Nicholas Janiga is a partner in HealthCare Appraisers’ Denver office, where he leads the firm’s business valuation and capital equipment valuation service lines. He has been providing his clients analysis and consultation in business valuation, litigation support, intellectual property and healthcare provider compensation relationships since 2006. His experience includes working with healthcare organizations, attorneys, administrators, providers, developers, consultants, investment bankers, and private equity groups in connection with a broad spectrum of transactions in the healthcare industry. Many of the transactions he analyzes involve Stark, Anti-Kickback, IRC 501(c)(3), and other regulatory implications, which requires analysis of fair market value and the determination of commercial reasonableness. He also has experience providing expert testimony in deposition and trial settings.
Mr. Janiga is an Accredited Senior Appraiser (ASA) in Business Valuation through the American Society of Appraisers. He holds a Bachelor of Business Administration from the Seidman College of Business at Grand Valley State University. In 2018 he was recognized by the American Society of Appraisers as a “Rising Star” in the industry, and by Becker’s Healthcare as one of the healthcare industry’s “90 Healthcare Leaders Under 40”.
Publications and Presentations
- 2018 Valuation Survey Physician-Owned Hospitals (co-author with Matthew J. Muller, ASA) Fall 2018.
- Recent Trends Affecting the Value of ASCs, (co-author with Matthew J. Muller, ASA) ASC Physician Focus an ASCA Publication Vol. 2, No. 2, Summer/Fall 2018.
- Freeze the Fat, Heat-Up the Multiple: A Discussion of Valuations in the Healthcare Space, (co-author with Daniel I. Levin, CFA) The Value Examiner, July/August 2018.
- 42 Million Reasons to Consider FMV in Marketing Arrangements, (co-author with Daniel I. Levin, CFA) FMVantagePoint (Web edition), November 10, 2017.
- The Importance of Appraisal Review in the Transaction Process, (co-author with Matthew J. Muller, ASA) FMVantagePoint (Web edition), August 30, 2017.
- Modeling the Impact of Potential Cuts in Hospital Surgery Payments, (co-author with Nicholas Newsad, MHSA, Healthcare Transaction Advisors, LLC). HFMA’s Payment & Reimbursement Forum eNewsletter (a publication of Healthcare Financial Management Association): West Chester, IL, June 20, 2014.
- If CMS Lowered HOPD Rates, What Could ASCs Expect?, featured interview. Becker’s ASC Review (Web edition), May 28, 2014.
- Potential Impact of MedPAC’s Recommendation on ASC/HOPD Payments for Eye & Pain Procedures, featured interview. Becker’s ASC Review (Web edition), April 23, 2014.
- How the ACA impacts the valuation of physician-owned hospitals, (co-author with David Walline, Senior Associate, HealthCare Appraisers), QuickRead News for the Financial Consultant, National Association of Certified Valuators and Analysts (NACVA), December 4, 2013.
- Mistakes to avoid when acquiring physician practices: Operations and integration, (co-author with Matthew Muller, Senior Associate, HealthCare Appraisers, Inc.) Healthcare Finance News (Web edition), November 5, 2013.
- Alternative Structures to Physician-Owned Hospitals, Executive Summaries (Web edition),
American Health Lawyers Association (AHLA) Physician Organizations Practice Group, www.healthlawyers.org, November, 2013.
- Mistakes to avoid when acquiring physician practices: Costs and expectations, (co-author with Matthew Muller, Senior Associate, HealthCare Appraisers, Inc.) Healthcare Finance News (Web edition), October 30, 2013.
- Critical Access Hospital Acquisitions and Affiliations, (co-author with Nicholas Newsad, MHSA, Senior Associate, HealthCare Appraisers, Inc.), HealthCare Appraisers’ FMVantage Point, Sept. 2013.
- Valuation of Physician-Owned Hospitals, (co-author with David Walline, Senior Associate, HealthCare Appraisers, Inc.), White Paper, featured in PHA E-PULSE NEWSLETTER, August 21, 2013.
- Alternative Structures to Physician-Owned Hospitals, White Paper, August 2013.
- 7 Common Reasons for Hospital Transactions (co-author with Matthew Muller, Senior Associate, HealthCare Appraisers, Inc.) Becker’s Hospital Review (Web edition). May 16, 2013.
- Current Trends in Hospital Transactions, (co-author with Jason L. Ruchaber, CFA, ASA, Partner, HealthCare Appraisers) White Paper, for AHLA Healthcare Transactions Program, April 25-26, 2013.
- To Sell or Not to Sell, contributing expert. Renal & Urology News, May 16, 2012.
- 4 Tactics Payors Use to Drive Surgery Centers In-Network – and How to Respond, contributing expert. Becker’s ASC Review (Web edition), May 4, 2012.
- 10 Things to Consider When Joining a Healthcare System, contributing expert. Medical Office Today, April 18, 2012.
- From Private Practice to Hospital Employment for Orthopedic Surgeons: Q&A with Nicholas Janiga of HealthCare Appraisers. Becker’s Spine Review (Web edition), March 26, 2012.
- 11 Common Ailments with Physician Practice Valuation. (co-author with Jason L. Ruchaber, CFA, ASA) Becker’s Hospital Review (Web edition), December 29, 2011.
- Panelist – Current Valuation Trends in ASC Transactions, 2018 New York Metro ASC Symposium, New York, NY, November 2, 2018
- Reactive to Proactive: Resources for Improving the Value of Your ASC, co-presented with Luis A. Argueso, Director, HealthCare Appraisers, Inc.,16th Annual Spine, Orthopedic and Pain Management-Driven ASC Conference, Chicago, IL, June 14-16, 2018.
- Webinar – Healthcare Valuation: Approaches to Value and Common Pitfalls, hosted by Business Valuation Resources, co-presented with Fred Lara, CFA, ASA, CVA, Partner, HealthCare Appraisers, Inc., June 13, 2018.
- Panelist – Current Valuations of ASCs, McDermott Will & Emery’s 2018 Physician Practice Management & ASC Symposium, Nashville, TN, April 26, 2018.
- FMV in Physician Employment and Professional Services Arrangements, co-presented with Kevin Cassell, Senior Associate, HealthCare Appraisers, Inc., Association of Otolaryngology Administrators – Academic Practice Forum Mid-Year Meeting, Miami, FL, February 22, 2018.
- 5 Important Valuation Issues for Physician Owned Hospitals, 2017 PHA Executive Summit, Ashville, NC, October 11-13, 2017.
- Key Thoughts on ASC Valuations, Becker’s ASC 23rd Annual Meeting, Chicago, IL, October 27-28, 2016.
- Panelist – ASCs 2016-2017, with Luke Lambert, CFA, CEO, ASCOA, Goran Dragolovic, SVP, SCA, David Abraham, MD, Orthopedic Surgeon, Reading Neck & Spine Center, William Prentice, CEO, ASCA, Tom Mallon, CEO, Regent Surgical Health, moderated by Scott Becker, Esq., McGuireWoods, Becker’s ASC 23rd Annual Meeting, Chicago, IL, October 27-28, 2016.
- FMV Primer, co-presented with Joseph Wolfe, Esq., Partner, Hall Render Killian Heath & Lyman, PC, AHLA Fraud & Compliance Forum 2016, Baltimore, MD, October 5, 2016.
- Webinar – Valuation Considerations in ASC Joint Ventures, hosted by Becker’s ASC Review, July 25, 2016.
- Panelist – The Employed Orthopaedic Surgeon: Promises and Pitfalls, with Melbourne Boynton, MD, John Gramer, Michael Suk, MD, Ronal W.B. Wyatt, MD, and Alexandra Page, MD, moderator. AAOS Annual Meeting 2016, March 3, 2016, Orlando, FL.
- Current Valuation Trends: Physician-owned Hospitals, with David Walline, Senior Associate, HealthCare Appraisers, Inc., Physician Hospitals of America (PHA) Annual Conference, New Orleans, LA, September 20, 2013.
Mr. Janiga’s practice encompasses a broad spectrum of healthcare valuation analyses and related consulting services, including:
- Mergers and acquisitions
- Joint ventures
- Shareholder buy-in/buy-out
- Corporate planning
- Stock options and warrants
- Purchase price allocations
- Impairment testing
- Appraisal review
- Physician employment agreements
- Medical director/thought leader roles
- Call coverage arrangements
- Management arrangements
- Turn-key practice leasing agreements
- Certificates of need
- Trade names
- Marital dissolution
- Shareholder disputes
- Economic damages
- Qui tam lawsuits under the False Claims Act
- Transaction due diligence
- Financial and operational analyses
- Market studies
- Economic impact analyses
- Black box analyses
- American Society of Appraisers (ASA)
- American Health Lawyers Association (AHLA)
- Ambulatory Surgery Center Association (ASCA)
- Physician Hospitals of America (PHA)
- Seidman College of Business, Grand Valley State University | Grand Rapids, MI
- Bachelor of Business Administration | Majors: Finance and Economics; Minor: Accounting
Continuing Professional Education
- American Society of Appraisers’ 30-hour course, ARM201: Appraisal Review and Management (October 2018)
- American Society of Appraisers’ 2016-2017 OnDemand 7-Hour Uniform Standards of Professional Appraisal Practice for Business Valuation (November 2017)
- American Society of Appraisers’ Multidisciplinary Advanced Education in Healthcare Valuation Program, (April 2016)
- American Society of Appraisers’ 30-hour course, BV302: Special Topics in the Valuation of Intangible Assets (June 2013)
- American Society of Appraisers’ 30-hour course, BV301: Valuation of Intangible Assets (May 2013)
- American Society of Appraisers’ 30-hour course, BV203: Business Valuation Case Study (March 2012)
- American Society of Appraisers’ 30-hour course, BV204: Advanced Topics in Business Valuation (January 2012)
- American Society of Appraisers’ 30-hour course, BV202: Introduction to Business Valuation Part II (October 2011)
- American Society of Appraisers’ 15-hour course, SE100: Uniform Standards of Professional Appraisal Practice (“USPAP”) (August 2011)
- American Society of Appraisers’ 30-hour course, BV201: Introduction to Business Valuation Part I (January 2011)
- American Society of Appraisers’ Ethics Exam (September 2010)
- Level 1 of the Chartered Financial Analyst program (June 2008)
Prior Professional Affiliations
- Analyst | Adamy Valuation Advisors
- Analyst | Stout Risius Ross
- Intern | Adamy Valuation Advisors (formerly Adamy & Company)
Mr. Janiga has been involved with healthcare transactions involving the following entity types.
- Accredited Senior Appraiser (ASA) in Business Valuation, American Society of Appraisers(February 2014)