Nicholas J. Janiga

Nick Janiga Parnter



Mr. Janiga, a partner in HealthCare Appraisers’ Denver office, is an Accredited Senior Appraiser (ASA) in Business Valuation through the American Society of Appraisers.  He has been providing his clients analysis and consultation in business valuation, litigation support, intellectual property, and healthcare provider compensation relationships since 2006.  His industry experience includes working with healthcare organizations, attorneys, administrators, providers, developers, consultants, investment bankers, and private equity groups in connection with various types of transactions in the healthcare industry.  Many of the transactions Mr. Janiga analyzes involve Stark, Anti-Kickback, IRC 501(c)(3), and/or other regulatory implications, which necessitates analyses of fair market value and/or commercial reasonableness.  Additionally, Mr. Janiga’s experience includes providing expert testimony in both deposition and trial settings.

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Publications and Presentations


  • 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.
  • Alternative Structures to Physician-Owned Hospitals, Executive Summaries (Web edition), American Health Lawyers Association (AHLA) Physician Organizations Practice Group,, 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.
  • 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.
  • 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.
  • 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.


  • Presentation – 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.
  • WebinarHealthcare 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.
  • Panel Discussion MemberCurrent Valuations of ASCs, McDermott Will & Emery’s 2018 Physician Practice Management & ASC Symposium, Nashville, TN, April 26, 2018.
  • Presentation – 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.
  • Presentation – 5 Important Valuation Issues for Physician Owned Hospitals, 2017 PHA Executive Summit, Ashville, NC, October 11-13, 2017
  • PresentationKey Thoughts on ASC Valuations, Becker’s ASC 23rd Annual Meeting, Chicago, IL, October 27-28, 2016.
  • Panel Discussion MemberASCs 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.
  • PresentationFMV Primer, co-presented with Joseph Wolfe, Esq., Partner, Hall Render Killian Heath & Lyman, PC, AHLA Fraud & Compliance Forum 2016, Baltimore, MD, October 5, 2016.
  • WebinarValuation Considerations in ASC Joint Ventures, hosted by Becker’s ASC Review, July 25, 2016.
  • Panel Discussion MemberThe 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.
  • PresentationCurrent 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.
  • 10 Things to Consider When Joining a Healthcare System, contributing expert. Medical Office Today, April 18, 2012.


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)


  • Seidman College of Business, Grand Valley State University | Grand Rapids, MI
  • Bachelor of Business Administration | Majors:  Finance and Economics; Minor:  Accounting

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

Prior Professional Affiliations

  • Analyst | Adamy Valuation Advisors
  • Analyst | Stout Risius Ross
  • Intern | Adamy Valuation Advisors (formerly Adamy & Company)


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