Lékařská praxe jako objekt oceňování

In connection with the reform of the Czech healthcare system after 1990, the problem of closure of the business activities of practitioners, who are retiring, is needed to solve. The generation replacement of practitioners should be resolve with sales of established medical practice to young attested physician. However, it is questionable, whether the valuation methods – traditionally used for market profitable entities – can be applied to value of the specific economic subjects, such as medical practice.Nowadays, a number of valuation methods is elaborated theoretically and used in practice. According to the fundamentals of valuation, four basic approaches are distinguished: property, yield, market (comparative) and combined. Verifying applicability of these methods on the valuation of private medical practice for children and adolescents, 6 basic techniques with some modifications were selected. Moreover, to apply the valuation methods in the Czech Republic, it is necessary to consider the possible constraints arising from the Czech legislation.Besides defining the purpose of the valuation, which determines the choice of valuation methods mainly, it was necessary for their adequate application: to describe the relevant features of the valued private medical practice; to analyze the environment, in which the medical practice operates; to carry out the financial analysis of valued entity. Three scenarios were elaborated: pessimistic, neutral (expected), and optimistic. It turned out that the most appropriate method for the valuation of the private medical practice is biphasic method of predicted discounted net income. In connection with evaluation of the result, the attention was paid to the sensitivity values tochange of the discount rate, and to the cash flow discounting method. The result of valuation confirmed the hypothesis: respecting identified specificities and constraints, private medical practice can be valued with known valuation methods.