How do you put a price tag on a surgery center? Two words: future earnings.

"The value of any business is not based on historical earnings but rather future earnings," says Elliott Jeter, CFA, CPA, a principal at Value Management Group, a healthcare valuation and transaction advisory firm. "Historical earnings are only relevant to the extent they help predict future earnings. Just like publicly traded stocks, the value of privately held ASC partnership shares can change depending on changes in the facts and circumstances that affect future cash flow."