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  "documentTitle": "Premier, Inc. (PINC)",
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  "notes": "Uses a 'before and after' structure to expose the flaw in analyst methodology regarding bundled vs unbundled contracts.",
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      "text": "Vizient / MedAssets shareback now 60-75% without bundling",
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      "text": "Shareback cannot be compared to Premier’s shareback on an apples-to-apples basis due to bundling",
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      "text": "Jackson Health System (Oct 19, 2016) 60-75% Shareback",
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      "text": "We may bundle certain of our Spend and Clinical Resource Management (\"SCM\") service and technology offerings into a single service arrangement.",
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      "text": "Alameda Health System (Nov 20, 2017) 68% Shareback",
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      "text": "Some analysts appear to underestimate the true market shareback rate, believing it to be closer to 45% than 60-75%. Spruce Point believes that this stems from their familiarity with MedAssets...",
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      "text": "MedAssets Shareback Prior to Acquisition by Vizient table showing 41.1% implied shareback.",
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