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

HealthCare Appraisers, Inc. Partner Joins AHLA’s Roster of Neutrals

BOCA RATON, Fla., July 9, 2021 – Andrea Ferrari, JD, MPH, partner with HealthCare Appraisers, Inc., a national healthcare valuation and advisory firm, joins the American Health Law Association’s (AHLA) national roster of arbitrators, mediators, and hearing officers....

OIG Issues Special Fraud Alert in Connection with Speaker Programs

Author: David W. Sands, CVA Download the PDFThe Department of Health and Human Services’ Office of Inspector General (OIG) recently released a Special Fraud Alert[1] aimed at pharmaceutical and device companies that use speaker programs to compensate physicians and...

A Multi-Specialty ASC is the Subject of Latest OIG Advisory Opinion

Author: Fred M. Lara, CFA, ASA, CVA Download the PDFOn April 29, 2021, the Office of Inspector General (the “OIG”) posted Advisory Opinion No. 21-02, which addressed a request from a health system and management company (the “Requestors”) for review of a proposed...

2021 ASC Valuation and Benchmarking Surveys

HealthCare Appraisers' clients, please contact your representative for a complimentary copy of the 2021 ASC Valuation and Benchmarking Surveys. These surveys have become widely-utilized and valuable industry resources over the years, and we hope you enjoy the...

Upcoming Events

Sept 21 – Oct 1 | AHLA Fraud and Compliance Forum 2021

Healthcare Appraisers is a proud Platinum Sponsor of both the virtual and in-person events. This important program brings together legal counsel, compliance officers, and government representatives for an invaluable learning and networking opportunity. The planning...

Oct 24-27 | MGMA Medical Practice Excellence Leaders Conference

Healthcare Appraisers will be exhibiting at booth #231. EXPERIENCE EDUCATION, INNOVATION AND CONNECTION TO DRIVE EXCELLENCE. Stay tuned! As we announce an impressive line-up of educational sessions chock-full of tools, case studies and actionable takeaways. The...