69,584 observed fee-for-service (49%) · ~71,302 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 | 93283 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 | HEALTHTEXAS PROVIDER NETWORK | DALLAS | TX | PHYSICIAN ASSISTANT | 2482 | 988 | $348,480 | $353 | premium | 13.7% | — |
| 2 | HEARTLAND CARDIOLOGY, LLC | WICHITA | KS | NURSE PRACTITIONER | 27 | 767 | $115,746 | $151 | premium | 37.5% | (316) 686-5300 |
| 3 | CLEVELAND CLINIC | CLEVELAND | OH | PHYSICIAN ASSISTANT | 6828 | 751 | $365,429 | $487 | premium | 16.4% | — |
| 4 | NORTH SHORE-LIJ MEDICAL PC | MANHASSET | NY | PHYSICIAN ASSISTANT | 6294 | 735 | $322,309 | $439 | premium | 12.3% | — |
| 5 | PIEDMONT CARDIOLOGY OF ATLANTA, LLC | ATLANTA | GA | PHYSICIAN ASSISTANT | 477 | 684 | $191,486 | $280 | premium | 21.7% | (404) 605-5000 |
| 6 | WASHINGTON REGIONAL MEDICAL SYSTEM | FAYETTEVILLE | AR | NURSE PRACTITIONER | 241 | 596 | $128,736 | $216 | premium | 27.4% | (479) 571-4338 |
| 7 | CHS PHYSICIAN PARTNERS PC | ROSLYN | NY | PHYSICIAN ASSISTANT | 734 | 524 | $395,760 | $755 | premium | 8.7% | — |
| 8 | ADVOCATE HEALTH AND HOSPITALS CORPORATION | BUFFALO GROVE | IL | NURSE PRACTITIONER | 3045 | 507 | $139,209 | $275 | premium | 10.0% | (847) 459-1160 |
| 9 | OHH PHYSICIANS LLC | OKLAHOMA CITY | OK | INTERVENTIONAL CARDIOLOGY | 134 | 499 | $87,471 | $175 | premium | 44.6% | (405) 608-3800 |
| 10 | ST DAVIDS HEART AND VASCULAR PLLC | AUSTIN | TX | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 199 | 483 | $131,531 | $272 | premium | 6.7% | (512) 899-2028 |
| 11 | ST VINCENT MEDICAL GROUP INC | INDIANAPOLIS | IN | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 718 | 477 | $119,459 | $250 | premium | 15.6% | (317) 338-2345 |
| 12 | INOVA HEALTH CARE SERVICES | FALLS CHURCH | VA | NURSE PRACTITIONER | 1818 | 473 | $122,552 | $259 | premium | 14.3% | — |
| 13 | NORTHWESTERN MEDICAL FACULTY FOUNDATION | CHICAGO | IL | NURSE PRACTITIONER | 4339 | 440 | $181,396 | $412 | premium | 8.6% | — |
| 14 | NEW YORK UNIVERSITY | NEW YORK | NY | DIAGNOSTIC RADIOLOGY | 5704 | 416 | $418,776 | $1,007 | premium | 6.9% | (212) 263-9700 |
| 15 | TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK | NEW YORK | NY | NURSE PRACTITIONER | 2273 | 407 | $231,990 | $570 | premium | 6.8% | (212) 305-8559 |
| 16 | ALLINA HEALTH SYSTEM | MINNEAPOLIS | MN | PHYSICIAN ASSISTANT | 3855 | 400 | $142,198 | $355 | premium | 19.6% | (612) 863-4000 |
| 17 | OSF MULTI-SPECIALTY GROUP | PEORIA | IL | NURSE PRACTITIONER | 2091 | 394 | $216,060 | $548 | premium | 7.7% | (309) 683-5050 |
| 18 | HH HEART CENTER, LLC | HUNTSVILLE | AL | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 90 | 374 | $50,490 | $135 | premium | 27.0% | (256) 265-2372 |
| 19 | TRI-CITY CARDIOLOGY CONSULTANTS PC | MESA | AZ | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 41 | 366 | $67,354 | $184 | premium | 12.6% | (480) 835-6100 |
| 20 | CARDIOLOGY CLINIC OF SAN ANTONIO, PLLC | SAN ANTONIO | TX | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 124 | 362 | $81,994 | $227 | premium | 5.0% | (210) 271-3204 |
| 21 | UNIVERSITY PRIMARY CARE PRACTICES INC | CONNEAUT | OH | FAMILY PRACTICE | 1067 | 355 | $66,513 | $187 | premium | 7.7% | — |
| 22 | UNIVERSITY OF VIRGINIA PHYSICIANS GROUP | CHARLOTTESVILLE | VA | NURSE PRACTITIONER | 1704 | 352 | $52,316 | $149 | premium | 10.7% | (434) 924-5959 |
| 23 | BAPTIST HEALTH MEDICAL GROUP INC | LOUISVILLE | KY | NURSE PRACTITIONER | 2448 | 350 | $55,220 | $158 | premium | 23.5% | (502) 928-1050 |
| 24 | VIRTUA MEDICAL GROUP, PA | VOORHEES | NJ | PHYSICIAN ASSISTANT | 1662 | 344 | $94,405 | $274 | premium | 9.4% | (856) 247-7260 |
| 25 | BEAUMONT MEDICAL GROUP- SPECIALTY SERVICES | ROYAL OAK | MI | PHYSICIAN ASSISTANT | 833 | 344 | $72,089 | $210 | premium | 13.8% | (248) 898-5058 |
| 26 | NCHMD INC | NAPLES | FL | NEUROLOGY | 515 | 342 | $62,462 | $183 | premium | 4.4% | (239) 436-5100 |
| 27 | WELLSPAN MEDICAL GROUP | YORK | PA | PHYSICIAN ASSISTANT | 2312 | 342 | $56,334 | $165 | premium | 8.1% | — |
| 28 | THE REGENTS OF THE UNIVERSITY OF CALIFORNIA | LOS ANGELES | CA | INTERNAL MEDICINE | 1424 | 340 | $170,778 | $502 | premium | 3.4% | (310) 825-7922 |
| 29 | THE EMORY CLINIC INC | ATLANTA | GA | NURSE PRACTITIONER | 3484 | 339 | $122,466 | $361 | premium | 10.8% | (404) 778-7525 |
| 30 | BARNABAS HEALTH MEDICAL GROUP PC | LIVINGSTON | NJ | NURSE PRACTITIONER | 990 | 334 | $173,835 | $520 | premium | 9.1% | — |
| 31 | COMMUNITY MEDICAL ASSOCIATES INC | LOUISVILLE | KY | NURSE PRACTITIONER | 1377 | 327 | $81,841 | $250 | premium | 22.0% | (502) 937-2209 |
| 32 | ST VINCENT INFIRMARY MEDICAL CENTER | LITTLE ROCK | AR | NURSE PRACTITIONER | 47 | 327 | $38,936 | $119 | premium | 15.0% | (501) 255-6000 |
| 33 | MEMORIAL HEALTH CARE SYSTEM INC. | CHATTANOOGA | TN | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 56 | 324 | $79,704 | $246 | premium | 13.5% | (423) 697-2000 |
| 34 | THE CHRIST HOSPITAL CARDIOVASCULAR ASSOCIATES LLC | CINCINNATI | OH | NURSE PRACTITIONER | 144 | 318 | $69,265 | $218 | premium | 6.9% | — |
| 35 | ORLANDO HEALTH MEDICAL GROUP INC | ORLANDO | FL | PHYSICIAN ASSISTANT | 2145 | 316 | $71,649 | $227 | premium | 4.0% | (407) 896-1100 |
| 36 | SAINT THOMAS MEDICAL PARTNERS | NASHVILLE | TN | NURSE PRACTITIONER | 591 | 316 | $58,914 | $186 | premium | 13.1% | (615) 269-4545 |
| 37 | CENTENNIAL HEART LLC | NASHVILLE | TN | NURSE PRACTITIONER | 121 | 313 | $74,931 | $239 | premium | 13.0% | (615) 515-1900 |
| 38 | CAROLINAS PHYSICIANS NETWORK INC | CHARLOTTE | NC | PHYSICIAN ASSISTANT | 2360 | 312 | $120,546 | $386 | premium | 9.4% | (704) 667-1000 |
| 39 | WELLSTAR MEDICAL GROUP LLC | MARIETTA | GA | NURSE PRACTITIONER | 3060 | 302 | $53,739 | $178 | premium | 9.6% | (770) 422-2004 |
| 40 | TEXAS HEALTH PHYSICIANS GROUP | FORT WORTH | TX | PHYSICIAN ASSISTANT | 1350 | 300 | $52,870 | $176 | premium | 4.2% | (817) 281-2977 |
| 41 | CARDIOLOGY CONSULTANTS OF PHILADELPHIA PC | PHILADELPHIA | PA | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 143 | 296 | $82,302 | $278 | premium | 7.0% | (215) 463-5333 |
| 42 | NAPLES HEART RHYTHM SPECIALISTS PA | NAPLES | FL | PHYSICIAN ASSISTANT | 21 | 290 | $60,610 | $209 | premium | 3.7% | (239) 263-0849 |
| 43 | COTTON-O'NEIL CLINIC REVOCABLE TRUST | TOPEKA | KS | NURSE PRACTITIONER | 649 | 287 | $48,226 | $168 | premium | 14.0% | (785) 354-9591 |
| 44 | FLORIDA ELECTROPHYSIOLOGY ASSOCIATES PA | ATLANTIS | FL | CARDIAC ELECTROPHYSIOLOGY | 14 | 285 | $137,310 | $482 | premium | 3.6% | (561) 434-0353 |
| 45 | MAYO CLINIC ARIZONA | PHOENIX | AZ | PHYSICIAN ASSISTANT | 1635 | 279 | $78,144 | $280 | premium | 9.6% | (800) 603-0558 |
| 46 | CAROLINAEAST PHYSICIANS | NEW BERN | NC | NURSE PRACTITIONER | 203 | 279 | $87,747 | $315 | premium | 8.4% | (252) 635-6777 |
| 47 | UNIVERSITY OF PENN - MEDICAL GROUP | PHILADELPHIA | PA | PHYSICIAN ASSISTANT | 3505 | 278 | $43,435 | $156 | premium | 6.6% | (215) 662-2777 |
| 48 | MISSION HEALTH COMMUNITY MULTISPECIALTY PROVIDERS LLC | ASHEVILLE | NC | PHYSICIAN ASSISTANT | 593 | 277 | $55,667 | $201 | premium | 8.4% | (828) 213-1740 |
| 49 | SUTTER BAY MEDICAL FOUNDATION | PALO ALTO | CA | INTERNAL MEDICINE | 3716 | 277 | $101,725 | $367 | premium | 2.8% | (415) 600-1020 |
| 50 | CATHOLIC HEALTH INITIATIVES-IOWA CORP | WEST DES MOINES | IA | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 113 | 274 | $58,395 | $213 | premium | 23.2% | (515) 358-8000 |
| 51 | CHRISTUS TRINITY CLINIC | TYLER | TX | NURSE PRACTITIONER | 1495 | 274 | $49,010 | $179 | premium | 3.8% | (903) 606-5560 |
| 52 | SCRIPPS HEALTH | LA JOLLA | CA | PHYSICIAN ASSISTANT | 1431 | 268 | $106,744 | $398 | premium | 2.7% | (858) 455-9100 |
| 53 | DUPAGE MEDICAL GROUP LTD | GLEN ELLYN | IL | PHYSICIAN ASSISTANT | 1323 | 268 | $60,700 | $226 | premium | 5.3% | (630) 469-9200 |
| 54 | PROVIDENCE MEDICAL FOUNDATION | FULLERTON | CA | PHYSICIAN ASSISTANT | 1455 | 267 | $78,585 | $294 | premium | 2.7% | (714) 871-3006 |
| 55 | YALE UNIVERSITY | NEW HAVEN | CT | PHYSICIAN ASSISTANT | 2649 | 263 | $105,705 | $402 | premium | 24.5% | (203) 688-4242 |
| 56 | SCOTT AND WHITE CLINIC | TEMPLE | TX | PHYSICIAN ASSISTANT | 2435 | 261 | $71,025 | $272 | premium | 3.6% | (254) 724-2663 |
| 57 | KADLEC REGIONAL MEDICAL CENTER | RICHLAND | WA | PHYSICIAN ASSISTANT | 382 | 259 | $31,400 | $121 | premium | 15.9% | (509) 946-4611 |
| 58 | PRISMA HEALTH UNIVERSITY MEDICAL GROUP | GREENVILLE | SC | NURSE PRACTITIONER | 2447 | 257 | $48,627 | $189 | premium | 9.9% | — |
| 59 | WASHINGTON UNIVERSITY | SAINT LOUIS | MO | NURSE PRACTITIONER | 3070 | 250 | $95,930 | $384 | premium | 11.7% | (314) 747-3000 |
| 60 | VANDERBILT UNIVERSITY MEDICAL CENTER | NASHVILLE | TN | NURSE PRACTITIONER | 3394 | 247 | $53,211 | $215 | premium | 10.3% | (615) 322-5000 |
| 61 | WELLMONT CARDIOLOGY SERVICES | KINGSPORT | TN | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 138 | 245 | $52,636 | $215 | premium | 10.2% | (423) 230-5000 |
| 62 | ENDEAVOR HEALTH MEDICAL GROUP | EVANSTON | IL | NURSE PRACTITIONER | 3380 | 244 | $56,271 | $231 | premium | 4.8% | — |
| 63 | HONORHEALTH AMBULATORY | SCOTTSDALE | AZ | PHYSICIAN ASSISTANT | 601 | 240 | $66,980 | $279 | premium | 8.2% | — |
| 64 | PRISMA HEALTH MEDICAL GROUP-MIDLANDS | COLUMBIA | SC | PHYSICIAN ASSISTANT | 1017 | 239 | $43,976 | $184 | premium | 9.2% | (803) 749-5101 |
| 65 | DUKE HEALTH INTEGRATED PRACTICE INC | DURHAM | NC | PHYSICIAN ASSISTANT | 3051 | 238 | $78,540 | $330 | premium | 7.2% | (919) 684-8111 |
| 66 | SPECTRUM HEALTH PRIMARY CARE PARTNERS | GRAND RAPIDS | MI | PHYSICIAN ASSISTANT | 2255 | 238 | $41,420 | $174 | premium | 9.5% | (616) 885-5000 |
| 67 | FLORIDA HEART ASSOCIATES PL | FORT MYERS | FL | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 27 | 238 | $47,838 | $201 | premium | 3.0% | (239) 938-2000 |
| 68 | FRANCISCAN MEDICAL GROUP | TACOMA | WA | PHYSICIAN ASSISTANT | 1407 | 238 | $67,185 | $282 | premium | 14.6% | (253) 428-2200 |
| 69 | COASTAL CAROLINA MULTISPECIALTY ASSOCIATES LLC | CHARLESTON | SC | NURSE PRACTITIONER | 49 | 235 | $44,083 | $188 | premium | 9.0% | — |
| 70 | BAPTIST HEALTH CENTERS LLC | BIRMINGHAM | AL | NURSE PRACTITIONER | 181 | 234 | $51,621 | $221 | premium | 16.9% | (205) 795-5390 |
| 71 | PROMEDICA NORTHWEST OHIO CARDIOLOGY CONSULTANTS LLC | TOLEDO | OH | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 79 | 232 | $45,243 | $195 | premium | 5.1% | (419) 842-3000 |
| 72 | SENTARA MEDICAL GROUP | NORFOLK | VA | PHYSICIAN ASSISTANT | 1404 | 231 | $27,027 | $117 | premium | 7.0% | — |
| 73 | BAPTIST HEALTH | LITTLE ROCK | AR | NURSE PRACTITIONER | 106 | 229 | $33,069 | $144 | premium | 10.5% | (501) 227-7596 |
| 74 | ROPER SAINT FRANCIS PHYSICIANS NETWORK | CHARLESTON | SC | PHYSICIAN ASSISTANT | 539 | 228 | $63,156 | $277 | premium | 8.7% | (843) 720-8448 |
| 75 | CARDIOLOGY SPECIALISTS OF NORTH TEXAS PLLC | DALLAS | TX | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 67 | 228 | $63,616 | $279 | premium | 3.2% | — |
| 76 | NEVADA HEART AND VASCULAR CENTER RESH LLP | LAS VEGAS | NV | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 42 | 225 | $58,150 | $258 | premium | 25.8% | (702) 240-6482 |
| 77 | STANFORD HEALTH CARE | STANFORD | CA | DIAGNOSTIC RADIOLOGY | 3039 | 223 | $81,805 | $367 | premium | 2.2% | (650) 723-4000 |
| 78 | UNIVERSITY OF LOUISVILLE PHYSICIANS INC | LOUISVILLE | KY | NURSE PRACTITIONER | 1442 | 222 | $52,784 | $238 | premium | 14.9% | (502) 629-2398 |
| 79 | MERCY CLINIC SPRINGFIELD COMMUNITIES | SPRINGFIELD | MO | PHYSICIAN ASSISTANT | 1128 | 216 | $35,036 | $162 | premium | 10.1% | — |
| 80 | POUDRE VALLEY MEDICAL GROUP LLC | COLORADO SPRINGS | CO | PHYSICIAN ASSISTANT | 2390 | 214 | $38,653 | $181 | premium | 25.0% | — |
| 81 | KETTERING INDEPENDENT MEDICAL GROUP INC | KETTERING | OH | NURSE PRACTITIONER | 691 | 214 | $25,343 | $118 | premium | 4.7% | (937) 395-8646 |
| 82 | MAYO CLINIC JACKSONVILLE | JACKSONVILLE | FL | NURSE PRACTITIONER | 1587 | 212 | $98,902 | $467 | premium | 2.7% | (904) 953-2000 |
| 83 | PROVIDENCE HEALTH AND SERVICES MT | MISSOULA | MT | PHYSICIAN ASSISTANT | 345 | 210 | $63,036 | $300 | premium | 36.4% | (406) 327-1900 |
| 84 | GRAND STRAND SURGICAL SPECIALISTS LLC | MYRTLE BEACH | SC | PHYSICIAN ASSISTANT | 51 | 209 | $57,437 | $275 | premium | 8.0% | (843) 848-1440 |
| 85 | INTEGRIS CARDIOVASCULAR PHYSICIANS LLC | OKLAHOMA CITY | OK | PHYSICIAN ASSISTANT | 114 | 207 | $54,082 | $261 | premium | 18.5% | (405) 951-4345 |
| 86 | MERCY CLINIC HEART AND VASCULAR LLC | SAINT LOUIS | MO | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 112 | 206 | $49,566 | $241 | premium | 9.6% | (314) 842-0602 |
| 87 | NORTH CAROLINA MG LLC | RALEIGH | NC | PHYSICIAN ASSISTANT | 674 | 204 | $53,704 | $263 | premium | 6.2% | (919) 881-0160 |
| 88 | OHIOHEALTH CORPORATION | COLUMBUS | OH | PHYSICIAN ASSISTANT | 2282 | 203 | $25,676 | $126 | premium | 4.4% | — |
| 89 | TRIHEALTH H LLC | CINCINNATI | OH | OBSTETRICS/GYNECOLOGY | 853 | 202 | $40,386 | $200 | premium | 4.4% | (513) 246-7000 |
| 90 | PHYSICIAN GROUPS LC | SAINT LOUIS | MO | NURSE PRACTITIONER | 516 | 201 | $42,675 | $212 | premium | 9.4% | (314) 273-0195 |
| 91 | COMMUNITY CARE NETWORK INC | MUNSTER | IN | NURSE PRACTITIONER | 379 | 199 | $23,880 | $120 | premium | 6.5% | (219) 836-4563 |
| 92 | EISENHOWER MEDICAL CENTER | RANCHO MIRAGE | CA | NURSE PRACTITIONER | 457 | 198 | $22,646 | $114 | premium | 2.0% | (760) 340-3911 |
| 93 | FRANCISCAN PHYSICIAN NETWORK | INDIANAPOLIS | IN | PHYSICIAN ASSISTANT | 1151 | 198 | $31,808 | $161 | premium | 6.5% | — |
| 94 | HOUSTON CARDIOVASCULAR ASSOC PA | HOUSTON | TX | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 84 | 196 | $54,662 | $279 | premium | 2.7% | (713) 790-0841 |
| 95 | ALASKA HEART INSTITUTE | ANCHORAGE | AK | PHYSICIAN ASSISTANT | 57 | 196 | $136,076 | $694 | premium | 84.1% | (907) 561-3211 |
| 96 | AURORA MEDICAL GROUP, INC. | MILWAUKEE | WI | DIAGNOSTIC RADIOLOGY | 3696 | 194 | $203,060 | $1,047 | premium | 12.7% | (414) 421-8400 |
| 97 | CARDIOVASCULAR INSTITUTE OF CENTRAL FLORIDA LLC | OCALA | FL | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 69 | 192 | $36,705 | $191 | premium | 2.5% | (352) 622-4251 |
| 98 | BON SECOURS MEDICAL GROUP GREENVILLE SPECIALTY CARE LLC | GREENVILLE | SC | NURSE PRACTITIONER | 288 | 192 | $32,256 | $168 | premium | 7.4% | (864) 255-1901 |
| 99 | CENTRAL GEORGIA HEART CENTER, PC | MACON | GA | NURSE PRACTITIONER | 26 | 189 | $56,700 | $300 | premium | 6.0% | (478) 741-1208 |
| 100 | UNITED MEDICAL ASSOCIATES PC | JOHNSON CITY | NY | NURSE PRACTITIONER | 238 | 189 | $52,538 | $278 | premium | 3.2% | (607) 763-6580 |
Showing the top 100 of 717 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 →