"Not all valuations are created equal. The valuation of healthcare businesses requires consideration of nuances created by industry practice and by regulations. Healthcare Valuation: The Financial Appraisal of Enterprises, Assets, and Services by Bob Cimasi provides a valuable framework for any business valuer endeavoring to value healthcare-related business interests."
-- Robert B. Morrison, ASA BV/IA [American Society of Appraisers Business Valuation Discipline Chair]

"All appraisers dealing with healthcare subjects should have this necessary handbook. Healthcare valuation has emerged into a specialized field, requiring background, discernment and work experience in order to be effective. Healthcare businesses are constantly changing - the insight provided by Mr. Cimasi's wealth of experience is indispensable."
-- Robert Schlegel, ASA, MCBA [Past International President of the American Society of Appraisers]

"Bob Cimasi's Healthcare Valuation - The Financial Appraisal of Enterprises, Assets, and Services, is a timely and essential resource for any professional who is retained to provide valuation services relating to the healthcare industry. The book is extremely comprehensive, written by one of the most distinguished and recognized U.S. experts on the subject. In this user-friendly authority, the author shares with readers his in-depth knowledge of the industry as well as his many years of hands-on valuation experience, in a detailed, intelligible, and cogent manner. While geared to American appraisers, the book can also serve as an important compendium for use by my colleagues in Canada as well, whether for domestic or cross-border assignments. Bob Cimasi's book is a highly valuable addition to the appraisal profession's body of knowledge and is a definite must read."
-- Richard M. Wise, FCPA, FCA, FCBV, FASA, FRICS, MCBA, CFF, C.Arb [Former President, Canadian Institute of Chartered Business Valuators]

"Brilliant! Bob Cimasi's Healthcare Valuation is the definitive treatise for the complexities of valuation in the healthcare industry. This book successfully achieves its goal as both a resource and a reference, comprehensively explaining valuation theory and value drivers unique to healthcare entities in the context of healthcare reform and how we got here. It is a superb and insightful guide for healthcare finance and management professionals, as well as their professional advisors - not only appraisers, but also accountants, attorneys, bankers, and M&A advisors - and academia."
-- Chris M. Mellen, ASA, MCBA, CVA, ICVS, ABAR, CM&AA, MBA [President - Delphi Valuation Advisors, Inc. and co-author of Valuation for M&A: Building Value in Private Companies]

"Shannon Pratt's forward clearly articulates the outstanding quality of this text. Bob is an expert in the field. This text provides excellent background and with his firm grasp of the subject matter, Bob presents in depth commentary on all facets related to healthcare valuation including inpatient, outpatient, outpatient ambulatory, other related enterprises and healthcare services. In short this is a one stop service for anyone doing healthcare valuations."
-- Michael Gregory, ASA, AVA, PE [Former IRS Territory Manager responsible for valuation specialists covering fourteen states]

"Bob Cimasi's new text is a critical resource for any financial analyst delving into the world of healthcare; without an understanding of the core regulatory and procedural elements governing healthcare operations and finance, the analyst risks generating a conclusion which could be unsupportable. This book should be on the desk of everyone working in the area of healthcare financial analysis."
-- James B. Lurie, ASA, CPA*/ABV (*Ohio-Retired) [Managing Member Emeritus, CapVal-American Business Appraisers, LLC]

"Cimasi's Healthcare Valuation is a rare and unique asset to the community. From the Preface, which contains a fascinating historical perspective of the valuation profession to the concluding chapter on Basic Valuation Tenets, which looks at the profession from a rare economic perspective, Healthcare Valuation is the perfect book for these imperfect times."
-- Howard Lewis, M.S., AVA, ABAR, Executive Director, Institute of Business Appraisers [Former National Program Manager of the IRS Engineering and Valuation Program]

"It is no secret that modern healthcare in the United States, and its valuation, is extraordinarily complex. As an added difficulty, the four pillars of the healthcare industry described by Bob Cimasi (regulation, reimbursement, competition, and technology) are in such a state of flux that the shifting landscape can overwhelm even the most seasoned healthcare professionals, executives, and advisors. That is why Mr. Cimasi's heavily researched work, Healthcare Valuation, is so invaluable. It serves as a trustworthy and definitive resource for myriad questions ranging from the tenets of valuation to the true drivers of value. I predict it will soon become required reading for anyone involved in the field."
-- Robert L. Wilson, Jr., Esq. [Healthcare Group Practice Area Leader, Smith Moore Leatherwood LLP]

"Cimasi delivers again! Bob has provided an unyielding dedication to the profession of valuation and the healthcare industries over the past thirty years. He and his team have been dedicated to providing resources and sage guidance to practitioners and he does not disappoint with this latest endeavor. Healthcare Valuation: The Financial Appraisal of Enterprises, Assets, and Services is a valuable guide for healthcare providers and advisors alike."
-- Lari B. Masten, MSA, CPA, ABV, CFF, CVA, ABAR, Masten Valuation, LLC [Past chair & Current Member of NACVA Executive Advisors Board]

"Bob Cimasi's latest book, "Healthcare Valuation" provides a robust discussion regarding the capital markets and cost of capital as these topics relate to the healthcare transactional marketplace in an era of reform. Cimasi delves into those considerations that drive the healthcare capital markets, and the resulting impact on healthcare enterprises, providers, payors, and consumers as they navigate evolving models of care by investing in newly emerging healthcare organizations."
-- John Paglia, Ph.D., CFA,CPA [Associate Professor of Finance, Director of Pepperdine Private Capital Markets Project - Pepperdine University]

"Bob Cimasi's new book, Healthcare Valuation: The Financial Appraisal of Enterprises, Assets, and Services, will be must-reading for valuation professionals --- generalists like me and specialists in healthcare valuations --- who need to get up to speed in dealing with the intricacies of "Obamacare." The book is an up-to-the-minute analysis of the vast changes in this complicated and controversial new law, and it is written in a concise style that covers the waterfront of issues created by the changes."
-- Dick Thorsen, CPA/ABV, ABAR, CVA, CMEA [Past Member, Board of Directors & Vice President of the American Institute of CPAs]

"This book should be the keystone tool in a business appraiser's research library who conduct business appraisals in the ever changing healthcare industry. The book is packed with references and support for identifying and quantifying risk factors that impact the valuation of healthcare related businesses."
-- Jeffrey D. Jones, ASA, CBA, CBI [President, Certified Appraisers]

"This author has written the single most comprehensive text on financial analysis of the healthcare industry ever published. As a professional business appraiser, I've used industry-specific analyses many times, but have never seen one so thorough as this 2-volume set. The historical presentation of changes in the industry is alone worth the cost of the books. This work is as important to valuation practitioners as Pratt's Valuing a Business, and Fishman's Guide to Business Valuations, and is an essential contribution to the BV body of knowledge."
-- Steven F. Schroeder, JD, ASA, MCBA, CVA [Accountant, Schwartz & Associates, CPA's, PA]

"Bob's book is a great asset to the ever-changing field of healthcare valuations. In my opinion, it is a must-read for BV veterans who like to stay on top of happenings in the healthcare valuations industry and those who may just be dipping their toes into the healthcare valuations sector."
-- Robert S. Sly, Jr., ASA, ABAR, MBA [Valuation Manager, Wisan, Smith, Racker Prescott, LLP]

"Healthcare Valuation - Volume 1 and Volume 2, by Robert J. Cimasi, presents a concise and thorough writing that deals with the complex and ever changing environment of the health care industry as it relates to the task of appraising a health care organization. Valuation Analysts now have a resource to consult when preparing a financial valuation of a healthcare enterprise. Readers of this work will find some invaluable discussions of current research in the healthcare industry."
-- Ciro V. Cuono, CPA/ABV/CFF, CVA, CGMA [Partner, O'Connor Davies, LLP]

"The excellent valuation discussions contained herein are reasonable to expect from someone with the author's noted expertise, but what most impresses me is the exhaustive attentiveness to setting context in relation to today's health care industry, both as a whole and pertaining to its components. Throughout this monumental, truly Herculean work, Mr. Cimasi lives and breathes the principle that one cannot value what one does not thoroughly understand. Over the years, too much purported valuation work has taken place based on superficial knowledge and misconceptions. This landmark classic is itself a course on our most complex U.S. industry, which really consists of several large, interrelated industries. The astute author gives everyone what they -- even the most experienced health care professionals -- can greatly benefit from: background on the health care industry and its key elements in this age of upheaval, change...and yes, uncertainty."
-- James Unland [Editor, the Journal of Health Care Finance]

"Bob Cimasi is one of the most recognized healthcare appraisers in America. His latest work, in two volumes, is well written, comprehensive and organized to provide healthcare administrators, executives and appraisers with the history and background to better understand our profession, and to provide detailed assistance in the valuation process. Each volume includes a link to a companion website that provides additional information and documentation for whatever project the professional is working on. The website link for Volume 2 contains a Table of Contents with a link to every part of a healthcare valuation, including for example, a step by step example of a discounted cash flow statement. I am pleased to include these works in my valuation library, and I highly recommend them to other healthcare appraisers."
-- Kenneth E. Avery, CPA [President, Avery Healthcare Appraisal, Inc.]

"Healthcare Valuation is at once encyclopedic in scope yet written for those without a healthcare background. The entire first volume of this two volume set systematically examines all aspects of the business of healthcare. This comprehensively researched work spans the historical roots of today's healthcare industry through the latest technological and regulatory developments. It describes and explains the relationships between all the key industry players, from physicians to specialized outpatient centers and insurers. Industry competition, regulation, reimbursement, and technologies are each detailed in the context of business valuation. Volume two turns its attention to specific healthcare related business valuation considerations. Technical aspects of valuation theory and its application to unique healthcare entities are reviewed in an accessible manner. The books are extremely well organized and approachable for such a thorough treatment. Detailed notes, glossaries, and bibliographies are supplemented by a companion website making this truly a major reference source for both valuation practitioners and healthcare professionals. As a professional healthcare industry and business researcher, I highly recommend Healthcare Valuation as the essential source in this field."
-- Tim Alexander, MLS [Director of Business Research, St. Louis Regional Chamber]

"In my opinion, this new text is a must have and must read for any valuation professional that does any work in the health care field. As we all know, the healthcare industry has changed dramatically and it requires that all who work in it stay well informed on the changes. I have known Bob Cimasi for many years and consider him to be both brilliant and an extremely effective communicator. I highly recommend this work!"
-- Paul R. Hyde, EA, MCBA, BVAL, ASA, MAI [President, Certified Appraisers]

"Given the increasing dominance of the healthcare industry in the United States economy, the publication of Healthcare Valuation: Volumes 1 and 2 (2014, John Wiley & Sons, Inc.) is timely. This two-book set is a "must have" for appraisers, healthcare company executives, policy-makers and shareholders alike. Besides sharing a cornucopia of critical information about this complex and multi-faceted topic, Mr. Robert James Cimasi gives the readers even more tools in the form of a password protected website. The hardest thing for any reader will be finding the time to fully digest the numerous chapters on subjects such as competition, regulatory environment, technology, reform, valuation concepts and a deep dive on various market segments. Kudos to the author for another educational homerun for the healthcare community."
-- Susan Mangiero, PhD, AIFA, CFA, FRM [Managing Director, Fiduciary Leadership, LLC]

"This series gets 5 stars for its exhaustive and comprehensive analysis of the progression of the healthcare industry. If you are a valuation professional, volume I is likely not where you should be looking to find answers to technical questions. However, the first volume is full of interesting information and covers nearly every bit of regulation you'd ever need to know. In volume 2, the author covers valuation basics and identifies characteristics specific to each type of health care institution. I did find a few suspect explanations referring to the mid-year convention and the treatment of capital expenditure and depreciation in the residual year of a discounted cash flow analysis. The formula for the mid-year convention factor (Volume 2, pgs. 90-91)when applied in the discounted cash flow method appears to account for the mid-year premium twice (once in the terminal period cash flow calculation and then again in discounting). While each formula is correct independently, when applying each together, as the author appears to do, the convention is double counted. Also, the author argues that depreciation and capital expenditure should be equal in the residual period, avoiding the impossibility that the company grows inevitably to consume the whole of the economy. However, in practice, because of the timing of cash flows each year, many valuation professionals will have the capital expenditure exceed depreciation by (1+long term growth rate), to represent growth into perpetuity (unless, you argue, that the company fully expenses all capital expenditure in the year incurred...which happens, but is generally not the case). Those small arguments aside, if this is the only source you have for health care valuation, you will likely have all the information you need."
-- Derek Zweig [Western Reserve Valuation Services]

"Cimasi's Healthcare Valuation definitely is ten star! Robert James Cimasi had delivered the most comprehensive book on Cimasi's Healthcare Valuation if five star! Robert James Cimasi has delivered the most comprehensive book on healthcare valuation. He covers his four pillars of the healthcare industry--reimbursement, regulatory, competition and technology--which shape the dynamics by which providers and enterprisers operate within the current transactional environment. He covers in detail every aspect of healthcare from its early history to its current rapidly expanding complexities. Although Healthcare Valuation comprises two gigantic volumes, the reading is easy and the chapters are highly enlightening and practical. Healthcare Valuation is a masterful production which should be part of the library of every individual who is interested in the dynamic, ever-changing, healthcare and valuation professions."
-- Stanley Pollock, DMD, MS, PHD, JD, MCBA, CVA, MAFF, ABAR [Professional Practice Planners, Inc.]

"Weighing in at over twice the size of President Obama's Accountable Care Act, this updates and expands upon the author's prior publications, most of which I already own. It is a required resource update for any healthcare practice appraiser. Note that Amazon probably won't show me as a "verified purchaser" because I bought it directly from the publisher the moment it was published, and before it got to Amazon."
-- Keith Borglum, CHBC, CBB [Certified Healthcare Business Consultant]

"This is a must read book if you are performing or contemplating performing healthcare valuations. As a practitioner and instructor in healthcare valuations; I have not read a book that marries the industries of healthcare and valuations as well as this two volume set. It is comprehensive and well documented. This is an outstanding resource and is now mandatory reading for new associates at our firm."
-- Chris Carnahan, CPA, ABV, CVA, CFF, MAFF [Carnahan Group, Inc.]

"Robert Cimasi hits a homerun. As a well-known expert in Healthcare valuations, Robert's book gives incredible guidance to the valuation industry performing healthcare valuations. In my opinion, if you perform healthcare valuations, this book is a must have in your valuation library."
-- Mark Kucik, CPA, CVA, CM&AA [The Kucik Valuation Group]

"I work for an insurance company and these two volumes are rarely on the shelf and not in use by someone on my team. Vol 1 and 2 are well organized by topic, easy to read, comprehensive, and get to the point without being wordy. Download a sample, it's very generous and will give you a good idea of what the material has to offer."
-- Maggie Thatcher

"Bob has done it again writing a book with everything you need to know about Healthcare valuations. A very detailed book but an easy read for content. The footnoting is excellent for follow up research."
-- RGH