Intangible Assets, net

12 Months Ended

Dec. 31, 2014

6. Intangible Assets, net

Intangible assets, net as of December 31, 2014 and 2013 consisted of the following (in thousands):

	December 31, 2014		December 31, 2013
Tradenames, net of accumulated amortization of $86 and $-0-, respectively	$	14,427	$	9,814
Referral relationships, net of accumulated amortization of $2,610 and $1,582 , respectively		8,951		3,959
Non-compete agreements, net of accumulated amortization of $2,377 and $1,950, respectively		1,529		706
	$	24,907	$	14,479

Tradenames, referral relationships and non-compete agreements are related to the businesses acquired. Typically, the value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. However, for one acquisition, the value assigned to tradename is being amortized over the term of the six year agreement in which the Company has acquired the right to use the specific tradename. The value assigned to referral relationships is being amortized over their respective estimated useful lives which range from six to 16 years. Non-compete agreements are amortized over the respective term of the agreements which range from five to six years.

The following table details the amount of amortization expense recorded for intangible assets for the years ended December 31, 2014, 2013 and 2012 (in thousands):

	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Tradenames	$	86	$	-	$	-
Referral relationships		1,028		521		433
Non-compete agreements		427		372		405
	$	1,541	$	893	$	838

During 2013, in conjunction with the sale of the physician services business, the Company wrote-off the referral relationships and non-compete agreements related to this business which included accumulated amortization of $156,000 and $270,000, respectively.

The remaining balance of the tradename, referral relationships and non-compete agreements is expected to be amortized as follows (in thousands):

Tradename			Referral Relationships				Non-Compete Agreements
Years	Annual Amount		Years		Annual Amount		Years		Annual Amount

2015		83		2015		981		2015		415
2016		83		2016		981		2016		353
2017		84		2017		981		2017		308
2018		83		2018		935		2018		252
2019		80		2019		846		2019		183
				2020		846		2020		18
				2021		846
				2022		797
				2023		690
				2024		572
				2025		465
				2026		11