Nicholas J. Janiga, ASA


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.”


  • Business Valuation
  • Capital Assets Valuation




  • 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

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


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


  • 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)


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


  • Analyst | Adamy Valuation Advisors
  • Analyst | Stout Risius Ross

Recent Insights

The Unintended Consequences of Taking the Escalator

Authors: William G. Kaufmann, JD/MBA, Fred Lara, CFA, ASA, CVA and David. W. Sands, CVA Download the PDF   INTRODUCTION Escalator clauses, also referred to as cost-of-living adjustments or annual escalators, are provisions embedded into many service contracts that...

ASC Valuation and Transaction Trends

Authors: Daniel I. Levin, CFA, ASA Download the PDF Published in ASC Focus, The ASCA Journal, October 2020 Issue. Transaction activity remains robust, more HOPDs convert to ASCs and median reported EBITDA multiples continue to increase. HealthCare Appraisers released...

The Value of Branding in Healthcare

Authors: Giulia F. Pace, MBA, CVA; Nicholas J. Janiga, ASA; and David Y. Lo, CFA Download the PDFThe recent COVID-19 pandemic has highlighted the key role of healthcare organizations in helping their communities understand, process and respond to current events. While...

Upcoming Events

Jan 14 | Speed Demo: Get Full FMV Opinions Within Seconds

A 30-minute live demonstration featuring HealthCare Appraisers' Director, Nicholas A. Newsad, MHSA. Thursday, January 14, 2021 12:00 p.m. (allow 60 min on calendar) See firsthand how online FMV calculators provide instant FMV guidance for physician recruiters and...