When a rural hospital was contemplating acquiring a family practice and hiring the physician owner to expand its medical staff, Stout was engaged to serve as the hospital’s valuation advisor. We determined the fair market value of the practice as a going concern and appraised the practice’s personal property. Stout separately appraised the practice’s medical office building (owned personally by the selling physician) and determined the fair market value rental rate. We normalized the rent expense charged to the practice and documented our fair market value conclusions in a narrative report for purposes of compliance with the Stark and Anti-Kickback Laws. The hospital relied on Stout’s analysis to successfully negotiate the purchase of the practice and building from the selling physician.