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  "documentTitle": "athenahealth, Inc. (ATHN)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide justifies the selection of Accretive Health, MedAssets, and Tenet's Conifer division as comparable companies.",
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      "text": "We believe the most direct comps for athena are Accretive Health, MedAssets, and Tenet Hospital's Conifer division. These businesses have, on average, a 10% operating margin before stock-based compensation.",
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      "text": "The CEO of Accretive Health – a company focused purely on outsourced hospital RCM – stated that the company's target operating margins were in the mid-teens shortly, before the company ran into regulatory trouble.",
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      "text": "Source: Service providers presented for comparison were selected by Greenlight in its sole discretion. Greenlight estimates based upon the average of the three most recently filed Forms 10-K for each service provider.",
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      "text": "Operating margins before stock-based compensation for Accretive Health, MedAssets RCM, and Tenet's Conifer division.",
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