Trọng lượng Thông tin và Vật liệu Các trường hợp để hạn chế giá cổ phần Tùy thuộc vào hoàn cảnh của từng trường hợp, các yếu tố nhất định có thể mang trọng lượng hơn những người khác Thu nhập, tài sản ròng, và doanh thu ròng phải được xem xét chính Trong một số trường hợp một trong những yếu tố | Valuation Issues for Specific Healthcare Industry Niches 709 Valuation Methodologies The discounted cash flow method of the income approach typically is used as it captures estimates of future volume reimbursement revenue expenses and capital cost assumptions. The guideline transaction method of the market approach often is not reliable because the following information is usually not available Assets and liabilities purchased excluded assets such as working capital not reported Consideration cash versus stock in the buyers company Modality and volume mix of the imaging center MRI CT ultrasound fluoroscopy mammography X-ray bone density nuclear etc. as some modalities are far more profitable than others Volume growth Competition in service area Payer mix Global fee revenue versus technical fee only Radiology relationship and or contract Maintenance agreement Equipment manufacturer age and condition Available capacity in the center Need for large capital reinvestment The asset approach can be applied if the valuation of the business on an income approach is similar to or less than the estimated net asset value. Engagement of specialized equipment appraisers is probably necessary given the unique type and use of the assets. Specific Issues to Address Capital expenditures as a percent of operating earnings for diagnostic imaging centers is higher than in other healthcare businesses. Equipment in a diagnostic imaging facility is very expensive MRI machines can cost to million and CT machines can cost as much as million. In addition the technological obsolescence in imaging technology is very rapid resulting in more frequent equipment purchases. There has also been a continual downward pressure on reimbursement of diagnostic imaging procedures over the last 10 years with that trend expecting to continue. These major economic influences result in valuation multiples that are often lower than those in other healthcare businesses. Dialysis Centers Background .
