On Mornings

The mornings I remember most clearly are the ones from residency. A reflection on why those hours imprinted so deeply, what they protect now, and the unglamorous practice of staying in conversation with yourself long enough to know what you are actually building.

Where Cash Belongs in 2026

A framework note on liquidity, optionality, and the cost of lazy capital

The wrong question is how much cash you have. The right question is where it belongs given what you are trying to build over the next 36 months. A framework on liquidity, optionality, and the cost of lazy capital, grounded in the current rate environment.

ASC and AIC 2026 Watch

Where the ambulatory shift gets real

The ambulatory thesis is no longer contrarian. It is consensus, and consensus markets reward operators who underwrite specialty risk with precision rather than buyers chasing the obvious top-line growth story. A quarterly view on where real value is forming, and where the easy trade is already over.

The RCM Bottleneck

Why specialty revenue cycle is the most mispriced acquisition lane in healthcare

Most healthcare buyers walk past revenue cycle management because it looks unglamorous. Inside the bottleneck sits some of the most durable, contracted, recession-resistant cash flow in healthcare services. The specialty layer of that market is where the real acquisition opportunity lives.