Onsite Visits for Medical Office Appraisals

Posted on February 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

The Medical Practice Walk-through – A Necessity?

Dr. David E. Marcinko MBA

The most effective means for any professional appraiser to confirm his or her understanding of business value, and how internal controls over financial and managerial reporting is designed and operated in a medical practice, is to evaluate and test its effectiveness.

This includes making inquiries about and observing the personnel who actually perform the managerial duties and controls; reviewing documents that are used in – and that result from – the application of the controls; and comparing supporting documentation to the accounting records.

In performing an onsite office walkthrough, professional valuators examine and review transactions in a medical practices information system to the point where it is reflected in the company’s financial reports.

Practice onsite walkthroughs provide the valuator with evidence to:

·Confirm the medical process flow of transactions

·Understand the management design components of a medical practice valuation related to the prevention or detection of fraud, over utilization, excessive expenses, etc

 · Learn about office workforce processes by determining whether points at which misstatements related to each relevant financial statement assertion that could occur have been identified

·Document whether office controls have been placed in operation.

Of course, an onsite walk-through is the premier component of any comprehensive medical practice valuation engagement.

CONCLUSION: What are your thoughts on onsite valuation visits; pro or con?

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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The Perfect Holiday Gift [The “Business of Medical Practice”]

Posted on December 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Third Edition of Classic Text Now Available

[Transformational Health 2.0 Skills for Savvy Doctors]

By Ann Miller RN MHA [Executive-Director]

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For the first time anywhere, we offer our loyal ME-P readers and subscribers an exclusive first look at the new book: The “Business of Medical Practice” from the Institute of Medical Business Advisors Inc, in Atlanta, GA www.MedicalBusinessAdvisors.com

Synopsis

Now in its 3rd edition, the book explores a variety of issues and seeks to answer these questions:

  • Does Health 2.0 enhance or detract from traditional medical care delivery, and can private practice business models survive?
  • How does transparent business information and reimbursement data impact the modern competitive healthcare scene?
  • How are medical practices, clinics, and physicians evolving as a result of rapid health- and non-health-related technology change?
  • Does transparent quality information affect the private practice ecosystem?

A Tool for all Stakeholders

Answering these questions and more, this newly updated and revised edition is an essential tool for doctors, nurses, and healthcare administrators; management and business consultants; accountants; and medical, dental, business, and healthcare administration graduate, doctoral students and virtually all stakeholders of the healthcare industrial complex.

Management and Operational Strategies for Private Practice

Written in plain language using nontechnical jargon, the text presents a progressive discussion of management and operation strategies. It incorporates prose, news reports, and regulatory and academic perspectives with Health 2.0 examples, and blog and internet links, as well as charts, tables, diagrams, and Web site references, resulting in an all-encompassing resource. It integrates various medical practice business disciplines-from finance and economics to marketing to the strategic management sciences-to improve patient outcomes and achieve best practices in the healthcare administration field. With contributions by a world-class team of expert authors, the third edition covers brand-new information, including:

  • The impact of Web 2.0 technologies on the healthcare industry
  • Internal office controls for preventing fraud and abuse
  • Physician compensation with pay-for-performance trend analysis
  • Healthcare marketing, advertising, CRM, and public relations
  • eMRs, mobile IT systems, medical devices, and cloud computing
  • and much more!

Front Matter: Front Matter BoMP – 3

Assessment

Please send any question/and or comments directly to us at: MarcinkoAdvisors@msn.com

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Valuation and Small Business Appraisal Basics

Posted on January 29, 2009 by Dr. David Edward Marcinko MBA MEd CMP™

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Applied Methodology with “Hands-On” Practice for Doctors                      

By Lester Barenbaum; PhD

By Michael Saponara; JD, CPAhands2

The market value of a publicly traded company’s equity can be calculated at a point in time by multiplying its share price by the number of shares of common stock outstanding.  The share price is determined in the public marketplace by buyers and sellers who trade the stock. 

The Buyers

Buyers of publicly traded company shares such as IBM expend money now (invest) for the right to receive uncertain future economic benefits. The price (value) an investor pays for a share is based upon his or her assessment of the size, timing and certainty of receiving future economic benefits. 

The Sellers

Likewise, a seller of IBM equity is willing to forego his or her expectation of future economic benefits if the investor believes that the benefits given up are worth less than the proceeds (value) from selling the ownership position.  Thus, the share price of IBM at a given point in time represents the value of future economic benefits as perceived by buyers and sellers of IBM equity at a point in time.

Assessment

This value is observable through transactions in the marketplace. In contrast, closely held businesses generate also economic benefits for their owners but the value of those companies cannot be directly observed by activity in traded markets.

Link: bizvaluationsbarenbaum11

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Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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