrich, W. James Lloyd
(Moderator: Timothy Smith)
Curtis Bernstein, Greg Endicott
(Moderator: Timothy Smith)

Symposium Chairs

Richard Romero, MBA, CVA, CHFP, PAHM
CBIZ Valuation Group, LLC
Timothy Smith, CPA, ABV
American Appraisal
Halifax: A View from the Expert’s Seat
SESSION DESCRIPTION
Halifax Medical Center recently entered into a record-breaking $85 million settlement with the U.S. Department of Justice to resolve allegations it violated the False Claims Act by entering into employment agreements with medical oncologists and neurosurgeons that violated the Stark Law.

This case, following on the heels of Tuomey’s $237 million judgment for similar Stark violations serve as cautionary tales for hospitals across the country as they continue to pursue integration arrangements with referring physicians.

Kathy McNamara, CPA, was the government’s expert witness in both the Tuomey and Halifax cases. In this session, Kathy will discuss her findings relating to the fair market value and commercial reasonableness of Halifax’s employment arrangements with its neurosurgeons.

LEARNING OBJECTIVES
After completing the session, attendees will be able to:

  • Recall the case background and specific issues which led to Ms. McNamara’s findings
  • Summarize Ms. McNamara’s positions taken in the case
  • List methodologies Ms. McNamara used to assess the value of the employment arrangements
  • Associate lessons learned and best practices related to fair market value and commercial reasonableness

PRESENTER BIO(S)
Kathy McNamara, CPA
Ms. Kathy McNamara has over 25 years’ experience in healthcare and business consulting. She has extensive organizational, financial and regulatory knowledge in the healthcare industry. Ms. McNamara has participated in audits of third-party payers and is familiar with Medicare and Medicaid reimbursement for various healthcare providers, including hospitals, home health agencies, nursing homes, physicians, federally qualified health centers, and rural health clinics. She has dealt extensively with the Department of Justice in Medicare fraud issues. Her knowledge base makes her qualified to provide guidance on a range of regulatory topics, such as HIPPA, Medicare reimbursement, Medicaid reimbursement, Anti-Kickback and Stark I and II.

Further, Ms. McNamara has been found by United States District Courts to be qualified to testify as an expert on the fair market value and commercial reasonableness of healthcare relationships numerous times. Ms. McNamara has performed hundreds of fair market valuations and commercial reasonableness analyses in the Stark Law and Anti-Kickback Statute context. She has been an expert witness on the following cases which involved fair market value issues.

  • U.S. ex rel. Baklid-Kunz v. Halifax Med. Center et al. (M.D. Fla.)
  • U.S. ex rel. Drakeford v. Tuomey Healthcare System (D.S.C.)
  • U.S. v. Campbell (D.N.J.)
  • U.S. ex rel. Pogue v. Diabetes Treatment Center of America (M.D. Tenn.)
  • U.S. v. Bourseau et al. (S.D. Cal.)
  • U.S. ex rel. Kaczmarczyk, et al. v. SCCI Health Services Corp. et al. (S.D. Tex.)
  • U.S. ex rel. Gale v. Omnicare Corporation (N.D. Ohio)
  • U.S. ex rel. McDonough v. Mobilex (S.D. Ohio)
  • U.S. ex rel. Simmons v. Meridian (M.D. TN)
  • U.S. ex rel. Heesch v. Diagnostic Physicians Group, PC et. al.

Prior to joining Myers & Stauffer, she worked for five years as the treasurer of a national healthcare company specializing in home health care, private duty nursing, supplemental staffing, and hospital medical documentation services. She was responsible for establishing accounting and tracking processes to ensure an accurate Medicare cost report. From 1981 through 1985, Kathy worked for a national accounting firm as a senior in their audit department.

MODERATOR BIO(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).

WHO SHOULD ATTEND
Valuators, business developers, attorneys, hospital executives

FIELDS OF STUDY
2 Hrs Specialized Knowledge & Applications (SK&A)

The FMV Implications of Health Systems Losing Money on Employed Physicians
SESSION DESCRIPTION
As health systems continue their pursuit of physician-integration models, the resulting arrangements often present challenges in meeting the standard of fair market value (FMV), implicating both the Stark and Anti-Kickback laws. FMV compliance is particularly challenging when health systems lose money in their physician practices. This session will provide both valuation and regulatory guidance in evaluating the FMV compliance issues arising from losses in health system practices.

LEARNING OBJECTIVES
After completing the session, attendees will be able to:

  • List the basic valuation principles at play in hospital-physician relationships under applicable healthcare regulations
  • Differentiate between Stark strict liability implications and anti-kickback exposure where an arrangement may not meet the requisite FMV parameters
  • Appraise the causes of losses in health system practices and their FMV compliance implications
  • Implement best practices and engage in troubleshooting to mitigate compliance risk

PRESENTER BIO(S)
Timothy Smith, CPA, ABV
Mr. Timothy Smith is the national director of American Appraisal’s healthcare valuation practice. Tim 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, Tim 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.

Lynn Gordon, Esq.
Ms. Lynn Gordon chairs the Healthcare Department at Ungaretti & Harris in Chicago, focusing in corporate and regulatory healthcare law, with a particular emphasis on the transactional, regulatory, and operational legal counsel needs of hospitals and health systems, including mergers and acquisitions, joint ventures, physician integration, antitrust, Stark, Anti-Kickback, 501(c)(3), and governmental investigation and self-disclosure matters.

An experienced healthcare attorney, Ms. Gordon has been quoted in numerous publications, including Modern Healthcare, Crain’s Chicago Business, and Medicare Compliance Alert. Ms. Gordon also speaks and publishes regularly for state and national associations and has received numerous distinctions from Chambers USA, America's leading lawyers for business.

WHO SHOULD ATTEND
Valuators, attorneys, health care executives, physician leadership

FIELDS OF STUDY
1 Hr Auditing‒Governmental (ADG); 1 Hr Management Advisory Services (MAS)

Advanced FMV Compensation Issues under the Stark Group Practice Definition
SESSION DESCRIPTION
Many, but not all, physician acquisition and employment deals by health systems favor direct hospital employment over the creation of subsidiary group practices, and some health systems are transitioning from the group model back to a direct employment model. The Stark-defined group practice, grounded in regulations written more than a decade ago and until recently largely untested, presents both a unique opportunity for compensation flexibility in support of physician alignment and unequaled complexity and compliance challenges. This session will investigate Stark compliance and valuation implications unique to the group practice and direct employment models and will discuss recent case legal developments that further illustrate these concepts.

LEARNING OBJECTIVES
After completing the session, attendees will be able to:

  • Recognize the Stark law definition of a group practice
  • Contrast, in basic terms, the requirements of the Stark group practice with the elements of the bona fide employment relationships exception of the Stark law
  • Identify compensation valuation issues unique to the hospital-owned group practice model in the preparation or review of fair market value analyses

PRESENTER BIO(S)
Gregory D. Anderson, CPA, ABV, CVA
Mr. Gregory D. Anderson is a partner with HORNE and concentrates his practice in consulting on income distribution plans for physician group practices; fair market value studies related to hospital/physician employment and other compensation arrangements; and the valuation of medical practices, diagnostic facilities, ambulatory surgery centers, hospitals, and other healthcare facilities. Mr. Anderson regularly writes and speaks on healthcare valuation and physician compensation plans. Greg is a CPA, Accredited in Business Valuation, and a Certified Valuation Analyst. Mr. Anderson is a member of the AICPA, NACVA, MGMA, HFMA, and the American Health Lawyers Association.

 

 

Joseph Wolfe, JD
Mr. Joseph Wolfe assists hospitals and healthcare providers with planning and implementing compliance-focused physician alignment and compensation strategies. He is experienced in structuring, negotiating and auditing many types of hospital-physician arrangements and transactions (e.g., physician practice acquisitions, affiliations and joint ventures, physician employment, personal service and recruitment arrangements, etc.). His practice includes assisting clients with the development of individual physician compensation arrangements and system-wide compensation plans, incorporation of quality-based payment models and the implementation of governance processes for approval, and documentation of commercial reasonableness and fair market value. Mr. Wolfe also regularly advises clients on fraud and abuse issues, including compliance with the Anti-Kickback Statute, the Stark Law, the False Claims Act and their implementing regulations and agency guidance. Before attending law school at the University of Wisconsin, he served as a combat engineer in the United States Army.

WHO SHOULD ATTEND
CPAs representing health care providers, valuation analysts, and health care attorneys

FIELDS OF STUDY
2 Hrs Specialized Knowledge & Applications (SK&A)

Panel Discussion: The FMV Problems with Ancillary Services in Valuations of Physician Compensation and Medical Practices
SESSION DESCRIPTION
Technical component or ancillary services in physician practices can present significant difficulties in preparing both business and compensation valuations. While ancillary services can generate substantial earnings, they usually involve referrals that are intensely scrutinized under healthcare regulations. As a result, appraisers face critical valuation issues in analyzing the economics of these services. To address these issues, a panel of healthcare valuation experts will work through key problems related to ancillaries in business and compensation valuations.

LEARNING OBJECTIVES
After completing the session, attendees will be able to:

  • Identify critical valuation and regulatory issues arising from ancillaries in physician practices
  • Analyze the key economic characteristics of ancillaries for valuation and compensation purposes
  • Develop a sound methodological framework for assessing ancillaries in business and compensation valuations
  • Employ valuation methods and techniques that that avoid critical pitfalls and regulatory compliance issues

PRESENTER BIO(S)
Gregory D. Anderson, CPA, ABV, CVA
Mr. Gregory D. Anderson is a partner with HORNE and concentrates his practice in consulting on income distribution plans for physician group practices; fair market value studies related to hospital/physician employment and other compensation arrangements; and the valuation of medical practices, diagnostic facilities, ambulatory surgery centers, hospitals, and other healthcare facilities. Mr. Anderson regularly writes and speaks on healthcare valuation and physician compensation plans. Greg is a CPA, Accredited in Business Valuation, and a Certified Valuation Analyst. Mr. Anderson is a member of the AICPA, NACVA, MGMA, HFMA, and the American Health Lawyers Association.

 



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. Mark is also co-author of PPC'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. Mark 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.

W. James Lloyd, CPA, ABV, ASA, CFE
Mr. W. James (Jim) Lloyd is a principal in the valuation and dispute services practice of Pershing Yoakley & Associates, PC, a national accounting and consulting firm that specializes in the healthcare industry. He has extensive experience with valuing a broad range of healthcare companies, complex business arrangements, and intangible assets for purposes such as mergers and acquisitions, joint ventures, financial reporting, and taxation. Mr. Lloyd received his bachelor of science in business administration from the University of Tennessee and is a Certified Public Accountant (CPA). He also holds the following specialized credentials: Accredited in Business Valuation (ABV) from the American Institute of Certified Public Accountants, Accredited Senior Appraiser (ASA) from the American Society of Appraisers; Certified Business Appraiser (CBA) from the Institute of Business Appraisers, and Certified Fraud Examiner (CFE) from the Association of Certified Fraud Examiners.

Mr. Lloyd is a past chair of the American Institute of CPA’s Accredited in Business Valuation Credential Committee and also past Chair of the Tennessee Society of CPA’s Valuation and Litigation Services Committee. He has published multiple articles on various valuation and litigation topics and is a frequent speaker at conferences and other venues across the U.S.

MODERATOR BIO(S)
Timothy Smith, CPA, ABV
Mr. Timothy Smith is the national director of American Appraisal’s healthcare valuation practice. Tim 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, Tim 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.

WHO SHOULD ATTEND
Advanced practitioners and attorneys

FIELDS OF STUDY
2 Hrs Specialized Knowledge & Applications (SK&A)

Panel Debate: How to Value Physician Practices
SESSION 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 incomes 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 the session, 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

PRESENTER BIO(S)
Robert James Cimasi, MHA, ASA, FRICS, MCBA, CVA, CM&AA
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. Mark is also co-author of PPC'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. Mark 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.

Timothy Smith, CPA, ABV
Mr. Timothy Smith is the national director of American Appraisal’s healthcare valuation practice. Tim 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, Tim 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.

MODERATOR BIO(S)
Richard Romero, MBA, CVA, CHFP, PAHM
Richard Romero has over 20 years’ experience assessing the financial performance of various entities. His practice focuses on valuation and litigation support. His previous experience includes strategic and operational consulting, bankruptcy and turn-around, 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 US. 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 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).

WHO SHOULD ATTEND
Practitioners and attorneys

FIELDS OF STUDY
2 Hrs Specialized Knowledge & Applications (SK&A)

The Anatomy of a Deal
SESSION DESCRIPTION
This presentation will enable the attendee to define the goals and roles that valuators should play and the valued-added information they can provide. Attendees will leave the presentation with a better understanding of how to maximize the benefit of their services beyond the numbers and how the valuator becomes part of the overall transaction process. Valuation analysts provide the fair market reality check that should be an integral part of the process—not a barrier. The presenters will use case studies to illustrate the importance to ensure the development of an equitable relationship related to the transaction from the perspective of a hospital, developer, and valuator.

LEARNING OBJECTIVES
After completing the session, attendees will be able to:

  • Identify and differentiate the roles and goals of parties involved in healthcare transactions
  • Establish the strategic and operational goals of the transaction
  • Increase value-added information and services that exceed a dollar amount

PRESENTER BIO(S)
Rick Buchsbaum
Mr. Rick Buchsbaum possesses 20 years of experience in accounting, business, and finance. Over the past 14 years, Rick has specialized in management of physician operations, acquisition transactions, including due diligence work, conversion to HOPD departments, and revenue cycle financial review and redesign. He has a strong background in the operations of physician practices, redesign of business office operations, and the startup of office based procedure centers, physician practices, and ambulatory surgery centers. Mr. Buchsbaum’s services focus closely upon the management, development, and implementation of business and strategic plans.

Mr. Buchsbaum’s has worked closely with physicians, hospitals, and corporate executives to develop new ventures, facilitate acquisition and integration of existing practices, manage existing practice operations, develop compensation plans, and perform detailed practice analysis. He also possesses strong knowledge of physician practice operations, joint venture/ambulatory surgery centers development and startup, and pre- and post-merger integration and conversion. His projects routinely involve complex financial and operational transactions and are critical to the success of the organization.

Sean Hogan
Sean Hogan is president of SSM DePaul Health Center, a 478-bed acute-care hospital located in Bridgeton, Missouri, and service line executive for the Ambulatory Services division of SSM Health Care–St. Louis, for which he oversees the network’s outpatient imaging, ambulatory surgery, endoscopy, and sleep center as well as joint ventures and other ambulatory partnerships. He previously served as the executive vice president/chief operating officer as well as the strategy and business development leader for SSM DePaul. Before originally joining SSM DePaul in 1999, Hogan served as vice president of operations over three hospitals in the Providence Health System based in Portland, Oregon. Hogan holds a master’s degree in health administration from Saint Louis University.

 

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).

WHO SHOULD ATTEND
CEOs, valuators, business developers, compliance officers

FIELDS OF STUDY
2 Hrs Management Advisory Services (MAS)

Valuing Healthcare Brands
SESSION DESCRIPTION
The presentation will provide participants with an overview of key issues and concepts related to analyzing and valuing brands and similar intellectual property assets of healthcare companies. Executives of hospitals and other healthcare organizations are increasingly interested in understanding the value of their organization's brand and how they can improve and capitalize upon it. Methodologies and approaches for analyzing brand strength and value will be discussed and case studies will be utilized to help illustrate important points and practical take-aways.

LEARNING OBJECTIVES
After completing the session, attendees will be able to:

  • Determine how to approach a brand valuation project for a hospital or other healthcare organization
  • List appropriate methodologies to consider when working on a valuation project
  • Identify key issues for evaluating brand strength

PRESENTER BIO(S)
W. James Lloyd, CPA, ABV, ASA, CFE
Mr. W. James (Jim) Lloyd is a principal in the valuation and dispute services practice of Pershing Yoakley & Associates, PC, a national accounting and consulting firm that specializes in the healthcare industry. He has extensive experience with valuing a broad range of healthcare companies, complex business arrangements, and intangible assets for purposes such as mergers and acquisitions, joint ventures, financial reporting, and taxation. Mr. Lloyd received his bachelor of science in business administration from the University of Tennessee and is a Certified Public Accountant (CPA). He also holds the following specialized credentials: Accredited in Business Valuation (ABV) from the American Institute of Certified Public Accountants, Accredited Senior Appraiser (ASA) from the American Society of Appraisers; Certified Business Appraiser (CBA) from the Institute of Business Appraisers, and Certified Fraud Examiner (CFE) from the Association of Certified Fraud Examiners.

Mr. Lloyd is a past chair of the American Institute of CPA’s Accredited in Business Valuation Credential Committee and also past Chair of the Tennessee Society of CPA’s Valuation and Litigation Services Committee. He has published multiple articles on various valuation and litigation topics and is a frequent speaker at conferences and other venues across the U.S.

WHO SHOULD ATTEND
Business appraisers interested in the healthcare industry, healthcare executives, and attorneys with healthcare clients

FIELDS OF STUDY
2 Hrs Specialized Knowledge & Applications (SK&A)

Panel Discussion: The Valuation Implications of New Reimbursement Models for Healthcare Facilities and Physicians
SESSION DESCRIPTION
The federal government is changing the way it pays for healthcare. As part of this process, hospitals and physicians must work together and share the compensation paid by Medicare, Medicaid, and other managed-care payers. This presentation will review how businesses are valued as providers consolidate to develop clinically integrated networks (CIN). The presentation will also describe how to determine the fair market value of services provided under a CIN so reimbursement is shared appropriately.

LEARNING OBJECTIVES
After completing the session, attendees will be able to:

  • List the latest reimbursement models in the healthcare industry
  • Collect the knowledge necessary to value healthcare entities subject to these new reimbursement models
  • Recognize the impact these changes have on the fair market value of business and services provided under these reimbursement models
  • Predict how changes in the reimbursement models impact valuation and apply these concepts in their practices

PRESENTER BIO(S)
Curtis Bernstein, CPA, ABV, CVA, ASA, CHFP, MBA
Mr. Curtis H. Bernstein is a managing director of Valuation and Transaction Services for Altegra Health, Inc. For over a decade, Mr. Bernstein has specialized in providing valuation, transaction advisory, strategic and operational consulting services to clients. He has extensive experience working closely with hospital systems, physician groups, ambulatory surgery centers (ASCs), and other healthcare organizations. Within the healthcare delivery environment, Mr. Bernstein currently sits on the advisory board for the National Association of Valuation Analysts’ Healthcare Practice Group and recently updated sections of the study materials for NACVA/CTI’s Healthcare Valuation and Consulting Workshop. Mr. Bernstein is also an expert for the Healthcare Financial Management Association forums.



Greg Endicott, CPA, ABV, ASA
Mr. Greg Endicott is the managing director of Strategic Value Group, LLC, providing business valuation and related consulting services primarily in the areas of healthcare, emerging technology, and financial reporting. Prior to his current position, he managed the valuation group of a nationally recognized healthcare consulting firm and was with Arthur Andersen, LLP, for 10 years working in the valuation and audit groups. Mr. Endicott’s primary areas of expertise are in valuations for transactional, compliance, and financial reporting purposes. He has performed appraisals of businesses, intangible assets, compensation arrangements and other agreements for a variety of purposes.

 

MODERATOR BIO(S)
Timothy Smith, CPA, ABV
Mr. Timothy Smith is the national director of American Appraisal’s healthcare valuation practice. Tim 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, Tim 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.

WHO SHOULD ATTEND
Practitioners, attorneys, CEO/CFO/CCOs

FIELDS OF STUDY
1 Hr Finance (FN); 1 Hr Management Advisory Services (MAS)

Where and When



Dates



Location

Early Registration
Discounts and Deadlines
10% 5%
December 12–13, 2014 San Diego, CA 10/31/14 11/30/14

Click here for a list of hotel locations, room rates and reservation information.

Pricing 
Pricing (Before Early Registration Discount) Non-Member Member
Two-day Symposium $1,300 $1,170
Individual Days $650 $585
 
Register Now
To register: print, complete, and mail or fax (801-486-7500) the Registration Form to the Consultants’ Training Institute (c/o NACVA); or complete the Registration Form and e-mail to info@theCTI.com; or call Member Services: (800) 677-2009. Click here for the Registration Form.
Cancellation Policy
There is no charge to reschedule your training. Cancellations received in writing two weeks prior to the first day of the seminar will be eligible for a prompt refund. A $100 administration fee will be charged for three or more days’ registration at a Consultants’ Training Institute and $50 for all other seminar registrations. If requesting a “refund,” any credit vouchers and or Pacesetter Points® applied to the original purchase will be forfeited. Cancellations received less than two weeks prior to the first day of the scheduled event (and no-shows) will be issued, upon request, a credit which may be used toward a Consultants’ Training Institute seminar, conference, self-study course, or product sold by NACVA. If requesting a “credit,” any credit vouchers and/or Pacesetter Points applied to the original purchase will be added back to the purchaser’s account for future use. There are no exceptions to this policy.
For information regarding administrative policies such as complaints and refunds, call our director of Member Services: (801) 486-0600.

Refund Policy for Airfare
NASBA Sponsorship
The Consultants’ Training Institute (CTI) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
 


 

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