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 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.).
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.
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.
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.
The Group shall be entitled to an advance from Administrator of such additional sums, over and above the Group's right to the amounts otherwise set forth in this Article VII, as shall be required by the Group to pay Practice Expenses (excluding Technical Expenses) consistent with the annual capital and operating budgets of the Practice (prepared as provided in Section 3.5 hereof), the Service Fee as provided in Exhibit 7.1 hereto and Excluded Practice Expenses at the discretion of Administrator.
The cost of such continuing liability insurance coverage shall be included in Practice Expenses unless such cost is borne by the Physician Employee.
More Definitions of Practice Expenses
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 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; (4) costs of continuing professional education for Practice Employees and Physician Shareholders; (5) costs associated with legal, accounting and professional services incurred by or on behalf of Practice other than as described in the first sentence of Section 3.11; (6) liability judgments assessed against Practice, Practice Employees or Physician Shareholders in excess of policy limits; (7) direct personal expenses of Physician Shareholders or Practice Employees of a kind which are customarily charged to physician shareholders and practice employees (including, but not limited to, cellular phone expenses, car allowances, costs of employees providing personal services to particular Physician Shareholders or Practice Employees, and like expenses personal in nature); (8) capital expenditures except to the extent of depreciation and amortization; or (9) any costs or expenses not designated in this Agreement as being Practice Expenses or costs and expenses designated as the responsibility of Manager. Practice Expenses incurred in any budget period in excess of 120% of budgeted amounts (measured on an aggregate, not line item, basis) resulting in more than a 20% decrease in the budgeted pre-tax income of Practice shall be the sole obligation of Manager, unless incurrence of such expenses is approved by the Advisory Board described in Section 2.1 below, such approval not to be unreasonably withheld if the expenses are commercially reasonable in nature and amount under the circumstances.
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...
Practice Expenses means, to ------------------ the extent relating to the Practice Locations: (a) all reasonable non-shareholder Professionals' and Optical Technicians' 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; (d) reasonable travel costs for continuing education, technical training and necessary business travel for non-shareholder Professionals and Optical Technicians; (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, its Professionals, or its other personnel by any third party in which the Practice, its Professionals, or its other personnel do not prevail or the matter settles with a material payment and the Practice, 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 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 Agreement; (h) any income taxes or franchise taxes of the Practice; and (i) consulting, accounting, or legal fees which relate solely to the Practice or relate to a dispute with Professional Business Manager. 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) 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), (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 o...
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 shall not include, among other things: (1) any federal, state or local income or corporate franchise taxes of Manager, or the costs of preparing federal, state or local tax returns; (2) any salaries or benefits payable to Practice Employees (other than leased employees) or Physician Partners, except as covered under subsection (j) above; (3) physician licensure fees, board certification fees and costs of membership in professional associations for Practice Employees and Physician Partners; (4) costs of continuing professional education for Practice Employees and Physician Partners; (5) costs associated with legal, accounting and professional services incurred by or on behalf of Practice other than as described in the first sentence of Section 3.11; (6) costs of medical malpractice insurance for Practice, its Physician Partners and Practice Employees, and any liability judgments assessed against Practice, Practice Employees or Physician Partners in excess of policy limits; (7) direct personal expenses of Physician Partners or Practice Employees of a kind which are customarily charged to Physician Partners and Practice Employees (including, but not limited to, cellular phone expenses, car allowances and like expenses); (8) capital expenditures except to the extent of depreciation and amortization (computed as provided above); (9) interest expense on or amortization of acquisition costs incurred by Parent or its affiliates in connection with the acquisition of the Corporations pursuant to the Stock Purchase Agreement; (10) interest expense on or amortization of acquisition costs incurred by Parent or its affiliates in connection with the acquisition of the non-medical assets of additional medical practices which are subsequently merged with and into the Practice; (11) salaries and benefits of CBO personnel (and related overhead) when performing services other than for Practice as described in Section 3.10(d); (12) transition costs incurred by Manager associated with the integration of Practice's operational systems with and into Manager's operational systems during the Transition Period (with the exception of 50% of travel and travel related expenses as described in subsection (n) above); or (13) any costs or expenses not designated in this Agreement as being Practice Expenses or costs and expenses designated as the responsibility of Manager. Practice Expenses incurred in any annual budget period in excess of 120% of budgeted amounts (measured on an aggregate...