Benchmarks, market maps, and method notes written from the same records that power the modules.
A national benchmark of implied hourly rates, annual stipends, and reported hours, built from Medicare hospital cost reports rather than survey panels.
Sponsors disclosed $5.8B in research payments across 5,413 US trials. The median trial shows $272K, but per patient is the better benchmark.
The median US hospital reports a 5.6% operating margin and loses money on patient care. The gap between those two numbers is the whole story.
The defensible answer is cost plus a fair market value markup. Median non-clinical cost spans 16.6% to 75.7% of net revenue depending on specialty, while outsourced services earn a median 22.7% markup on cost, according to one data source.
What malpractice coverage actually costs, by specialty and state, drawn from real carrier rate filings rather than survey ranges. The national picture, the full ladders, and how to check your own quote.
The median skilled-nursing facility runs a 9% EBITDAR margin and a breakeven operating line. From 12,000-plus Medicare cost reports: what SNFs earn, how wide the spread runs, and what moves it.
Cancer trials hold $1.77B of the $5.8B sponsors disclosed, more than any other therapeutic area. Per patient, the disclosed checks are among the smallest.
Median revenue per adjusted discharge is $15,218. Median cost is $15,582. The median US hospital loses $360 per patient before other revenue steps in.
Based on CMS data for roughly 1.1 million clinicians, non-clinical cost spans 16.6% to 75.7% of practice net revenue across 25 specialties, a 4.6x spread, while geography impacts the same basket by 1.7x.
Every US hospital that takes Medicare files a public cost report: income statement, balance sheet, charity care, and more. Here is what it holds and where it bends.
New York has treated percentage-of-revenue management fees as fee splitting for decades, and it is considered professional misconduct, not a technicality. Which leaves two primary options: a flat or cost-based fee structure.
AbbVie leads disclosed drug-trial spending at $899M across 565 trials, a photo finish over Lilly. Ten sponsors hold two thirds of the money.
Cost per enrollee is reported trial spend divided by enrollment: the per-patient benchmark that makes a 42-person phase 1 comparable to a phase 3.
Every trial cost estimate you have seen is probably a survey, a model, or a 2014 mean. Here is what the only public per-trial disclosure captures.
A management services organization owns everything about a medical practice except the medicine. How the structure works, why it exists, what changed in 2026, and why the management fee is where the whole model gets tested.
US hospitals report $33B in charity care. The median hospital gives away 1.4% of net revenue; a handful of public safety nets give away more than half.
Three ways to structure an MSO management fee, and a state map that treats them very differently. Percentage fees are void in Illinois, misconduct in New York, and under new scrutiny everywhere else.
Median disclosed cost per enrollee: $10.6K in phase 1, $4.0K in phase 2, $2.1K in phase 3. Scale, not spend, separates the phases.
For a major joint replacement, the median hospital lists $72,218 and Medicare pays $12,922. Across 2,904 hospitals, charges run 4.8x the Medicare payment.
The median home health agency generates a 7% margin, while margins at the 25th percentile are negative. What agencies earn, why the profitability variance is so wide, and who is consolidating the sector anyway.
The management fee decides where a platform's EBITDA sits, so a mispriced fee misprices the deal. How QofE teams test MSO fees, what repricing to the benchmark means at a platform multiple, and the checklist.
Across our study of 73 healthcare outsourced-services M&A deals where margins are disclosed, the median EBITDA margin is 18.5%, representing an implied 22.7% markup on cost.
Two laws took effect January 1, 2026. SB 351 draws a hard line around what an MSO may control, and AB 1415 gives OHCA 90 days notice and a look at the money. The management fee is now a document regulators read.
The 10x swing in malpractice premiums across states is for legal, not medical reasons. How non-economic damage caps, patient compensation funds, and the verdict climate shape the filed rates, with some exceptions that prove the rule.
OB/GYN is the most expensive specialty to insure, at about $59,392 nationally and ranging from $18k to $155k by state. The filed rates, why obstetrics tops the table, and how to check your own number.
The friendly-PC workaround held for thirty years. In 18 months, Oregon, California, Massachusetts, and a lengthening list of statehouses rewrote the rules around MSO control and MSO money. The map, dated.
Revenue per visit is the number a home health operator watches most, even though Medicare no longer pays by the visit.
Regulators expect a management fee to bear a reasonable relationship to the cost of the services. The workflow that gets there: build the cost base, apply a market markup, test from both directions (and against any other market data you have), and document it.
The number on a malpractice quote means nothing until you read the limits, basis, and territory behind it. How to read a quote and compare it to the filed benchmark for your state and specialty.
Average daily census is the patients a hospice serves on an average day. In a per-diem business, ADC is most of the revenue line, which is why it is the first number a hospice buyer asks for.
The same $30,000 stipend is $250 an hour at 120 hours and $75 at 400. Three steps to find your implied rate and compare it to your specialty's median.
Net patient revenue is what a hospital actually collects for care after discounts, denials, and write-offs. At the median, that is 33 cents of every charged dollar.
Anesthesiology directorships post a $200/hr median and the operating room $217/hr, both well above the $175 national median. What cost-report data shows, and how to use it.
The two largest home health operators are owned by health insurers. The biggest agencies by footprint, the payer and PE ownership behind them, and what buyers are actually paying for.
The largest skilled-nursing operator runs about 2.4% of US beds, and a third of operators run just one facility. The biggest chains by footprint and the fragmentation behind the roll-up thesis.
"The rate is market" answers only one of the two questions a directorship has to survive. How appraisers and compliance teams generally separate the pricing test from the purpose / scope test.
The largest hospice operator runs about 1.5% of the market, and more than 330 deals have closed since 2019 at a median 10x EBITDA. Who is consolidating hospice, what they are paying, and why.
A tail closes the gap a claims-made policy leaves when you go, and it commonly costs about twice your annual premium in one payment. What tail coverage is, what it costs, and how to avoid overpaying.
The median hospice operates at a 10.2% EBITDA margin, the highest in the post-acute sector, and keeps most of it. What hospices earn, why an asset-light per-diem model is so attractive, and the payer and cap dynamics that govern it.
The same $40,000 stipend can sit above the market's 90th percentile or below its 10th, depending on hours. The defensible method benchmarks the rate, not the dollars.
Skilled-nursing occupancy is patient-days over available bed-days. Why the denominator makes reported rates vary, and the three adjustments that make occupancy comparable across facilities.
Claims-made and occurrence are the two malpractice policy forms, and the choice shapes both your annual premium and what you owe when you leave. How each works, and why the benchmark uses mature claims-made.
EBITDAR is EBITDA with rent added back. Why lease-heavy post-acute operators are measured on it, a worked example from the median SNF, and how to use it in a benchmark.
Everyone sizes a directorship's time commitment off the hospital. In the cost-report filings, bed count explains about 3% of the variation in director hours.
The same specialty, doing the same work, can cost eight to fourteen times more depending on the state. The filed rates behind the swing, and what drives it.
The average skilled-nursing bed traded near $83,800 in 2024, but a per-bed rule of thumb hides the real inputs. How buyers normalize EBITDAR, read revenue per day and occupancy, and build a defensible comp set.
Malpractice premiums are nearly ten times higher in the most expensive state than the cheapest. The full 2026 ranking of all 51 jurisdictions, from filed carrier rates, and what drives the gap.
Median skilled-nursing occupancy is 83.8% nationally, but it runs from 62% in Oklahoma to 95% in North Dakota. Texas has the most SNFs and one of the lowest occupancies. What the state spread signals for a deal.