Practice Expenses definition
Practice Expenses means all costs incurred ----------------- by Manager including amortization associated with costs of acquiring assets of the Group or covering operations and Capital Costs, direct labor costs, supplies, direct overhead and indirect overhead expense attributable to the management and operation of the Practice and direct and indirect corporate overhead of Manager including all interest expense and other expenses which are attributable to Manager's business operations in accordance with Manager's corporate allocation policies, all as consistent with and/or contemplated in the Annual Budget.
Practice Expenses means, as determined pursuant to GAAP applied on a consistent basis, all operating and non-operating expenses of the Group, Administrator and/or Parent or their Affiliates (including, without limitation, Allocable Expenses), on an accrual basis and without markup, specifically and only to the extent incurred in connection with the management, administration or operation of the Professional Operations and the Technical Operations. Provided, however, that, notwithstanding anything contained herein to the contrary, (i) Administrator Expenses and Excluded Practice Expenses shall not be included in Practice Expenses, and (ii) only expenses incurred by Administrator and/or Parent with respect to the provision of non-medical business services relating to the operation of the Practice shall be deemed Practice Expenses.
Practice Expenses means (a) all reasonable non-shareholder Professionals’ salaries, benefits, payroll taxes and other direct costs related to their services to the Practice (including reasonable and customary professional dues, subscriptions, continuing education and technical training expenses, and severance payments), (b) the cost of optometric supplies (including, but not limited to, drugs, pharmaceuticals, products, substances, items or optometric devices); (c) reasonable and customary professional liability insurance expenses of Professionals; and (d) travel costs for continuing education, technical training and necessary business travel for non-shareholder Professionals; (e) to the extent not covered by insurance and subject to the advance provisions contained herein, the defense costs and expenses of any litigation or claims brought against the Practice or its Professionals or other personnel by any third party in which the Practice or its Professionals or other personnel do not prevail or the matter settles with a material payment and the Practice or its Professionals or other personnel are at fault, and any liability judgment or material settlement assessed against the Practice or its Professionals or other personnel (f) certain equipment expenses described in Sections 3.2(c) and 3.2(d) of this Professional Business Management Agreement and 3.2(c) and 3.2(d) of the Retail Business Management Agreement; (g) interest on any funds advanced to the Practice by Professional Business Manager to the extent that Professional Business Manager is a net lender in accordance with the terms of this Professional Business Management Agreement; (h) interest on any funds advanced to the practice by Retail Business Manager to the extent that Retail Business Manager is a net lender in accordance with the terms of the Retail Management Agreement; (i) any income taxes or franchise taxes of the Practice; and (j) consulting, accounting, or legal fees which relate solely to the Practice. Notwithstanding the foregoing, the term Practice Expenses shall specifically exclude (i) business travel requested by Professional Business Manager, which shall be an Office Expense, (ii) business travel requested by Retail Business Manager, which shall be a Dispensary Expense, (iii) any and all compensation or expenses attributable to Shareholders, which shall be Shareholder Expenses (except reasonable and customary expenses for malpractice insurance which shall be a Practice Expense), (iv) ”tail” insuran...
Examples of Practice Expenses in a sentence
Such inventory, supplies and other materials shall be included in Practice Expenses at their cost to Parent or Administrator, as the case may be.
Subject to the consent requirement contained in Section 3.2(b)(i)(F), Administrator shall take such action as is reasonably or lawfully necessary in the name of and on behalf of the Group to collect fees and pay in a timely manner on behalf of Group all Practice Expenses, except as otherwise agreed between Administrator and the Group.
Administrator shall provide or arrange for the services set forth in this Article III, and the costs, fees, expenses and other disbursements incurred by Administrator or Parent in connection therewith shall be included in Practice Expenses, except to the extent such costs, fees or expenses are expressly included in Excluded Practice Expenses or Administrator Expenses.
The cost of such continuing liability insurance coverage shall be included in Practice Expenses unless such cost is borne by the Physician Employee.
All comprehensive professional medical/malpractice liability insurance premiums and deductibles shall be included in Practice Expenses; provided, that if the Group elects to maintain coverage that exceeds minimum requirements, such additional premiums shall be included in Excluded Practice Expenses.
More Definitions of Practice Expenses
Practice Expenses means the following expenses: Practice Providers' compensation expenses, professional liability insurance, continuing medical education, benefits, dues and subscriptions, automobiles, facility leases, repairs and maintenance, telephones and pagers, utilities, billing services, courier services, legal expenses, travel and entertainment, outside medical consultants, license fees and taxes, all expenses identified in this Agreement as Practice Expenses, all expenses identified in this Agreement as incurred by AmeriPath on behalf of Practice and other expenses approved from time to time by the Steering Committee, all as permitted to be incurred in accordance with this Agreement and any New Practice Amendment (as defined in Section III.G.).
Practice Expenses shall not include, among other things: (1) any federal, state or local income taxes of Practice or Manager, or the costs of preparing federal, state or local tax returns; (2) any salaries or benefits payable to Practice Employees or Physician Shareholders, except as covered under subsection (i) above; (3) physician licensure fees, board certification fees and costs of membership in professional associations for Practice Employees and Physician Shareholders;
Practice Expenses means expenses incurred by Practice in connection with Practice’s operations, including: (a) compensation or other payments made to Practice’s engaged physicians and/or healthcare professionals; (b) Practice’s and/or its engaged physicians’ and/or healthcare professionals’ professional dues, subscriptions, continuing education expenses, licensing, and travel costs for continuing education or other business travel; (c) Practice’s and its physicians’ and/or healthcare professionals’ professional liability insurance; and (d) such other expenses as may be specified in this Agreement.
Practice Expenses means the expenses incurred by the Doctor in the provision of Professional Services as described in Section 3.12 herein below.
Practice Expenses shall include:
Practice Expenses means (a) all reasonable non-shareholder Professionals' salaries, benefits, payroll taxes and other direct costs related to their services at the Office (including reasonable and customary professional dues, subscriptions, continuing education expenses, severance payments, (b) the cost of medical supplies (including, but not limited to, optical supplies, drugs, pharmaceuticals, products, substances, items or medical devices), (c) reasonable and customary professional liability insurance expenses of Professionals, (d) travel costs for continuing education and necessary business travel for non-shareholder Professionals, and (e) costs of goods sold in any optical business of the Practice. Notwithstanding the foregoing, the term Practice Expenses shall specifically exclude (i) business travel requested by Business Manager, which shall be an Office Expense, (ii) any and all compensation or expenses attributable to Shareholders, which shall be a Shareholder Expense (except reasonable and customary expenses for malpractice insurance which shall be a Practice Expense), (iii) "tail" insurance coverage for Shareholders, which shall be a Shareholder Expense, or (iv) such other items agreed to in advance in writing by the Parties hereto. During this Agreement, for so long as a current Shareholder of the Practice is an employee of, or contractor to, or Shareholder of the Practice, such Shareholder shall be deemed to be a Shareholder for the purposes of this definition. Such expenses are to be approved annually in the Budget. Practice Expenses are more specifically described in attached Exhibit "1.18."
Practice Expenses means (a) all reasonable non-shareholder Professionals’ salaries, benefits, payroll taxes and other direct costs related to their services to the Practice (including reasonable and customary professional dues, subscriptions, continuing education and technical training expenses, and severance payments), (b) the cost of optometric supplies (including, but not limited to drugs, pharmaceuticals, products, substances, items, or optometric devices), (c) reasonable and customary professional liability insurance expenses of Professionals and (d) travel costs for continuing education, technical training, and necessary business travel for non-shareholder Professionals.