- 4 - to the practice agreement, petitioner received $242,556 from the hospital. On January 1, 1994, petitioner and the hospital executed a First Amendment to Professional Practice Agreement (amended agreement). The amended agreement provided: Hospital intended that Physician, upon expiration of the Income Guarantee, be required to repay that portion of the Income Guarantee not repaid pursuant to the Guarantee Payback, regardless of the level of Physician’s gross income, * * *. The amended agreement also stated: WHEREAS, Physician acknowledges that he, consistent with this intent, has accounted for amounts advanced by Hospital pursuant to the Income Guarantee as a loan and not as income. In connection with the amended agreement, petitioner executed a promissory note on January 1, 1994, in the amount of $261,094. If petitioner ceased practicing in that area, the outstanding principal balance would be due and payable in full. After more than 6 years of practice in the area, petitioner ceased in November 1998. Petitioner and the hospital discussed repayment of the promissory note balance by assigning to the hospital petitioner’s accounts receivable from his practice. On March 2, 1999, the hospital wrote petitioner that the value of his accounts receivable had decreased substantially. The hospital then requested immediate payment of the outstanding balance of $110,780.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011