3,626 observed fee-for-service (50%) · ~3,608 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 | Q4022 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 | THE SAN ANTONIO ORTHOPAEDIC GROUP LLP | SAN ANTONIO | TX | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 138 | 143 | $2,288 | $16 | premium | 35.0% | (210) 804-5400 |
| 2 | EMERGEORTHO PA | DURHAM | NC | PHYSICIAN ASSISTANT | 725 | 136 | $5,440 | $40 | premium | 66.7% | (919) 544-7270 |
| 3 | ORTHOPEDIC ASSOC OF LANCASTER LTD | LANCASTER | PA | ORTHOPEDIC SURGERY | 80 | 123 | $2,118 | $17 | premium | 55.7% | (717) 299-4871 |
| 4 | NAPA VALLEY ORTHOPAEDIC MEDICAL GROUP INC | NAPA | CA | PHYSICIAN ASSISTANT | 17 | 122 | $3,168 | $26 | premium | 14.3% | (707) 254-7117 |
| 5 | DESERT ORTHOPAEDIC CENTER LTD | LAS VEGAS | NV | PHYSICIAN ASSISTANT | 102 | 112 | $6,496 | $58 | premium | 67.9% | (702) 731-1616 |
| 6 | MICHIGAN SURGERY SPECIALISTS PC | WARREN | MI | ORTHOPEDIC SURGERY | 27 | 110 | $1,540 | $14 | premium | 64.0% | (586) 573-6880 |
| 7 | ORTHOSC LLC | MYRTLE BEACH | SC | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 113 | 92 | $3,312 | $36 | premium | 70.2% | (843) 491-4937 |
| 8 | BOWEN HEFLEY RHODES STEWART ORTHOPEDICS, PA | NORTH LITTLE ROCK | AR | ORTHOPEDIC SURGERY | 19 | 91 | $1,820 | $20 | premium | 54.8% | — |
| 9 | OZARK ORTHOPAEDICS, P.A. | FAYETTEVILLE | AR | PHYSICIAN ASSISTANT | 57 | 75 | $2,250 | $30 | premium | 45.2% | (479) 521-2752 |
| 10 | CAMPBELL CLINIC, PC | GERMANTOWN | TN | ORTHOPEDIC SURGERY | 225 | 71 | $6,248 | $88 | premium | 35.3% | (901) 759-3100 |
| 11 | SHASTA ORTHOPEDICS AND SPORTS MEDICINE A MEDICAL CORPORATION | REDDING | CA | PODIATRY | 37 | 69 | $2,553 | $37 | premium | 8.1% | (530) 246-2467 |
| 12 | ORTHOCINCY ORTHOPAEDICS AND SPORTS MEDICINE PSC | CINCINNATI | KY | PHYSICIAN ASSISTANT | 163 | 61 | $3,355 | $55 | premium | 64.2% | (513) 232-2663 |
| 13 | ORTHOALASKA LLC | ANCHORAGE | AK | PHYSICIAN ASSISTANT | 159 | 61 | $1,220 | $20 | premium | 65.6% | — |
| 14 | NEVADA ORTHOPEDIC AND SPINE CENTER | LAS VEGAS | NV | PHYSICIAN ASSISTANT | 25 | 53 | $1,908 | $36 | premium | 32.1% | (702) 878-0393 |
| 15 | GOSHEN HEALTH SYSTEM INC | GOSHEN | IN | NURSE PRACTITIONER | 146 | 52 | $936 | $18 | premium | 100.0% | (574) 537-0219 |
| 16 | THE MOORINGS INCORPORATED | NAPLES | FL | ORTHOPEDIC SURGERY | 120 | 50 | $1,250 | $25 | premium | 8.2% | — |
| 17 | COOPERATIVE HEALTHCARE SERVICES INC | BRUNSWICK | GA | NURSE PRACTITIONER | 228 | 47 | $5,649 | $120 | premium | 28.1% | (912) 466-5400 |
| 18 | SCRIPPS HEALTH | LA JOLLA | CA | PHYSICIAN ASSISTANT | 1431 | 46 | $1,521 | $33 | premium | 5.4% | (858) 455-9100 |
| 19 | REGENTS OF THE UNIVERSITY OF CALIFORNIA | LOS ANGELES | CA | ORTHOPEDIC SURGERY | 136 | 46 | $8,625 | $188 | premium | 5.4% | (310) 443-8999 |
| 20 | CENTERS FOR ADVANCED ORTHOPAEDICS LLC | OLNEY | MD | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 596 | 45 | $810 | $18 | premium | 22.4% | (301) 774-0500 |
| 21 | ORTHOPEDIC INSTITUTE OF NEWPORT BEACH LIMITED PARTNERSHIP | NEWPORT BEACH | CA | PHYSICIAN ASSISTANT | 30 | 45 | $2,115 | $47 | premium | 5.3% | (949) 722-7038 |
| 22 | MAIMONIDES MEDICAL CENTER ORTHOPAEDIC FPP | BROOKLYN | NY | ORTHOPEDIC SURGERY | 25 | 44 | $2,040 | $46 | premium | 26.8% | (718) 283-7400 |
| 23 | TENNESSEE ORTHOPAEDIC ALLIANCE PA | NASHVILLE | TN | PHYSICIAN ASSISTANT | 352 | 43 | $860 | $20 | premium | 21.4% | (615) 329-6600 |
| 24 | ORTHOMIDWEST, PLLC | CHICAGO | IL | PHYSICIAN ASSISTANT | 542 | 41 | $3,642 | $89 | premium | 24.1% | (877) 632-6637 |
| 25 | MSK GROUP PC | MEMPHIS | TN | ORTHOPEDIC SURGERY | 141 | 38 | $2,470 | $65 | premium | 18.9% | (901) 641-3000 |
| 26 | ORTHOVIRGINIA INC | NORTH CHESTERFIELD | VA | PHYSICIAN ASSISTANT | 567 | 38 | $684 | $18 | premium | 19.0% | — |
| 27 | NEBRASKA ORTHOPAEDIC CENTER PC | LINCOLN | NE | PHYSICIAN ASSISTANT | 61 | 37 | $740 | $20 | premium | 56.9% | (402) 219-7700 |
| 28 | OLYMPIA ORTHOPAEDIC ASSOCIATES PLLC | OLYMPIA | WA | PHYSICIAN ASSISTANT | 109 | 36 | $479 | $13 | premium | 56.2% | — |
| 29 | CENTER FOR ORTHOPEDIC RESEARCH AND EDUCATION LLC | SUN CITY | AZ | PHYSICIAN ASSISTANT | 254 | 36 | $1,146 | $32 | premium | 35.0% | (866) 974-2673 |
| 30 | SUTTER BAY MEDICAL FOUNDATION | PALO ALTO | CA | INTERNAL MEDICINE | 3716 | 35 | $1,260 | $36 | premium | 4.1% | (415) 600-1020 |
| 31 | MASS GENERAL BRIGHAM COMMUNITY PHYSICIANS INC | MEDFORD | MA | DIAGNOSTIC RADIOLOGY | 424 | 35 | $1,925 | $55 | premium | 29.7% | (781) 395-4909 |
| 32 | ORTHOLONESTAR PLLC | DALLAS | TX | PHYSICIAN ASSISTANT | 407 | 34 | $1,190 | $35 | premium | 8.3% | (214) 220-2468 |
| 33 | SPORTS MEDICINE NORTH ORTHOPAEDIC SURGERY, INC. | PEABODY | MA | PHYSICIAN ASSISTANT | 87 | 34 | $1,700 | $50 | premium | 28.8% | (978) 818-6350 |
| 34 | ORTHOPAEDIC AND SPINE CENTER OF THE ROCKIES PC | FORT COLLINS | CO | PHYSICIAN ASSISTANT | 144 | 34 | $1,802 | $53 | premium | 44.2% | (970) 493-0567 |
| 35 | SOUTHERN OREGON ORTHOPEDICS INC | MEDFORD | OR | PHYSICIAN ASSISTANT | 61 | 33 | $990 | $30 | premium | 58.9% | (541) 779-6250 |
| 36 | MIDAMERICA ORTHOPAEDICS S.C. | PALOS HILLS | IL | PHYSICIAN ASSISTANT | 22 | 33 | $3,069 | $93 | premium | 19.4% | (708) 237-7200 |
| 37 | NEW MEXICO ORTHOPAEDIC ASSOCIATES PC | ALBUQUERQUE | NM | PHYSICIAN ASSISTANT | 77 | 32 | $352 | $11 | premium | 100.0% | 50572443003208 |
| 38 | TRI-CITY ORTHOPAEDIC SURGERY MEDICAL GROUP INC. | OCEANSIDE | CA | ORTHOPEDIC SURGERY | 25 | 31 | $930 | $30 | premium | 3.6% | (760) 724-9000 |
| 39 | CENTER FOR BONE AND JOINT SURGERY OF THE PALM BEACHES, P.A. | WELLINGTON | FL | PHYSICIAN ASSISTANT | 27 | 29 | $1,258 | $43 | premium | 4.8% | (561) 803-8616 |
| 40 | CENTRAL DUPAGE PHYSICIAN GROUP | WHEATON | IL | PHYSICIAN ASSISTANT | 1097 | 28 | $2,240 | $80 | premium | 16.5% | (630) 933-4800 |
| 41 | HOT SPRINGS MEDICAL SURGICAL GROUP | SANTA BARBARA | CA | HAND SURGERY | 4 | 28 | $1,680 | $60 | premium | 3.3% | (805) 682-8907 |
| 42 | ARCH HEALTH PARTNERS INC | POWAY | CA | PHYSICIAN ASSISTANT | 161 | 27 | $1,026 | $38 | premium | 3.2% | (858) 485-0050 |
| 43 | PRISMA HEALTH MEDICAL GROUP-MIDLANDS | COLUMBIA | SC | PHYSICIAN ASSISTANT | 1017 | 26 | $676 | $26 | premium | 19.8% | (803) 749-5101 |
| 44 | ORTHOCAROLINA | CHARLOTTE | NC | PHYSICIAN ASSISTANT | 304 | 26 | $442 | $17 | premium | 12.7% | (704) 323-2100 |
| 45 | COMMUNITY FOUNDATION MEDICAL GROUP | FRESNO | CA | PHYSICIAN ASSISTANT | 292 | 26 | $1,300 | $50 | premium | 3.0% | — |
| 46 | HAND SURGERY ASSOCIATES LLC | OLYPHANT | PA | HAND SURGERY | 2 | 25 | $1,000 | $40 | premium | 11.3% | (570) 877-2289 |
| 47 | METHODIST PHYSICIAN PRACTICES PLLC | SAN ANTONIO | TX | INTERVENTIONAL CARDIOLOGY | 169 | 25 | $724 | $29 | premium | 6.1% | (210) 575-8289 |
| 48 | ORTHOPEDICSNY, LLP | ALBANY | NY | PHYSICIAN ASSISTANT | 112 | 25 | $556 | $22 | premium | 15.2% | (518) 489-2663 |
| 49 | LOUISIANA ORTHOPAEDIC SPECIALISTS LLC | LAFAYETTE | LA | PHYSICIAN ASSISTANT | 68 | 24 | $798 | $33 | premium | 100.0% | (337) 235-8007 |
| 50 | SPECIALTY ORTHOPAEDICS PC | GAINESVILLE | GA | PHYSICIAN ASSISTANT | 18 | 23 | $444 | $19 | premium | 13.8% | (770) 534-7200 |
| 51 | COASTAL ORTHOPEDICS AND SPORTS MEDICINE OF SOUTHWEST FLORIDA PA | BRADENTON | FL | PHYSICIAN ASSISTANT | 62 | 22 | $550 | $25 | premium | 3.6% | (941) 792-1404 |
| 52 | ORTHO EXPRESS HOLDING COMPANY, LLC | TUPELO | MS | NURSE PRACTITIONER | 14 | 22 | $550 | $25 | premium | 23.2% | (662) 350-0737 |
| 53 | GRAVES GILBERT CLINIC PLLC | BOWLING GREEN | KY | NURSE PRACTITIONER | 221 | 21 | $2,100 | $100 | premium | 22.1% | (270) 781-4043 |
| 54 | SOUTHEAST ORTHOPEDIC SPECIALISTS LLC | JACKSONVILLE | FL | PHYSICIAN ASSISTANT | 143 | 21 | $336 | $16 | premium | 3.5% | (904) 634-0640 |
| 55 | SUTTER VALLEY MEDICAL FOUNDATION | SACRAMENTO | CA | DIAGNOSTIC RADIOLOGY | 2420 | 20 | $720 | $36 | premium | 2.3% | (916) 681-8852 |
| 56 | ADVANCED ORTHOPEDICS OF OKLAHOMA PLLC | TULSA | OK | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 89 | 20 | $847 | $42 | premium | 17.7% | (918) 494-2665 |
| 57 | SPORTSMED ORTHOPAEDIC SPECIALISTS | HUNTSVILLE | AL | PHYSICIAN ASSISTANT | 86 | 20 | $1,000 | $50 | premium | 100.0% | — |
| 58 | ORA ORTHOPEDICS PC | MOLINE | IL | PHYSICIAN ASSISTANT | 117 | 20 | $520 | $26 | premium | 11.8% | (309) 762-3621 |
| 59 | MSK GROUP PC | MEMPHIS | MS | ORTHOPEDIC SURGERY | 141 | 20 | $1,300 | $65 | premium | 21.1% | (901) 641-3000 |
| 60 | PHYSIOTHERAPY ASSOCIATES INC | SOUTH DENNIS | FL | ORTHOPEDIC SURGERY | 1373 | 20 | $600 | $30 | premium | 3.3% | (508) 385-4212 |
| 61 | ORTHOTX PLLC | ARLINGTON | TX | ORTHOPEDIC SURGERY | 81 | 19 | $836 | $44 | premium | 4.7% | (817) 375-5200 |
| 62 | SOUTHWEST SHOULDER ELBOW AND HAND CENTER PC | TUCSON | PA | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 9 | 19 | $636 | $33 | premium | 8.6% | (520) 783-3344 |
| 63 | ILLINOIS BONE AND JOINT INSTITUTE, LLC | BANNOCKBURN | IL | ORTHOPEDIC SURGERY | 595 | 19 | $589 | $31 | premium | 11.2% | — |
| 64 | KANSAS ORTHOPAEDIC CENTER, PA | WICHITA | KS | PHYSICIAN ASSISTANT | 26 | 19 | $532 | $28 | premium | 27.9% | (316) 838-2020 |
| 65 | ADVANCED ORTHOPAEDIC ASSOCIATES, P.A. | WELLINGTON | KS | ORTHOPEDIC SURGERY | 48 | 19 | $423 | $22 | premium | 27.9% | (316) 631-1600 |
| 66 | NOVANT HEALTH MEDICAL GROUP, LLC | WINSTON SALEM | NC | PHYSICIAN ASSISTANT | 2389 | 19 | $1,520 | $80 | premium | 9.3% | (704) 384-8200 |
| 67 | SOUTHWEST ORTHOPAEDIC SPECIALISTS, PLLC | OKLAHOMA CITY | OK | PHYSICIAN ASSISTANT | 20 | 18 | $2,880 | $160 | premium | 15.9% | — |
| 68 | JEFFERSON CITY MEDICAL GROUP PC | JEFFERSON CITY | MO | NURSE PRACTITIONER | 115 | 17 | $639 | $38 | premium | 54.8% | (573) 556-5771 |
| 69 | OPTIM ORTHOPEDICS LLC | SAVANNAH | GA | PHYSICIAN ASSISTANT | 103 | 16 | $1,258 | $79 | premium | 9.6% | (912) 644-5300 |
| 70 | NORTHWEST URGENT CARE LLC | TUCSON | AZ | NURSE PRACTITIONER | 71 | 16 | $509 | $32 | premium | 15.5% | (520) 640-6300 |
| 71 | HAND CENTER PA | SAN ANTONIO | TX | ORTHOPEDIC SURGERY | 7 | 16 | $1,520 | $95 | premium | 3.9% | (210) 558-7025 |
| 72 | GOLDEN STATE ORTHOPEDICS AND SPINE | WALNUT CREEK | CA | ORTHOPEDIC SURGERY | 190 | 16 | $304 | $19 | premium | 1.9% | (925) 939-8585 |
| 73 | ORTHOPAEDIC INSTITUTE OF NORTH MISSISSIPPI, LLC | TUPELO | MS | ORTHOPEDIC SURGERY | 11 | 16 | $704 | $44 | premium | 16.8% | (662) 377-2663 |
| 74 | DOCTX1 PLLC | LUFKIN | TX | PHYSICIAN ASSISTANT | 5 | 16 | $480 | $30 | premium | 3.9% | — |
| 75 | ALEGENT CREIGHTON CLINIC | OMAHA | NE | PHYSICIAN ASSISTANT | 942 | 16 | $352 | $22 | premium | 24.6% | — |
| 76 | YOSEMITE BONE AND JOINT, INC. | MODESTO | CA | ORTHOPEDIC SURGERY | 4 | 16 | $475 | $30 | premium | 1.9% | (209) 723-2799 |
| 77 | CHRIST HOSPITAL ORTHOPEDIC ASSOCIATES III LLC | CINCINNATI | OH | PHYSICIAN ASSISTANT | 33 | 15 | $450 | $30 | premium | 100.0% | (513) 791-5200 |
| 78 | ORTHOPAEDIC CENTER PC | TULSA | OK | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 19 | 15 | $600 | $40 | premium | 13.3% | (918) 582-6800 |
| 79 | SIGNATURE MEDICAL GROUP OF KC PA | OVERLAND PARK | KS | PHYSICIAN ASSISTANT | 25 | 15 | $285 | $19 | premium | 22.1% | (913) 498-6000 |
| 80 | TRI-COUNTY ORTHOPAEDIC AND SPORTS MEDICINE PA | CEDAR KNOLLS | NY | ORTHOPEDIC SURGERY | 42 | 15 | $450 | $30 | premium | 9.1% | (973) 538-2334 |
| 81 | ORTHOPEDICS RHODE ISLAND INC | WARWICK | RI | PHYSICIAN ASSISTANT | 124 | 15 | $375 | $25 | premium | 57.7% | (401) 777-7000 |
| 82 | DOWN EAST ORTHOPEDIC ASSOC PA | BANGOR | ME | ORTHOPEDIC SURGERY | 14 | 15 | $450 | $30 | premium | 100.0% | (207) 947-8381 |
| 83 | LAWRENCE PHYSICIANS LLC | LAWRENCE | KS | PHYSICIAN ASSISTANT | 219 | 15 | $495 | $33 | premium | 22.1% | — |
| 84 | OPTUM CARE WASHINGTON PLLC | EVERETT | WA | PHYSICIAN ASSISTANT | 695 | 14 | $1,264 | $90 | premium | 21.9% | (425) 339-5442 |
| 85 | COMMONS CLINIC MEDICAL GROUP, PC | MARINA DEL REY | CA | ORTHOPEDIC SURGERY | 21 | 14 | $280 | $20 | premium | 1.6% | (310) 437-7925 |
| 86 | CENTENNIAL MEDICAL GROUP INC | ROSEBURG | WA | CARDIOVASCULAR DISEASE (CARDIOLOGY) | 60 | 14 | $186 | $13 | premium | 21.9% | — |
| 87 | ONSPOT-FL | FORT MYERS | FL | PHYSICIAN ASSISTANT | 49 | 14 | $535 | $38 | premium | 2.3% | (877) 266-7768 |
| 88 | ORTHOTENNESSEE PC | KNOXVILLE | TN | PHYSICIAN ASSISTANT | 157 | 14 | $308 | $22 | premium | 7.0% | (865) 558-4400 |
| 89 | NORTH SHORE-LIJ MEDICAL PC | MANHASSET | NY | PHYSICIAN ASSISTANT | 6294 | 14 | $630 | $45 | premium | 8.5% | — |
| 90 | ORTHOPEDIC HEALTH OF KANSAS CITY PC | LENEXA | MO | PHYSICIAN ASSISTANT | 47 | 14 | $1,330 | $95 | premium | 45.2% | (816) 561-3003 |
| 91 | ORTHOWEST | IRVINE | CA | ORTHOPEDIC SURGERY | 47 | 14 | $629 | $45 | premium | 1.6% | (949) 586-3200 |
| 92 | MODERN ORTHOPAEDICS OF NEW JERSEY | WAYNE | NJ | ORTHOPEDIC SURGERY | 7 | 14 | $995 | $71 | premium | 14.9% | (201) 572-7982 |
| 93 | VERO ORTHOPAEDICS II PA | VERO BEACH | FL | PHYSICIAN ASSISTANT | 49 | 14 | $238 | $17 | premium | 2.3% | (772) 257-3608 |
| 94 | NEBRASKA ORTHOPAEDIC CENTER PC | LINCOLN | IA | PHYSICIAN ASSISTANT | 61 | 14 | $280 | $20 | premium | 35.9% | (402) 219-7700 |
| 95 | MERCY CLINIC OKLAHOMA COMMUNITIES | OKLAHOMA CITY | OK | PHYSICIAN ASSISTANT | 642 | 14 | $686 | $49 | premium | 12.4% | (405) 254-9690 |
| 96 | PANORAMA ORTHOPEDICS AND SPINE CENTER PC | GOLDEN | CO | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 324 | 13 | $1,365 | $105 | premium | 16.9% | (720) 497-6616 |
| 97 | ORA ORTHOPEDICS PC | MOLINE | IA | PHYSICIAN ASSISTANT | 117 | 13 | $338 | $26 | premium | 33.3% | (309) 762-3621 |
| 98 | ORTHOPAEDIC AND NEUROSURGERY SPECIALISTS, PLLC | GREENWICH | NY | PHYSICIAN ASSISTANT | 259 | 13 | $650 | $50 | premium | 7.9% | (203) 869-1145 |
| 99 | RIVERSIDE PHYSICIAN SERVICES INC | NEWPORT NEWS | SC | PHYSICIAN ASSISTANT | 793 | 13 | $2,600 | $200 | premium | 9.9% | — |
| 100 | LEE ORTHOPEDIC INSTITUTE A PROFESSIONAL MEDICAL CORPORATION | LOS ANGELES | CA | PHYSICAL THERAPIST IN PRIVATE PRACTICE | 4 | 13 | $520 | $40 | premium | 1.5% | (213) 387-0102 |
Showing the top 100 of 116 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 →