Nicholas J. Janiga

Nicholas J. Janiga, HealthCare Appraisers



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”.

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Publications and Presentations



  • 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.


Practice Areas

Mr. Janiga’s practice encompasses a broad spectrum of healthcare valuation analyses and related consulting services, including:

Business Valuation

  • Mergers and acquisitions
  • Joint ventures
  • Divestitures
  • Shareholder buy-in/buy-out
  • Corporate planning
  • Stock options and warrants
  • Purchase price allocations
  • Impairment testing
  • Appraisal review

Compensation Relationships

  • Physician employment agreements
  • Medical director/thought leader roles
  • Call coverage arrangements
  • Management arrangements
  • Turn-key practice leasing agreements

Intellectual Property

  • Certificates of need
  • Trade names
  • Patents
  • Know-how

Litigation Support

  • 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)

Transaction Experience

Mr. Janiga has been involved with healthcare transactions involving the following entity types.

  • Ambulatory Surgery Centers
  • Cancer Centers
  • Diagnostic Imaging Centers
  • Dialysis Clinics
  • Lithotripsy Companies
  • Physical Therapy Centers
  • Clinical and Anatomic Laboratories
  • In Vitro Fertilization Laboratories
  • Urgent Care Centers
  • Freestanding Emergency Departments
  • Skilled Nursing Facilities
  • Physician Practices
  • Hospitals
  • Hospital Departments
  • Medical Device Manufacturers
  • Management Service Organizations
  • Durable Medical Equipment Suppliers
  • Patent Holding Companies
  • Accountable Care Organizations
  • Pharmacies
  • Pharmaceutical Companies
  • Healthcare Information Technology Companies
  • Other Healthcare-Related Entities


  • Accredited Senior Appraiser (ASA) in Business Valuation, American Society of Appraisers(February 2014)