Intangible Assets, net

12 Months Ended

Dec. 31, 2015

8. Intangible Assets, net

Intangible assets, net as of December 31, 2015 and 2014 consisted of the following (in thousands):

	December 31, 2015		December 31, 2014
Tradenames, net of accumulated amortization of $170 and $86, respectively	$	17,660	$	14,427
Referral relationships, net of accumulated amortization of $3,763 and $2,610, respectively		10,866		8,951
Non-compete agreements, net of accumulated amortization of $2,855 and $2,377, respectively		1,770		1,529
	$	30,296	$	24,907

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, 2015, 2014 and 2013 (in thousands):

	Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Tradenames	$	84	$	86	$	—
Referral relationships		1,153		1,028		521
Non-compete agreements		478		427		372
	$	1,715	$	1,541	$	893

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 balances 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
2016		83		2016		1,234		2016		485
2017		84		2017		1,234		2017		441
2018		83		2018		1,188		2018		384
2019		80		2019		1,099		2019		312
				2020		1,099		2020		99
				2021		1,099		2021		49
				2022		1,050
				2023		942
				2024		824
				2025		716
				2026		255
				2027		107
				2028		19