5,706 observed fee-for-service (51%) · ~5,569 estimated Medicare Advantage. Scaled from the observed floor by each state’s fee-for-service share (FFS share as of 2024) — scaled estimate — assumes MA utilization mirrors FFS; not an observation. How we scale
Disclosed Medicare fee-for-service services by billing state; open a bar for that state's ranked market. Average submitted charge / service by billing state, among the highest-volume states; open a bar for that state's ranked market.
- Market position — where this market sits on volume and growth among all state markets, and its rank.
- Worth a look — every state market for this search, ranked by a published score: size, growth, fragmentation, below-expected volume.
- Lookalike opportunities — groups billing below what peers of the same specialty, size, and state predict, with the expected figure shown.
- National benchmarks — where each group's volume sits nationally and within its specialty.
- Market structure — how concentrated this market is, and who owns the volume.
- Medicare-wide scaling — the payer split, and this market total scaled to all of Medicare, labeled as an estimate.
Or just look at it: nuclear heart imaging (78452) in Arizona is open as a live example — the full paid view, real data.
View the live example →Nevvi's market analytics platform — code baskets, market structure and share, the twelve-year trend layer — is built and not launched yet. We're gathering interest in it.
Notify me at launch →| # | Physician group activate to sort | City activate to sort | St activate to sort | Specialty activate to sort | Providers activate to sort | 22634 svcs sorted descending — activate to reverse | Submitted charges activate to sort | Avg charge activate to sort | Medicare $ locked column | Share* activate to sort | Phone |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | UNIVERSITY OF MARYLAND COMMUNITY MEDICAL GROUP INC | GLEN BURNIE | MD | NURSE PRACTITIONER | 458 | 135 | $121,859 | $903 | premium | 38.1% | (410) 761-1222 |
| 2 | METHODIST PHYSICIAN PRACTICES PLLC | SAN ANTONIO | TX | INTERVENTIONAL CARDIOLOGY | 169 | 126 | $184,670 | $1,466 | premium | 16.6% | (210) 575-8289 |
| 3 | NEBRASKA SPINE CENTER, LLP | OMAHA | NE | PHYSICIAN ASSISTANT | 35 | 114 | $142,208 | $1,247 | premium | 53.5% | (402) 496-5517 |
| 4 | SANFORD BISMARCK | BISMARCK | ND | NURSE PRACTITIONER | 563 | 113 | $83,897 | $742 | premium | 50.4% | (701) 323-8300 |
| 5 | ORTHOLONESTAR PLLC | DALLAS | TX | PHYSICIAN ASSISTANT | 407 | 109 | $112,160 | $1,029 | premium | 14.3% | (214) 220-2468 |
| 6 | OLYMPIA ORTHOPAEDIC ASSOCIATES PLLC | OLYMPIA | WA | PHYSICIAN ASSISTANT | 109 | 108 | $147,505 | $1,366 | premium | 50.0% | — |
| 7 | BAPTIST MEDICAL GROUP LLC | PENSACOLA | FL | PHYSICIAN ASSISTANT | 248 | 104 | $76,700 | $738 | premium | 13.0% | — |
| 8 | RIVERSIDE PHYSICIAN SERVICES INC | NEWPORT NEWS | VA | PHYSICIAN ASSISTANT | 793 | 103 | $78,064 | $758 | premium | 24.3% | — |
| 9 | DESERT INSTITUTE FOR SPINE CARE PC | PHOENIX | AZ | PHYSICIAN ASSISTANT | 12 | 103 | $268,752 | $2,609 | premium | 24.3% | (602) 944-2900 |
| 10 | OHIOHEALTH CORPORATION | COLUMBUS | OH | PHYSICIAN ASSISTANT | 2282 | 95 | $105,325 | $1,109 | premium | 31.6% | — |
| 11 | FAIRBANKS PARTNERS LLC | CELEBRATION | FL | NEUROSURGERY | 36 | 90 | $43,020 | $478 | premium | 11.3% | (407) 975-0200 |
| 12 | LEHIGH VALLEY PHYSICIAN GROUP | ALLENTOWN | PA | PHYSICIAN ASSISTANT | 2389 | 90 | $112,500 | $1,250 | premium | 26.6% | — |
| 13 | ENDEAVOR HEALTH MEDICAL GROUP | EVANSTON | IL | NURSE PRACTITIONER | 3380 | 90 | $161,010 | $1,789 | premium | 23.1% | — |
| 14 | MARIETTA MEMORIAL HOSPITAL | MARIETTA | OH | NURSE PRACTITIONER | 394 | 87 | $64,346 | $740 | premium | 28.9% | (740) 568-2214 |
| 15 | COMMUNITY FOUNDATION MEDICAL GROUP | FRESNO | CA | PHYSICIAN ASSISTANT | 292 | 85 | $25,092 | $295 | premium | 9.1% | — |
| 16 | HEALTHONE CLINIC SERVICES-SURGICAL SPECIALTIES LLC | DENVER | CO | PHYSICIAN ASSISTANT | 44 | 83 | $130,534 | $1,573 | premium | 18.0% | (303) 750-4933 |
| 17 | NEUROMEDICAL CENTER | BATON ROUGE | LA | PHYSICIAN ASSISTANT | 108 | 78 | $189,230 | $2,426 | premium | 32.0% | 22576922002164 |
| 18 | ADVENTIST HEALTH SYSTEM GEORGIA INC | CALHOUN | GA | NURSE PRACTITIONER | 229 | 77 | $83,735 | $1,087 | premium | 26.7% | — |
| 19 | ADVOCATE HEALTH AND HOSPITALS CORPORATION | BUFFALO GROVE | IL | NURSE PRACTITIONER | 3045 | 71 | $405,000 | $5,704 | premium | 18.2% | (847) 459-1160 |
| 20 | ORTHOPAEDIC ASSOC MEDICAL CLINIC INC | VISALIA | CA | ORTHOPEDIC SURGERY | 11 | 69 | $82,386 | $1,194 | premium | 7.4% | (559) 733-3346 |
| 21 | BIANCO BRAIN AND SPINE, LLC | DALWORTHINGTON GARDENS | TX | NEUROSURGERY | 5 | 67 | $43,798 | $654 | premium | 8.8% | (817) 701-4253 |
| 22 | ST VINCENT'S AMBULATORY CARE INC | JACKSONVILLE | FL | NURSE PRACTITIONER | 294 | 64 | $64,504 | $1,008 | premium | 8.0% | (904) 308-6900 |
| 23 | NEUROLOGICAL AND SPINAL SURGERY LLC | LINCOLN | NE | PHYSICIAN ASSISTANT | 13 | 62 | $59,225 | $955 | premium | 29.1% | (402) 488-3002 |
| 24 | THE COLUMBUS ORTHOPAEDIC CLINIC, P.A. | COLUMBUS | MS | NURSE PRACTITIONER | 47 | 62 | $300,000 | $4,839 | premium | 53.4% | (662) 328-1012 |
| 25 | BENEFIS HOSPITALS INC | GREAT FALLS | MT | PHYSICIAN ASSISTANT | 400 | 60 | $102,228 | $1,704 | premium | 81.1% | (406) 455-5000 |
| 26 | W. A. FOOTE MEMORIAL HOSPITAL, INC. | JACKSON | MI | NURSE PRACTITIONER | 475 | 60 | $104,400 | $1,740 | premium | 24.6% | (517) 205-1594 |
| 27 | UNIVERSITY OF VIRGINIA PHYSICIANS GROUP | CHARLOTTESVILLE | VA | NURSE PRACTITIONER | 1704 | 59 | $150,627 | $2,553 | premium | 13.9% | (434) 924-5959 |
| 28 | MCBRIDE CLINIC ORTHOPEDIC HOSPITAL, LLC | OKLAHOMA CITY | OK | PHYSICIAN ASSISTANT | 103 | 58 | $43,718 | $754 | premium | 37.7% | (405) 604-6000 |
| 29 | SAINT THOMAS MEDICAL PARTNERS | NASHVILLE | TN | NURSE PRACTITIONER | 591 | 57 | $66,747 | $1,171 | premium | 18.6% | (615) 269-4545 |
| 30 | NORTHERN ARIZONA HEALTHCARE CORPORATION | FLAGSTAFF | AZ | PHYSICIAN ASSISTANT | 395 | 56 | $77,336 | $1,381 | premium | 13.2% | (928) 773-2249 |
| 31 | SUTTER BAY MEDICAL FOUNDATION | PALO ALTO | CA | INTERNAL MEDICINE | 3716 | 52 | $72,710 | $1,398 | premium | 5.6% | (415) 600-1020 |
| 32 | LOUISIANA ORTHOPAEDIC SPECIALISTS LLC | LAFAYETTE | LA | PHYSICIAN ASSISTANT | 68 | 52 | $152,601 | $2,935 | premium | 21.3% | (337) 235-8007 |
| 33 | SUTTER VALLEY MEDICAL FOUNDATION | SACRAMENTO | CA | DIAGNOSTIC RADIOLOGY | 2420 | 48 | $71,865 | $1,497 | premium | 5.1% | (916) 681-8852 |
| 34 | CEDARS-SINAI MEDICAL CARE FOUNDATION | LOS ANGELES | CA | PHYSICIAN ASSISTANT | 1699 | 48 | $77,118 | $1,607 | premium | 5.1% | (310) 423-0674 |
| 35 | LAS CRUCES PHYSICIAN SERVICES LLC | LAS CRUCES | NM | NURSE PRACTITIONER | 100 | 47 | $470,000 | $10,000 | premium | 100.0% | — |
| 36 | UNIVERSITY PHYSICIANS INCORPORATED | AURORA | CO | PHYSICIAN ASSISTANT | 3122 | 45 | $86,731 | $1,927 | premium | 9.7% | (720) 777-1234 |
| 37 | PORTERCARE ADVENTIST HEALTH SYSTEM | DENVER | CO | PHYSICIAN ASSISTANT | 748 | 45 | $81,476 | $1,811 | premium | 9.7% | (303) 778-5797 |
| 38 | TUCSON ORTHOPAEDIC INSTITUTE PROFESSIONAL CORPORATION | TUCSON | AZ | PHYSICIAN ASSISTANT | 111 | 44 | $47,420 | $1,078 | premium | 10.4% | (520) 382-8200 |
| 39 | MAYO CLINIC ARIZONA | PHOENIX | AZ | PHYSICIAN ASSISTANT | 1635 | 43 | $136,367 | $3,171 | premium | 10.1% | (800) 603-0558 |
| 40 | TENNESSEE ORTHOPAEDIC ALLIANCE PA | NASHVILLE | TN | PHYSICIAN ASSISTANT | 352 | 43 | $54,163 | $1,260 | premium | 14.0% | (615) 329-6600 |
| 41 | COLORADO SPINE SOLUTIONS, PC | GREENWOOD VILLAGE | CO | ORTHOPEDIC SURGERY | 2 | 43 | $68,270 | $1,588 | premium | 9.3% | (720) 927-7463 |
| 42 | ORTHOMIDWEST, PLLC | CHICAGO | IL | PHYSICIAN ASSISTANT | 542 | 41 | $240,970 | $5,877 | premium | 10.5% | (877) 632-6637 |
| 43 | ORTHOVIRGINIA INC | NORTH CHESTERFIELD | VA | PHYSICIAN ASSISTANT | 567 | 41 | $89,954 | $2,194 | premium | 9.7% | — |
| 44 | CHATTANOOGA DIAGNOSTIC ASSOCIATES LLC | CHATTANOOGA | TN | ORTHOPEDIC SURGERY | 25 | 39 | $55,560 | $1,425 | premium | 12.7% | (423) 493-5220 |
| 45 | JAGANNATHAN NEUROSURGICAL INSTITUTE PLLC | WEST BRANCH | MI | PHYSICIAN ASSISTANT | 11 | 39 | $150,150 | $3,850 | premium | 16.0% | (989) 343-3178 |
| 46 | ORTHOPAEDIC SURGERY AND SPORTS MED SPECIALIST OF HAMPTON RDS PC | NEWPORT NEWS | VA | PHYSICIAN ASSISTANT | 27 | 38 | $92,036 | $2,422 | premium | 9.0% | — |
| 47 | BRIDGER ORTHOPEDICS AND SPORTS MEDICINE PC | BOZEMAN | CA | PHYSICIAN ASSISTANT | 66 | 38 | $84,170 | $2,215 | premium | 4.1% | (406) 587-0122 |
| 48 | SEQUOIA ORTHOPAEDIC AND SPINE INSTITUTE INC | Visalia | CA | ORTHOPEDIC SURGERY | 2 | 38 | $31,200 | $821 | premium | 4.1% | — |
| 49 | BETHESDA CHEVY CHASE ORTHOPAEDIC ASSOCIATES, LLC | BETHESDA | VA | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 135 | 37 | $123,086 | $3,327 | premium | 8.7% | (301) 530-1010 |
| 50 | NORTHWESTERN MEDICAL FACULTY FOUNDATION | CHICAGO | IL | NURSE PRACTITIONER | 4339 | 37 | $138,750 | $3,750 | premium | 9.5% | — |
| 51 | TRIA ORTHOPAEDIC CENTER LLC | BLOOMINGTON | MN | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 508 | 37 | $50,135 | $1,355 | premium | 33.9% | (952) 831-8742 |
| 52 | SUSQUEHANNA PHYSICIAN SERVICES | WILLIAMSPORT | PA | PHYSICIAN ASSISTANT | 608 | 37 | $35,154 | $950 | premium | 10.9% | (570) 326-8005 |
| 53 | MIDWEST ORTHOPEDIC CONSULTANTS SC | ORLAND PARK | IL | PHYSICIAN ASSISTANT | 27 | 36 | $184,955 | $5,138 | premium | 9.2% | (708) 226-3300 |
| 54 | ADVANCED SPINAL CARE AND ASSOCIATES, LLC | MORRISTOWN | NJ | ORTHOPEDIC SURGERY | 6 | 36 | $14,923 | $415 | premium | 100.0% | (973) 538-0900 |
| 55 | HEINRICH-JOSEY ORTHOPAEDICS | AUSTIN | TX | PHYSICIAN ASSISTANT | 22 | 36 | $101,120 | $2,809 | premium | 4.7% | (512) 476-2830 |
| 56 | LYERLY BAPTIST INC | JACKSONVILLE | FL | NURSE PRACTITIONER | 68 | 35 | $25,347 | $724 | premium | 4.4% | (904) 388-6518 |
| 57 | ABAY NEUROSCIENCE CENTER LLC | WICHITA | KS | NURSE PRACTITIONER | 16 | 35 | $56,736 | $1,621 | premium | 38.0% | (316) 609-2600 |
| 58 | SETON FAMILY OF DOCTORS | AUSTIN | TX | PHYSICIAN ASSISTANT | 804 | 33 | $49,764 | $1,508 | premium | 4.3% | (512) 324-7300 |
| 59 | GOLDEN STATE ORTHOPEDICS AND SPINE | WALNUT CREEK | CA | ORTHOPEDIC SURGERY | 190 | 32 | $31,680 | $990 | premium | 3.4% | (925) 939-8585 |
| 60 | NEUROSCIENCE SPECIALISTS PC | OKLAHOMA CITY | OK | NEUROSURGERY | 16 | 31 | $84,584 | $2,729 | premium | 20.1% | (405) 748-3300 |
| 61 | THE ORTHOPAEDIC INSTITUTE, PA | GAINESVILLE | FL | PHYSICIAN ASSISTANT | 115 | 31 | $8,330 | $269 | premium | 3.9% | (352) 336-6000 |
| 62 | BEACON MEDICAL GROUP INC | SOUTH BEND | IN | NURSE PRACTITIONER | 575 | 31 | $46,066 | $1,486 | premium | 12.7% | (574) 647-7275 |
| 63 | CAMELBACK SPINE CARE PLLC | PHOENIX | AZ | PHYSICIAN ASSISTANT | 6 | 30 | $61,260 | $2,042 | premium | 7.1% | (602) 714-6970 |
| 64 | ALLINA HEALTH SYSTEM | MINNEAPOLIS | MN | PHYSICIAN ASSISTANT | 3855 | 30 | $40,020 | $1,334 | premium | 27.5% | (612) 863-4000 |
| 65 | NEUROSURGICAL ASSOCIATES | NASHVILLE | TN | PHYSICIAN ASSISTANT | 28 | 29 | $39,991 | $1,379 | premium | 9.4% | 6153200007118 |
| 66 | SOUTH TEXAS BRAIN AND SPINE INSTITUTE PA | CORPUS CHRISTI | TX | NEUROSURGERY | 3 | 29 | $32,300 | $1,114 | premium | 3.8% | (361) 883-4323 |
| 67 | NEUROSURGICAL ASSOCIATES PC | KNOXVILLE | TN | PHYSICIAN ASSISTANT | 44 | 29 | $57,033 | $1,967 | premium | 9.4% | (865) 524-1869 |
| 68 | THOMAS S LOFTUS MD PA | AUSTIN | TX | NEUROSURGERY | 3 | 28 | $43,156 | $1,541 | premium | 3.7% | (512) 836-0900 |
| 69 | FLAGSTAFF CENTER FOR BONE AND JOINT DISORDERS | FLAGSTAFF | AZ | PHYSICIAN ASSISTANT | 27 | 28 | $23,563 | $842 | premium | 6.6% | (928) 773-2280 |
| 70 | AP OF NASHVILLE, LLC | NASHVILLE | TN | PHYSICIAN ASSISTANT | 18 | 27 | $14,337 | $531 | premium | 8.8% | (615) 222-2111 |
| 71 | UNIVERSITY HOSPITALS MEDICAL GROUP INC | CLEVELAND | MA | NURSE PRACTITIONER | 2232 | 27 | $40,716 | $1,508 | premium | 16.3% | — |
| 72 | INDIANAPOLIS NEUROSURGICAL GROUP PC | CARMEL | IN | NEUROSURGERY | 50 | 27 | $23,579 | $873 | premium | 11.1% | (317) 396-1451 |
| 73 | ALOMERE HEALTH | ALEXANDRIA | MN | PHYSICIAN ASSISTANT | 114 | 26 | $35,672 | $1,372 | premium | 23.9% | (320) 762-1511 |
| 74 | OCHSNER CLINIC LLC | NEW ORLEANS | LA | NURSE PRACTITIONER | 2839 | 26 | $10,885 | $419 | premium | 10.7% | (504) 842-3000 |
| 75 | RIVERSIDE PHYSICIAN SERVICES INC | NEWPORT NEWS | KY | PHYSICIAN ASSISTANT | 793 | 26 | $24,752 | $952 | premium | 40.0% | — |
| 76 | ORTHOALASKA LLC | ANCHORAGE | AK | PHYSICIAN ASSISTANT | 159 | 26 | $171,444 | $6,594 | premium | 56.5% | — |
| 77 | THE MEDICAL COLLEGE OF WISCONSIN INC | MILWAUKEE | WI | DIAGNOSTIC RADIOLOGY | 2137 | 26 | $146,276 | $5,626 | premium | 100.0% | (414) 955-4263 |
| 78 | LAHEY CLINIC INC | BURLINGTON | MA | NURSE PRACTITIONER | 1400 | 26 | $52,028 | $2,001 | premium | 15.7% | — |
| 79 | KEIPERSPINE PC | EUGENE | OR | NEUROSURGERY | 6 | 26 | $33,930 | $1,305 | premium | 100.0% | (541) 485-2357 |
| 80 | RALEIGH NEUROSURGICAL CLINIC INC | RALEIGH | NC | PHYSICIAN ASSISTANT | 52 | 26 | $35,646 | $1,371 | premium | 14.7% | (919) 785-3400 |
| 81 | YOSHIHIRO KATSUURA PROFESSIONAL CORPORATION | NOVATO | CA | ORTHOPEDIC SURGERY | 2 | 25 | $37,500 | $1,500 | premium | 2.7% | (415) 697-8659 |
| 82 | CNOS PC | SIOUX CITY | IA | PHYSICIAN ASSISTANT | 99 | 25 | $35,200 | $1,408 | premium | 47.2% | (712) 279-3500 |
| 83 | MCGINLEY MEDICAL PC | CASPER | WY | NURSE PRACTITIONER | 7 | 25 | $11,310 | $452 | premium | 100.0% | (866) 678-4699 |
| 84 | MULTICARE HEALTH SYSTEM | GIG HARBOR | OH | NURSE PRACTITIONER | 2289 | 23 | $35,694 | $1,552 | premium | 7.6% | — |
| 85 | PARAGON PHYSICAL THERAPY AND REHAB LLC | BULLHEAD CITY | AZ | ORTHOPEDIC SURGERY | 82 | 23 | $28,525 | $1,240 | premium | 5.4% | — |
| 86 | THE ASSOCIATION OF UNIVERSITY PHYSICIANS | SEATTLE | WA | PHYSICIAN ASSISTANT | 3612 | 23 | $34,740 | $1,510 | premium | 10.6% | (206) 364-0500 |
| 87 | BAPTIST MEDICAL GROUP LLC | PENSACOLA | WV | PHYSICIAN ASSISTANT | 248 | 22 | $3,300 | $150 | premium | 100.0% | — |
| 88 | WASHINGTON REGIONAL MEDICAL SYSTEM | FAYETTEVILLE | CO | NURSE PRACTITIONER | 241 | 22 | $19,404 | $882 | premium | 4.8% | (479) 571-4338 |
| 89 | MULTICARE HEALTH SYSTEM | GIG HARBOR | WA | NURSE PRACTITIONER | 2289 | 22 | $8,129 | $370 | premium | 10.2% | — |
| 90 | FLORIDA HOSPITAL HEALTHCARE PARTNERS, INC | DAYTONA BEACH | FL | PHYSICIAN ASSISTANT | 588 | 22 | $44,634 | $2,029 | premium | 2.8% | (386) 231-6000 |
| 91 | UNMC PHYSICIANS | OMAHA | NE | PHYSICIAN ASSISTANT | 1514 | 22 | $21,868 | $994 | premium | 10.3% | (402) 559-4000 |
| 92 | KANSAS ORTHOPAEDIC CENTER, PA | WICHITA | KS | PHYSICIAN ASSISTANT | 26 | 22 | $35,530 | $1,615 | premium | 23.9% | (316) 838-2020 |
| 93 | MPOWER CLINICAL TX | PHOENIX | NY | PHYSICIAN ASSISTANT | 32 | 22 | $8,294 | $377 | premium | 18.2% | (210) 598-4268 |
| 94 | DELAWARE NEUROSURGICAL GROUP, PA | NEWARK | DE | PHYSICIAN ASSISTANT | 24 | 22 | $36,702 | $1,668 | premium | 51.2% | (302) 366-7671 |
| 95 | PT PROS, INC | ELIZABETHTOWN | KY | ORTHOPEDIC SURGERY | 325 | 22 | $10,822 | $492 | premium | 33.8% | (270) 982-4776 |
| 96 | HENRY FORD HEALTH ROCHESTER HOSPITAL | ROCHESTER | MI | CERTIFIED REGISTERED NURSE ANESTHETIST (CRNA) | 99 | 21 | $19,488 | $928 | premium | 8.6% | (248) 652-5000 |
| 97 | BON SECOURS MEDICAL GROUP RICHMOND SPECIALTY CARE LLC | RICHMOND | VA | NURSE PRACTITIONER | 352 | 21 | $30,177 | $1,437 | premium | 5.0% | (804) 764-6000 |
| 98 | RESTORE SPINE LLC | MELBOURNE | FL | PHYSICIAN ASSISTANT | 5 | 21 | $108,948 | $5,188 | premium | 2.6% | (321) 462-3330 |
| 99 | UTAH NEUROLOGICAL CLINIC INC | PROVO | CA | NURSE PRACTITIONER | 3 | 21 | $33,600 | $1,600 | premium | 2.2% | (801) 357-7404 |
| 100 | HEALTHTEXAS PROVIDER NETWORK | DALLAS | TX | PHYSICIAN ASSISTANT | 2482 | 21 | $41,974 | $1,999 | premium | 2.8% | — |
Showing the top 100 of 156 groups — the full ranking is part of the market analytics platform — built, not launched yet. Notify me at launch →
*Share of the state's disclosed Medicare-FFS services for the primary code, counted once per clinician. "St" is the state the volume was billed from: a group appears in each state where its clinicians bill Medicare, with that state's volume and share ("City" is the group's registered location). Group figures sum clinicians affiliated with exactly one group; clinicians in several groups are listed in each group's drill-down but not volume-attributed to any single group, so shares reflect attributable volume. See Methods.
Comparing against an all-payer estimate?
These are exact counts from Medicare fee-for-service claims — roughly a third to half of most procedure markets, depending on payer mix. Modeled all-payer databases project the remainder statistically; we publish the audited floor and label it as such. Same market, different denominator. How the numbers reconcile →