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I heard today that the article I wrote on the Caracci case with Ken Patton of Mercer Capital will be published in an upcoming edition of Valuation Strategies, where I have published previous articles on S Corp valuation and the Intermediate Sanctions provisions of the Internal Revenue Code. This completes the 4-bagger (today being Red Sox opening day) of articles described in my previous post.
I am pleased to report that I received confirmation that my article entitled A Healthcare Appraiser Reviews a Judge-Appraiser's "Report" will be published in the Summer 2007 edition of Business Valuation Review. This article takes an entirely different look at last Spring's Delaware Open MRI decision, focusing on errors in the assumptions in the income approach, including use of the industry risk premium and terminal growth rate. BVR uses a blind peer review system and the article was extensively re-written and improved as a result of the hard work of the editorial review board, to whom I am grateful.
The BVR article, along with the article I co-authored on the Caracci case, which has been favorably received but not yet accepted, represent the culmination of two years of work on clarifying the correct application of the income approach in the healthcare industry and exposing weaknesses in the market approach. The two other works: Medical Practices: A BV Rx in the November 2005 Journal of Accountancy and Identifying Appropriate Valuation Approaches under Stark and the AKS in the December 2006 edition of the American Bar Association's Health Lawyer were also subject to intensive editorial review and re-write.
Taken as a whole, the four pieces present a comprehensive framework for identifying common errors and correct approaches in healthcare industry valuation.
All copies of the Medical Practice Valuation Guidebook have been sold.
