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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 highlights the aggressive growth assumptions made by Morgan Stanley regarding athenahealth's market penetration in the hospital industry.",
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      "text": "That $2.5 billion implies that athena wins 6% of the hospital industry. This is 200% of the current market because less than 3% of hospitals outsource their revenue collection today.",
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      "text": "Morgan Stanley's Inpatient assumptions",
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      "text": "RCM inpatient market penetration: 3%",
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      "text": "Morgan Stanley assumes that hospitals will embrace outsourcing, and that athena will launch a viable service that wins significant market share at 30% EBIT margins.",
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      "text": "That $2.5 billion implies that athena wins 6% of the hospital industry. This is 200% of the current market because less than 3% of hospitals outsource their revenue collection today. Hospitals don't outsource because they have customized contracts with larger payers so there is little benefit from the standardization of collection methods that outsourcers offer.",
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      "text": "Source: RCM inpatient market penetration represents a future 15% annual growth rate to the Healthcare Information Management Systems Society's estimate for current RCM inpatient penetration. Market share for athenahealth reflects Morgan Stanley & Co. estimates as provided to Greenlight in April 2014.",
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      "kind": "title",
      "text": "From zero to hero",
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