Practice Expense definition

Practice Expense means an ---------------- expense incurred by Business Manager or Practice and for which Practice, and not Business Manager, is financially liable. Practice Expense shall include, without limitation, such items as Preexisting Obligation Payments, Physician Discretionary Expenses, salaries, benefits and other direct costs of Physician- Shareholders, any costs of providing locum tenens coverage designated as a ----- ------ Practice Expense pursuant to Section 5.4 hereof, and any other expenses incurred by Practice and Physician-Shareholders which are not in the Budget or are in excess of budgeted allowances.

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Practice Expense means any cost or expense of the Practice which is not an Operational Expense or a Company Expense including, without limitation, the following:

Practice Expense means an ---------------- expense incurred by Business Manager or Practice and for which Practice, and not Business Manager, is financially liable. Practice Expense shall include, without limitation, such items as Preexisting Obligation Payments, Physician Discretionary Expenses, salaries, benefits and other direct costs of all Physician-Shareholders, any costs of providing locum tenens coverage for Physician-Shareholders pursuant to Section 5.4 hereof, and any other expenses incurred by Practice or Physicians which are not in the Budget or are in excess of budgeted allowances if expended by Practice personnel without Business Manager Consent.

Examples of Practice Expense in a sentence

• The additional cost, if any, associated therewith shall be a Practice Expense.

• Should only the Practice choose to obtain key person life and disability insurance, the Practice shall pay all premiums as a Practice Expense and shall receive all proceeds.

• If successful, the Group shall have the opportunity to purchase at Administrator's cost, as an Excluded Practice Expense, such coverage to the extent permitted by the then-applicable restrictions set forth in such policy.

• Business Manager shall also be responsible for all necessary repair, maintenance and replacement of all equipment relating to the Office, except for any such repairs, maintenance and replacement necessitated by the negligence or willful misconduct of Practice, its Physicians or other personnel employed by Practice, in which event any such repair or replacement shall be a Practice Expense and not an Office Expense.

• Regardless of whether the compensation is a Practice Expense or Office Expense, Practice shall be responsible for paying the compensation and benefits, as applicable, for all Physicians, Optometrists, and any other physician personnel or other contracted or affiliated physicians, and for withholding any sums for income tax, unemployment insurance, social security or any other withholding required by applicable law.

• If the Practice wishes to choose additional equipment, which the Professional Business Manager determines not to acquire or lease, the Practice may acquire or lease such equipment, and the expense related thereto shall be deemed a Practice Expense.

• Office Expense shall not include any Professional Business Manager Expense, Practice Expense or Shareholder Expense or any state, local or federal income or franchise tax.

• All costs and expenses relating to the preparation of such returns and reports shall be deemed a Practice Expense.

• Upon the termination of this Management Services Agreement for any reason, Practice shall obtain and maintain as a Practice Expense "tail" professional liability coverage, in the amounts specified in this Section 4.14(b) for an extended reporting period of ten years, and Practice shall be responsible for paying all premiums for "tail" insurance coverage.

• Notwithstanding the foregoing, the Policy Board, in its judgment, may impose reductions on a consistent basis to each of Budgeted Practice Expense and the Monthly Fee in the event that the Policy Board makes a determination that general economic conditions and/or regulatory developments adversely affecting the Medical Services provided by Practice render the present levels of the Budgeted Practice Expense and the Monthly Fee impractical.

More Definitions of Practice Expense

Practice Expense means an expense ---------------- incurred by Business Manager or Practice and for which Practice, and not Business Manager, is financially liable. Practice Expense shall include, without limitation, such items as Preexisting Obligation Payments, Physician Discretionary Expenses, salaries, benefits and other direct costs of all Physician-Shareholders (including, without limitation, any severance payments or other obligations due and owing from Practice to any terminated Physician- Shareholders), any costs of providing locum tenens coverage designated as a ----- ------ Practice Expense pursuant to Section 5.4 hereof, and any other expenses incurred by Practice and Physician-Shareholders which are not in the Budget or are in excess of budgeted allowances.

Practice Expense means, for any Test Period with respect to any Managed Practice, all of the following expenses and costs incurred by the Company or any of its Restricted Subsidiaries during such Test Period directly related to the provision of management services to a Managed Practice pursuant to a Management Services Agreement, determined on an accrual basis of accounting in accordance with GAAP:

Practice Expense means any expense of a Practice which is not an Operational Expense, a PHC-SUB Expense, or a New Ancillary Service Expense. Practice Expenses shall include, without limitation, the following: (a) all salaries, bonuses or benefits (including, for example, deferred compensation benefits and health insurance benefits) payable with respect to Practice Employees or compensation paid or payable to physician independent contractors, including New Practice Employee Expenses; (b) all federal, state or local income and employment taxes of a Practice and the costs of preparing its federal, state or local income and employment tax returns; (c) all costs of membership in professional associations and continuing professional education expenses, including subscriptions, for physician Practice Employees up to $1,000 per annum in the aggregate for each Practice; (d) all liability judgments assessed against the Practices or Practice Employees in excess of policy limits or not covered by insurance policies of the Practice or Practice Employees; (e) all costs of employees providing personal services to particular Practice Employees and like expenses personal in nature; (f) the General Management Fee; (g) reimbursement for automobile expenses incurred by the physician Practice Employees in the ordinary course of practicing medicine; (h) entertainment expense in an amount up to $1,000 per annum for each Practice; (i) the New Practice Employee Expense; and (j) all other expenses to be taken as Practice Expenses as specifically set forth herein.

Practice Expense means an expense incurred by Business Manager or Practice that is not an Office Expense and for which Practice, and not Business Manager, is financially liable. Practice Expense shall include, without limitation, such items as Preexisting Obligation Payments, Physician Discretionary Expenses, salaries, benefits, fees, and other direct costs of all Practice-Owners, the Physicians directly employed by, and who are owners of, a Practice-Owner and the Practice Expense Employees, any costs of providing locum tenens coverage designated as a Practice Expense pursuant to Section 5.4 hereof, any continuing medical education ("CME") expenses in excess of the CME expenses allocated for each Physician in the Budget, which amount will not be less than $10,000, and any other expenses incurred by Practice, Practice-Owners and Physicians directly employed by, and who are owners of, a Practice-Owner, the general nature of which are not contemplated in the Budget.

Practice Expense means an expense ---------------- incurred by Business Manager or Practice that is not an Office Expense and for which Practice, and not Business Manager, is financially liable. Practice Expense shall include, without limitation, such items as Preexisting Obligation Payments, Physician Discretionary Expenses, salaries, benefits, fees, and other direct costs of all Practice-Owners, the Physicians directly employed by, and who are owners of, a Practice-Owner and the Practice Expense Employees, any costs of providing locum tenens coverage designated as a Practice Expense ----- ------ pursuant to Section 5.4 hereof, any continuing medical education ("CME") expenses in excess of the CME expenses allocated for each Physician in the Budget, which amount will not be less than $10,000, and any other expenses incurred by Practice, Practice-Owners and Physicians directly employed by, and who are owners of, a Practice-Owner, the general nature of which are not contemplated in the Budget.

Practice Expense means any expense of the Practice which is not an Operational Expense, a PHC-SUB Expense, a New Ancillary Service Expense, or a New Practice Employee Expense. Practice Expenses shall include, without limitation, the following: (a) all salaries or benefits (including, for example, deferred compensation benefits and health insurance benefits) payable with respect to Practice Employees or compensation paid or payable to physician independent contractors, including New Practice Employee Expenses; (b) all federal, state or local income and employment taxes of the Practice and the costs of preparing its federal, state or local income and employment tax returns; (c) all costs of membership in professional associations and continuing professional education expenses, including subscriptions, for Practice Employees; (d) all liability judgments assessed against the Practice or Practice Employees in excess of policy limits; (e) all costs of employees providing personal services to particular Practice Employees and like expenses personal in nature; (f) the General Management Fee; (g) the Practice Development Fee; (h) the Payor Contracting Development Fee; (i) automobile allowances for physician Practice Employees; (j) entertainment expenses; and (k) all other expenses to be taken as Practice Expenses as specifically set forth herein.