Nicholas J. Janiga, ASA

Partner

Office: Denver

Main: (303) 688-0700
Direct: (303) 566-3173

Fax: (303) 688-0701

Nicholas Janiga is a Partner in the Denver office.

Janiga leads the firm’s business valuation and capital assets 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.

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.”

PRACTICE AREA

Business Valuation
Capital Assets Valuation

PUBLICATIONS AND PRESENTATIONS

PUBLICATIONS

2024 Outlook: Home Health, Hospice and Personal Care, co-authored with Daniel I. Levin, CFA, ASA, April 22, 2024
Hospital-based physician staffing industry outlook: The forces of COVID-19, NSA and inflation, co-authored with Daniel I. Levin CFA, ASA and Andrew L. Worthington, April 2024 edition of MGMA Connection
2024 Outlook: Diagnostic Imaging Centers and Radiology Practices, co-authored with Daniel I. Levin, CFA, ASA, March 14, 2024
Navigating Healthcare Transactions: Lessons from a Case Study, co-authored with Daniel I. Levin, CFA, ASA and Robert J. Van Dusen, MSAQF, February 13, 2024
Quarterly Insight: Q3 2023, edited by Daniel I. Levin, CFA, ASA, with contributions from Nicholas J. Janiga, ASA, January 8, 2024
Healthcare Joint Ventures: Know the Value of Your Assets, co-authored with Landon Forsythe, and Matthew Muller, ASA, November 16, 2023
Navigating Ambulance Transport Arrangements and Transactions, co-authored with Ciara A. Kerney and Hunter A. Wolfel, November 9, 2023
Industry Insights: Women’s Health in 2023, co-authored with Cecelia R. Chavez, AM, and Chris Vaughan, MBA, ABV, October 23, 2023
2023 Industry Outlook: Gastroenterology Practices and Ancillary Services, co-authored with Daniel I. Levin, CFA, ASA, October 3, 2023
Medicare Shared Savings Program Results for Performance Year 2022, co-authored with Matthew J. Muller, ASA, September 25, 2023
Quarterly Insight: Q2 2023, edited by Daniel I. Levin, CFA, ASA, with contributions from Nicholas J. Janiga, ASA, September 18, 2023
2023 Cardiology Industry Outlook: A Reviving Heartbeat, co-authored with Bobby Van Dusen, MSAQF, and Matthew J. Muller, ASA, September 12, 2023
Behavioral Healthcare: Public Company Commentary, Outlook, and Trends – Summer 2023, co-authored with Jordan A. Zoeller, MACC, CFA, August 7, 2023
Fair Market Value Opinions: Practical Tips for Engaging Third-Party Appraisers and Securing Client Buy-In During the Valuation Process, co-authored with John E. Buerkert Jr., Children’s Health, Jonathan Nowlin, Children’s Health, American Health Law Association, Health Law Connections, August 2023 Issue
Quarterly Insight: Q1 2023, edited by Daniel I. Levin, CFA, ASA, with contributions from Nicholas J. Janiga, ASA, July 10, 2023
ASC Valuation, Transaction, and Industry Trends in 2023, co-authored with Matthew Muller, ASA and Benjamin Cloutier, May 15, 2023
Surgical Tools of the Trade: Derivatives in Healthcare Transactions, co-authored with Jordan A Zoeller, MAcc, CFA, May 9, 2023
Industry Outlook: Orthopedic Practices and Ancillary Services, co-authored with Daniel I. Levin, CFA, ASA, May 3, 2023
Quarterly Insight: Q4 2022, edited by Daniel I. Levin, CFA, ASA, with contributions from Nicholas J. Janiga, ASA, April 20, 2023
Sports Marketing and Sponsorships are a Grand Slam for Healthcare Entities and Providers, co-authored with Bobby J. Van Dusen, MSAQF, and Daniel I. Levin, CFA, ASA, March 13, 2023
2023 Outlook: Increased Acquisitions and Joint Ventures Involving Inpatient Psychiatric Hospitals, co-authored with Jordan A. Zoeller, MAcc, CFA, March 7, 2023
2023 Outlook: Healthcare M&A, co-authored with Daniel I. Levin, CFA, ASA, February 20, 2023
Personal Goodwill: A Common Multi-Million Dollar Component in Physician Practice Transactions, co-authored with Daniel I. Levin, CFA, ASA and Matthew J. Muller, ASA, November 11, 2022
Industry Buzz from the Home Care Innovation and Investment Conference, co-authored with Daniel I. Levin, CFA, ASA, August 30, 2022
2022 Outlook: Home Health and Hospice, Daniel I. Levin, CFA, ASA, and Bobby Van Dusen, MSAQF, February 11, 2022
2022 Outlook: Physician Practice Industry, co-authored with David Y. Lo, CFA, ASA, January 12, 2022
2021 Update: Physical Therapy Clinics & Centers, co-authored with David Y. Lo, CFA, ASA, October 13, 2021
2021 ASC Valuation and Benchmarking Surveys – Timely Insight into the Trends and Forces Shaping the ASC Industry, co-authored with Nicholas J. Janiga, ASA, Matthew J. Muller, ASA, David Lo, FA, ASA, Daniel Levin, CFA, ASA May 2021
2021 Outlook: Diagnostic Imaging Centers and Radiology Practices, co-authored with Daniel I. Levin, CFA, ASA, May 3, 2021
Quarterly Insight: Q4 2020 (edited by Daniel I. Levin, CFA) April 20, 2021
Quarterly Insight: Q3 2020, edited by Daniel I. Levin with contributions from Nicholas J. Janiga, January 13, 2021
Valuation Trends and Considerations: Laboratories, co-authored with Matthew J. Muller, ASA, and Daniel I. Levin, CFA, ASA, January 8, 2021
The Value of Branding in Healthcare, co-authored with Giulia F. Pace, MBA, CVA and David Y. Lo, CFA, October, 2020
Quarterly Insight: Q2 2020, edited by Daniel I. Levin with contributions from Nicholas J. Janiga, September 21, 2020
Reimbursement Analyses: Analyzing the Impact of Provider Collaboration, co-authored with Ciara A. Pocino and David Y. Lo, CFA, September 17, 2020
Urgent Care Center Industry in 2020, co-authored with Matthew J. Muller, ASA, September 15, 2020
2020 Outlook: Diagnostic Imaging Centers and Radiology Practices (co-author Daniel I. Levin, CFA, ASA) FMVantage Point (Web Edition), July 21, 2020
Accounting Standards Changes: ASC 842, IFRS 16, and Potential Business Valuation Pitfalls (co-authors Matthew J. Muller, ASA and Jordan A. Zoeller, MAcc) FMVantage Point (Web Edition), June 18, 2020
Quarterly Insight: Q1 2020 (edited by Daniel I. Levin, CFA) June 18, 2020
Specialty Pharmacies: Industry Trends and Valuation Considerations (co-authors Matthew J. Muller, ASA and Anusha Patni, MSQAF) FMVantage Point (Web Edition), June 1, 2020
2020 Outlook: Telemedicine (co-authors David Y. Lo, CFA, and Matthew J. Muller, ASA) FMVantage Point (Web Edition), May 28, 2020
Physician Practice Management Organizations After COVID-19: What Does the Future Hold? (co-author Daniel I. Levin, CFA, ASA), FMVantage Point (Web Edition), May 6, 2020
No Free Lunch: The Hidden Value of “Free” Data Sharing Arrangements (co-author Jordan Zoeller, MAcc),
FMVantage Point (Web Edition), May 1, 2020
Quarterly Insight: Q4 2019 (edited by Daniel I. Levin, CFA) April 20, 2020
2020 Outlook: Physical Therapy Clinics and Centers (co-author with David Pine and David Y. Lo, CFA) FMVantage Point (Web Edition) April 10, 2020
The Role of Ambulatory Surgery Centers in the COVID-19 Pandemic (co-authors Jeffrey A. Piehl, MAI, Jeffrey Doyle, ASA, and Luis A. Argueso), FMVantage Point (Web Edition), April 3, 2020
2020 ASC Valuation and Benchmarking Surveys (co-authors Matthew J. Muller, ASA, Daniel I. Levin, CFA, ASA, and David Y. Lo, CFA), Spring 2020
Distressed Hospitals – Transactions and Trends (co-authors Ciara Pocino and Matthew J. Muller, ASA), FMVantage Point (Web Edition), March 30, 2020
2020 Outlook: Home Health and Hospice (co-author Daniel I. Levin, CFA, ASA), FMVantage Point (Web Edition), March 25, 2020
2020 Outlook: Dialysis Clinics and ESRD (co-authors Daniel I. Levin, CFA, ASA, and Teja Lingam, MSAQF), FMVantage Point (Web edition), March 6, 2020
Birth of a Boon: The Rise of Fertility Clinics (co-authors Jordan A. Zoeller, MAcc and Matthew J. Muller, ASA), FMVantage Point (Web Edition), February 6, 2020
Understanding the Value of a Certificate of Need (co-authors Jordan A. Zoeller, MAcc and Matthew J. Muller, ASA), FMVantage Point (Web Edition), January 30, 2020
Quarterly Insight: Q3 2019 (edited by Daniel I. Levin, CFA) January 24, 2020
Selling a Medical Practice? Don’t Overlook Your Personal Goodwill (co-authors Giulia Pace, MBA, and Matthew J. Muller, ASA), FMVantage Point (Web Edition), January 16, 2020
Quarterly Insight: Q2 2019 (edited by Daniel I. Levin, CFA) October 10, 2019
Current Trends in Hospital Transactions: 2019, (co-author with Matthew J. Muller, ASA) October 9, 2019
Bytes to Bucks: The Valuation of Data (co-authors David Y. Lo and Luis Argueso), FMVAntage Point (Web Edition) August 1, 2019
Quarterly Insight: Q1 2019 (edited by Daniel I. Levin, CFA) June 26, 2019
How Ambulatory Surgery Centers Assess Value, 2019 ASC Valuation Survey, Spring 2019
How Ambulatory Surgery Centers Benchmark, 2019 ASC Benchmarking Survey, Spring 2019
Quarterly Insight: Q4 2018 (edited by Daniel I. Levin, CFA) April 5, 2019
Quarterly Insight: Q3 2018 (edited by Daniel I. Levin, CFA, co-author Andrea Ferrari, JD, MPH and Luis A. Argueso.) January 11, 2019
2018 Valuation Survey Physician-Owned Hospitals (co-author with Matthew J. Muller, ASA) Fall 2018.
Quarterly Insight: Q2 2018 (edited by Daniel I. Levin, CFA) October 4, 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.
Quarterly Insight: Q1 2018 (edited by Daniel I. Levin, CFA; co-author with Luis A. Argueso, Matthew J. Milliron, CVA, MBA) June 25, 2018
42 Million Reasons to Consider FMV in Marketing Arrangements, (co-author or 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.

PRESENTATIONS

Webinar – FMV in Physician Employment and Professional Service Arrangements, co-presented with Kevin Cassell of HealthCare Appraisers, hosted by ASCENT, September 30, 2019
Panelist – Valuing & Structuring Oncology Practice Acquisitions & Compensation Arrangements, ACCC 45th Annual Meeting & Cancer Center Business Summit, Washington, D.C., March 21, 2019
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

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

CREDENTIALS

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

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 (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)

MEMBERSHIPS

American Society of Appraisers (ASA)
American Health Lawyers Association (AHLA)
Ambulatory Surgery Center Association (ASCA)
Urgent Care Association (UCA)

PRIOR PROFESSIONAL AFFILIATIONS

Analyst | Adamy Valuation Advisors
Analyst | Stout Risius Ross

Locations

Surveys

Team

Recent Insights

HealthCare Appraisers Joins Stout, Enhancing Healthcare Valuation Capabilities

BOCA RATON, FL (May 29, 2024) - HealthCare Appraisers, Inc., a premier provider of healthcare valuation and consulting services, is pleased to announce that it has been acquired by Stout, a leading global advisory firm. HealthCare Appraisers has been a market leader...

2024 Outlook: Home Health, Hospice and Personal Care

Authors: Daniel I. Levin, CFA, ASA and Nicholas J. Janiga, ASA Download the PDFThe home care sector, which includes Medicare-certified home health, hospice, personal care, and other specialty providers, represents an attractive investment opportunity for financial and...

Hospital-based physician staffing industry outlook: The forces of COVID-19, NSA and inflation

Authors: Nicholas Janiga ASA, Daniel I. Levin CFA, ASA and Andrew L. WorthingtonOriginally published in the MGMA April 2024 edition of MGMA Connection. Download the PDF

The Impact of California’s Healthcare Minimum Wage Law on Valuations

Author: Jake Bitting, Fred Lara, CFA, ASA, CVA, and Hunter A. Wolfel Download the PDFOn October 13, 2023 the Governor of California signed the California Senate Bill No. 525 (“SB525”) into law, which is expected to raise the minimum wage for many California healthcare...

2024 Outlook: Diagnostic Imaging Centers and Radiology Practices

Author: Daniel I. Levin, CFA, ASA and Nicholas J. Janiga, ASA Download the PDFHealthCare Appraisers has recently observed interest from a wide range of clients on various radiology transactions, including joint venture formation, hospital outpatient department...

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