33,962 observed fee-for-service (50%) · ~34,637 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 | 76000 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 | SOUTHERN CALIFORNIA PAIN CONSULTANTS, INC | TORRANCE | CA | PAIN MANAGEMENT | 2 | 1,850 | $370,000 | $200 | premium | 5.1% | (310) 540-9888 |
| 2 | NEW YORK UNIVERSITY | NEW YORK | NY | DIAGNOSTIC RADIOLOGY | 5704 | 900 | $368,837 | $410 | premium | 12.9% | (212) 263-9700 |
| 3 | SCRIPPS HEALTH | LA JOLLA | CA | PHYSICIAN ASSISTANT | 1431 | 796 | $64,170 | $81 | premium | 2.2% | (858) 455-9100 |
| 4 | HENRY COUNTY MEMORIAL HOSPITAL | NEW CASTLE | IN | DIAGNOSTIC RADIOLOGY | 152 | 788 | $97,318 | $124 | premium | 27.6% | (765) 521-0890 |
| 5 | LAMONT J CARDON MD A PROFESSIONAL CORPORATION | BERKELEY | CA | ORTHOPEDIC SURGERY | 2 | 649 | $108,583 | $167 | premium | 1.8% | (510) 540-8800 |
| 6 | EAST BAY HAND MEDICAL CENTER, INC | SAN LEANDRO | CA | ORTHOPEDIC SURGERY | 4 | 642 | $71,792 | $112 | premium | 1.8% | 51029705504 |
| 7 | EAST COOPER PHYSICIAN GROUP LLC | DANIEL ISLAND | SC | PHYSICIAN ASSISTANT | 78 | 597 | $117,043 | $196 | premium | 47.7% | (843) 380-9330 |
| 8 | FOOT AND ANKLE ASSOCIATES OF NORTH CAROLINA, PLLC | RALEIGH | NC | PODIATRY | 5 | 529 | $105,725 | $200 | premium | 37.1% | (919) 231-7969 |
| 9 | AHAVA MEDICAL AND REHABILITATION CENTER, LLC | BROOKLYN | NY | OCCUPATIONAL THERAPIST IN PRIVATE PRACTICE | 141 | 495 | $60,437 | $122 | premium | 7.1% | 71895188002102 |
| 10 | ADVANCED SURGEONS AND PHYSICIANS NETWORK INC | HOUSTON | TX | NURSE PRACTITIONER | 47 | 466 | $114,520 | $246 | premium | 10.4% | (713) 795-4884 |
| 11 | NOAH D WEISS MD INC | SONOMA | CA | ORTHOPEDIC SURGERY | 2 | 419 | $41,062 | $98 | premium | 1.1% | (707) 935-5600 |
| 12 | LUBBOCK COUNTY HOSPITAL DISTRICT | LUBBOCK | TX | DIAGNOSTIC RADIOLOGY | 96 | 415 | $14,525 | $35 | premium | 9.3% | (806) 775-8200 |
| 13 | ALAMEDA HEALTH SYSTEM | OAKLAND | CA | INTERNAL MEDICINE | 601 | 406 | $68,123 | $168 | premium | 1.1% | (510) 437-4800 |
| 14 | DIAGNOSTIC RADIOLOGY ASSOCIATES PC | GRAND JUNCTION | CO | DIAGNOSTIC RADIOLOGY | 5 | 363 | $19,965 | $55 | premium | 30.0% | (970) 644-3237 |
| 15 | PRACTICE ASSOCIATES MEDICAL GROUP | MORRISTOWN | NJ | NURSE PRACTITIONER | 1404 | 357 | $48,433 | $136 | premium | 8.7% | (973) 971-5596 |
| 16 | UROLOGY GROUP PA | MIDLAND PARK | NJ | UROLOGY | 8 | 339 | $125,071 | $369 | premium | 8.2% | 2014447070216 |
| 17 | MENDOCINO COMMUNITY HEALTH CLINIC INC | UKIAH | CA | NURSE PRACTITIONER | 56 | 336 | $26,433 | $79 | premium | 0.9% | (707) 468-1010 |
| 18 | GOLDEN STATE FAMILY CLINIC | LOS ANGELES | CA | INTERNAL MEDICINE | 2 | 311 | $26,435 | $85 | premium | 0.9% | (323) 264-2670 |
| 19 | ROSS NATHAN MD, INC. | LONG BEACH | CA | HAND SURGERY | 2 | 308 | $38,500 | $125 | premium | 0.8% | (562) 429-9000 |
| 20 | FREEMAN-OAK HILL HEALTH SYSTEM | JOPLIN | MO | NURSE PRACTITIONER | 382 | 273 | $10,752 | $39 | premium | 35.8% | (417) 347-8200 |
| 21 | HACKENSACK MERIDIAN HEALTH MEDICAL GROUP - SPECIALTY CARE PC | NEPTUNE | NJ | NURSE PRACTITIONER | 1878 | 269 | $17,817 | $66 | premium | 6.5% | (732) 362-3663 |
| 22 | KMK CLINICAL, INC. | LONG BEACH | CA | HAND SURGERY | 2 | 267 | $33,375 | $125 | premium | 0.7% | (562) 424-9000 |
| 23 | SOUTHERN PAIN SPECIALISTS, P.C. | BIRMINGHAM | AL | CERTIFIED REGISTERED NURSE ANESTHETIST (CRNA) | 2 | 260 | $31,200 | $120 | premium | 36.1% | (205) 995-9967 |
| 24 | PHYSIOTHERAPY ASSOCIATES INC | SOUTH DENNIS | FL | ORTHOPEDIC SURGERY | 1373 | 260 | $46,800 | $180 | premium | 3.9% | (508) 385-4212 |
| 25 | PODIATRY HOTLINE INC | MISSION VIEJO | CA | PODIATRY | 2 | 257 | $26,934 | $105 | premium | 0.7% | (949) 916-0077 |
| 26 | KERN RADIOLOGY MEDICAL GROUP INC | BAKERSFIELD | CA | DIAGNOSTIC RADIOLOGY | 87 | 256 | $6,400 | $25 | premium | 0.7% | (661) 616-1458 |
| 27 | BUNCKE MEDICAL CLINIC INC. | SAN FRANCISCO | CA | PLASTIC AND RECONSTRUCTIVE SURGERY | 6 | 246 | $91,266 | $371 | premium | 0.7% | (415) 565-6136 |
| 28 | SUTTER VALLEY MEDICAL FOUNDATION | SACRAMENTO | CA | DIAGNOSTIC RADIOLOGY | 2420 | 230 | $15,911 | $69 | premium | 0.6% | (916) 681-8852 |
| 29 | DR BOB S SALK DPM PC APC | SAN FRANCISCO | CA | PODIATRY | 5 | 226 | $12,615 | $56 | premium | 0.6% | (415) 565-0200 |
| 30 | HOT SPRINGS MEDICAL SURGICAL GROUP | SANTA BARBARA | CA | HAND SURGERY | 4 | 210 | $45,414 | $216 | premium | 0.6% | (805) 682-8907 |
| 31 | STANFORD HEALTH CARE | STANFORD | CA | DIAGNOSTIC RADIOLOGY | 3039 | 205 | $20,910 | $102 | premium | 0.6% | (650) 723-4000 |
| 32 | CURALTA MEDICAL LLC | WAYNE | NJ | PODIATRY | 69 | 204 | $28,412 | $139 | premium | 5.0% | (973) 956-8600 |
| 33 | COMMUNITY MEDICAL IMAGING INC | SULLIVAN | IN | DIAGNOSTIC RADIOLOGY | 5 | 203 | $5,886 | $29 | premium | 7.1% | (812) 268-4311 |
| 34 | DR MICHAEL LYONS PROFFESSIONAL CORPORATION | HERNANDO | MS | PODIATRY | 2 | 200 | $42,000 | $210 | premium | 33.3% | (662) 449-3663 |
| 35 | ARTISAN FOOT AND ANKLE PODIATRIC SPECIALISTS INC | LAGUNA WOODS | CA | PODIATRY | 10 | 196 | $46,228 | $236 | premium | 0.5% | (919) 272-0007 |
| 36 | ALTA ORTHOPAEDIC MEDICAL GROUP INC | SANTA BARBARA | CA | PHYSICIAN ASSISTANT | 22 | 195 | $9,750 | $50 | premium | 0.5% | (805) 963-9377 |
| 37 | ST JOHN'S MEDICAL SERVICES PC | FAR ROCKAWAY | NY | PSYCHIATRY | 97 | 174 | $46,980 | $270 | premium | 2.5% | (718) 869-7919 |
| 38 | MAYO CLINIC ARIZONA | PHOENIX | AZ | PHYSICIAN ASSISTANT | 1635 | 172 | $73,741 | $429 | premium | 6.7% | (800) 603-0558 |
| 39 | TALLAHASSEE ORTHOPEDIC CLINIC III PL | TALLAHASSEE | FL | PHYSICIAN ASSISTANT | 542 | 172 | $13,890 | $81 | premium | 2.6% | (850) 877-8174 |
| 40 | TRUMBULL RADIOLOGISTS INC | SHARON | OH | DIAGNOSTIC RADIOLOGY | 22 | 170 | $6,290 | $37 | premium | 11.9% | (614) 570-9233 |
| 41 | HAZEL HAWKINS MEMORIAL HOSPITAL | HOLLISTER | CA | PHYSICIAN ASSISTANT | 52 | 165 | $24,750 | $150 | premium | 0.5% | 83163726262601 |
| 42 | REGENTS OF THE UNIVERSITY OF CALIFORNIA | SANTA MONICA | CA | ANESTHESIOLOGY | 232 | 163 | $26,243 | $161 | premium | 0.4% | (310) 794-1841 |
| 43 | UROLOGY CLINICS OF NORTH TEXAS, PLLC | DALLAS | TX | UROLOGY | 72 | 163 | $5,053 | $31 | premium | 3.6% | (214) 691-9377 |
| 44 | EINSTEIN PRACTICE PLAN INC | PHILADELPHIA | PA | DIAGNOSTIC RADIOLOGY | 740 | 161 | $4,830 | $30 | premium | 8.9% | (215) 456-8242 |
| 45 | UROLOGY GROUP OF WESTERN NEW ENGLAND, P.C. | SPRINGFIELD | MA | UROLOGY | 11 | 157 | $13,345 | $85 | premium | 17.0% | (413) 785-5321 |
| 46 | SHERIF ABOSEIF MD INC | OXNARD | CA | UROLOGY | 3 | 157 | $36,895 | $235 | premium | 0.4% | (805) 973-5902 |
| 47 | MEDICAL IMAGING ASSOCIATES OF LOUISIANA APM LLC | LAFAYETTE | LA | DIAGNOSTIC RADIOLOGY | 2 | 157 | $5,338 | $34 | premium | 17.8% | (337) 706-1546 |
| 48 | PIERRE MENDOZA MD LLC | TOMS RIVER | NJ | PATHOLOGY | 3 | 155 | $43,865 | $283 | premium | 3.8% | (732) 230-2611 |
| 49 | BAPTIST HEALTH MEDICAL GROUP INC | LOUISVILLE | KY | NURSE PRACTITIONER | 2448 | 155 | $4,650 | $30 | premium | 36.4% | (502) 928-1050 |
| 50 | JAYHAWK FOOT AND ANKLE CLINIC, LLC | SHAWNEE | KS | PODIATRY | 2 | 147 | $13,093 | $89 | premium | 26.2% | (913) 871-2183 |
| 51 | EINSTEIN PRACTICE PLAN INC | PHILADELPHIA | CA | DIAGNOSTIC RADIOLOGY | 740 | 146 | $4,380 | $30 | premium | 0.4% | (215) 456-8242 |
| 52 | CENTRAL NEBRASKA ORTHOPEDICS AND SPORTS MEDICINE PC | GRAND ISLAND | NE | PHYSICIAN ASSISTANT | 13 | 141 | $8,083 | $57 | premium | 19.1% | (308) 384-4600 |
| 53 | REGIONAL ORTHOPAEDIC ASSOCIATES PA | WILMINGTON | DE | PHYSICIAN ASSISTANT | 59 | 136 | $15,788 | $116 | premium | 17.3% | (302) 655-9494 |
| 54 | SUTTER BAY MEDICAL FOUNDATION | PALO ALTO | CA | INTERNAL MEDICINE | 3716 | 136 | $8,160 | $60 | premium | 0.4% | (415) 600-1020 |
| 55 | GARBER KAPLAN DOUDS PLLC | LAS VEGAS | NV | NEUROSURGERY | 7 | 135 | $40,508 | $300 | premium | 33.2% | (702) 835-0088 |
| 56 | EINSTEIN PRACTICE PLAN INC | PHILADELPHIA | NY | DIAGNOSTIC RADIOLOGY | 740 | 135 | $4,050 | $30 | premium | 1.9% | (215) 456-8242 |
| 57 | SMH PHYSICIAN SERVICES INC | SARASOTA | FL | PHYSICIAN ASSISTANT | 766 | 132 | $4,224 | $32 | premium | 2.0% | — |
| 58 | ILLINOIS DIAGNOSTIC AND INTERVENTIONAL RADIOLOGY PLLC | CHICAGO | IL | DIAGNOSTIC RADIOLOGY | 104 | 130 | $10,400 | $80 | premium | 11.9% | (773) 774-8000 |
| 59 | EAST VALLEY UROLOGY CENTER PLC | MESA | AZ | UROLOGY | 9 | 126 | $16,718 | $133 | premium | 4.9% | (480) 219-1010 |
| 60 | ORLANDO HEALTH MEDICAL GROUP INC | ORLANDO | FL | PHYSICIAN ASSISTANT | 2145 | 123 | $3,444 | $28 | premium | 1.9% | (407) 896-1100 |
| 61 | ATLANTICARE PHYSICIAN GROUP PA | EGG HARBOR TOWNSHIP | NJ | NURSE PRACTITIONER | 507 | 123 | $4,059 | $33 | premium | 3.0% | — |
| 62 | ADVENTIST PHYSICIAN SERVICES INC | ROCKVILLE | MD | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 145 | 120 | $19,200 | $160 | premium | 6.8% | (301) 670-3000 |
| 63 | TENNESSEE ORTHOPAEDIC ALLIANCE PA | NASHVILLE | TN | PHYSICIAN ASSISTANT | 352 | 118 | $5,664 | $48 | premium | 9.3% | (615) 329-6600 |
| 64 | ADVANCED ORTHOPAEDIC SPECIALISTS PC | PRINCE FREDERICK | MD | ORTHOPEDIC SURGERY | 2 | 116 | $17,168 | $148 | premium | 6.6% | (410) 414-9840 |
| 65 | UROLOGY ASSOCIATES OF SOUTHEASTERN NORTH CAROLINA PA | WILMINGTON | NC | UROLOGY | 9 | 115 | $4,208 | $37 | premium | 8.1% | (910) 763-6251 |
| 66 | BASS MEDICAL GROUP | WALNUT CREEK | CA | OTOLARYNGOLOGY | 318 | 114 | $22,800 | $200 | premium | 0.3% | — |
| 67 | UPMC COMMUNITY MEDICINE INC | PITTSBURGH | PA | FAMILY PRACTICE | 749 | 112 | $24,304 | $217 | premium | 6.2% | (412) 281-0322 |
| 68 | OPA ORTHO PLLC | SEATTLE | WA | PHYSICIAN ASSISTANT | 43 | 109 | $4,473 | $41 | premium | 18.5% | (206) 622-2600 |
| 69 | HEART RHYTHM CONSULTANTS PA | SARASOTA | FL | NURSE PRACTITIONER | 5 | 109 | $8,175 | $75 | premium | 1.7% | (941) 484-6758 |
| 70 | ANCILLARY SERVICES OF PRACTICE ASSOCIATES PA | MORRISTOWN | NJ | DIAGNOSTIC RADIOLOGY | 97 | 109 | $17,942 | $165 | premium | 2.6% | (973) 971-6866 |
| 71 | PRECISION HEALTHCARE SPECIALISTS, LLC | FORT MYERS | FL | PHYSICIAN ASSISTANT | 100 | 107 | $5,506 | $51 | premium | 1.6% | (239) 291-6970 |
| 72 | TITAN HEALTH PARTNERS LLC | EAST BRUNSWICK | NJ | HEMATOLOGY/ONCOLOGY | 92 | 107 | $5,230 | $49 | premium | 2.6% | (732) 390-7750 |
| 73 | SCOTT LEARY MD INC | SAN DIEGO | CA | NEUROSURGERY | 2 | 102 | $102,000 | $1,000 | premium | 0.3% | (858) 223-2100 |
| 74 | NORTH ALABAMA UROLOGY, PC | HUNTSVILLE | AL | UROLOGY | 7 | 102 | $2,244 | $22 | premium | 14.1% | (256) 536-9020 |
| 75 | UNIVERSAL RADIOLOGY PARTNERS OF FLORIDA LLC | WELLINGTON | FL | DIAGNOSTIC RADIOLOGY | 15 | 101 | $10,558 | $105 | premium | 1.5% | 5617661300601 |
| 76 | NORTHEAST ORTHOPAEDIC ALLIANCE PLLC | CONCORD | MA | PHYSICIAN ASSISTANT | 268 | 101 | $9,768 | $97 | premium | 10.9% | (603) 883-0091 |
| 77 | YUMA REGIONAL MEDICAL CENTER | YUMA | AZ | PHYSICIAN ASSISTANT | 388 | 101 | $2,424 | $24 | premium | 3.9% | (928) 336-1815 |
| 78 | SETON FAMILY OF DOCTORS | AUSTIN | TX | PHYSICIAN ASSISTANT | 804 | 101 | $12,682 | $126 | premium | 2.3% | (512) 324-7300 |
| 79 | BOSTON UNIVERSITY ORTHOPAEDIC SURGICAL ASSOCIATES INC | BOSTON | MA | PHYSICIAN ASSISTANT | 36 | 100 | $120,000 | $1,200 | premium | 10.8% | (617) 638-5633 |
| 80 | ORTHOCAROLINA | CHARLOTTE | NC | PHYSICIAN ASSISTANT | 304 | 98 | $16,366 | $167 | premium | 6.9% | (704) 323-2100 |
| 81 | DESERT ORTHOPEDIC CENTER A MEDICAL GROUP INC | RANCHO MIRAGE | CA | PHYSICIAN ASSISTANT | 50 | 97 | $2,940 | $30 | premium | 0.3% | (760) 340-3911 |
| 82 | RASOULISPINE ASSOCIATES INC | BEVERLY HILLS | CA | PHYSICIAN ASSISTANT | 3 | 96 | $188,400 | $1,962 | premium | 0.3% | (310) 421-0066 |
| 83 | UROLOGY GROUP PC | GERMANTOWN | TN | UROLOGY | 17 | 95 | $23,750 | $250 | premium | 7.5% | (901) 767-8158 |
| 84 | CARDIAC ARRHYTHMIA INSTITUTE PA | PORT CHARLOTTE | FL | PHYSICIAN ASSISTANT | 4 | 94 | $3,440 | $37 | premium | 1.4% | (800) 771-7164 |
| 85 | CEDARS-SINAI MEDICAL CARE FOUNDATION | LOS ANGELES | CA | PHYSICIAN ASSISTANT | 1699 | 94 | $30,068 | $320 | premium | 0.3% | (310) 423-0674 |
| 86 | IMPERIAL VALLEY FAMILY CARE MEDICAL GROUP A P C | EL CENTRO | CA | FAMILY PRACTICE | 23 | 93 | $9,484 | $102 | premium | 0.3% | (760) 353-6363 |
| 87 | OPTUM MEDICAL CARE PC | MOUNT KISCO | NY | INTERNAL MEDICINE | 1040 | 92 | $4,283 | $47 | premium | 1.3% | (914) 241-1050 |
| 88 | HOLY CROSS HOSPITAL INC | FT LAUDERDALE | FL | PHYSICIAN ASSISTANT | 303 | 92 | $12,952 | $141 | premium | 1.4% | (954) 772-2136 |
| 89 | SPINE INSTITUTE OF NORTH AMERICA LLC | EAST WINDSOR | NJ | PHYSICIAN ASSISTANT | 3 | 90 | $67,500 | $750 | premium | 2.2% | (908) 812-8820 |
| 90 | SPINE AND SPORTS SPECIALITIES MEDICAL GROUP | ORANGE | CA | ORTHOPEDIC SURGERY | 15 | 89 | $5,696 | $64 | premium | 0.2% | (714) 598-1745 |
| 91 | ORTHOPAEDIC CARE SPECIALIST PL | NORTH PALM BEACH | FL | ORTHOPEDIC SURGERY | 10 | 89 | $66,750 | $750 | premium | 1.4% | (561) 840-1090 |
| 92 | LAWRENCE PHYSICIANS LLC | LAWRENCE | KS | PHYSICIAN ASSISTANT | 219 | 89 | $22,517 | $253 | premium | 15.9% | — |
| 93 | BSISA PLLC | LIVE OAK | TX | NURSE PRACTITIONER | 7 | 89 | $19,010 | $214 | premium | 2.0% | (210) 625-4733 |
| 94 | MARSHALL RADIOLOGY PC | BOAZ | AL | DIAGNOSTIC RADIOLOGY | 7 | 88 | $2,816 | $32 | premium | 12.2% | (256) 593-8310 |
| 95 | CAROLINA ORTHOPAEDIC AND NEUROSURGICAL ASSOCIATES | SPARTANBURG | FL | PHYSICIAN ASSISTANT | 60 | 87 | $31,871 | $366 | premium | 1.3% | (864) 582-6396 |
| 96 | NEW YORK SOCIETY FOR THE RELIEF OF THE RUPTURED AND CRIPPLED MAINTAINI | NEW YORK | NY | FAMILY PRACTICE | 19 | 85 | $28,815 | $339 | premium | 1.2% | (212) 774-7123 |
| 97 | PETER S BIRNBAUM D O INC | ANAHEIM | CA | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 2 | 84 | $3,505 | $42 | premium | 0.2% | (714) 491-3670 |
| 98 | ROBERT R SLATER JR MD INCORPORATED | FOLSOM | CA | ORTHOPEDIC SURGERY | 2 | 83 | $26,975 | $325 | premium | 0.2% | (916) 404-4400 |
| 99 | COMMUNITY FOUNDATION MEDICAL GROUP | FRESNO | CA | PHYSICIAN ASSISTANT | 292 | 83 | $2,324 | $28 | premium | 0.2% | — |
| 100 | ST AGNES HEALTHCARE INC | BALTIMORE | MI | PHYSICIAN ASSISTANT | 277 | 82 | $3,772 | $46 | premium | 6.6% | (667) 234-6000 |
Showing the top 100 of 457 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 →