National Research Corporation (NRC): Business Model Canvas

In der sich ständig weiterentwickelnden Landschaft der Gesundheitsanalytik erweist sich die National Research Corporation (NRC) als zentrale Kraft, die Rohdaten in strategische Erkenntnisse umwandelt, die die Unternehmensleistung und die Patientenversorgung vorantreiben. Durch die sorgfältige Verknüpfung umfassender Forschung, fortschrittlicher Technologie und umfassender Branchenexpertise stellt NRC Gesundheitsorganisationen ein leistungsstarkes Toolkit zur Verfügung, um komplexe betriebliche Herausforderungen zu meistern, die Patientenerfahrung zu verbessern und evidenzbasierte Entscheidungen zu treffen, die letztendlich die Gesundheitsversorgung in mehreren Dimensionen verbessern.

National Research Corporation (NRC) – Geschäftsmodell: Wichtige Partnerschaften

Gesundheitsdienstleister und Krankenhäuser

NRC arbeitet ab 2024 mit 2.350 Gesundheitseinrichtungen in den Vereinigten Staaten zusammen. Einzelheiten zur Partnerschaft umfassen:

Partnerschaftstyp	Anzahl der Einrichtungen	Jährlicher Kooperationswert
Akutkrankenhäuser	1,150	47,3 Millionen US-Dollar
Krankenhäuser mit kritischem Zugang	680	22,6 Millionen US-Dollar
Spezialkrankenhäuser	520	31,4 Millionen US-Dollar

Medizinische Forschungseinrichtungen

NRC unterhält strategische Forschungspartnerschaften mit 87 akademischen und medizinischen Forschungseinrichtungen.

• Verbundprojekte der National Institutes of Health (NIH): 12
• Beiträge zur Forschungsförderung: 18,7 Millionen US-Dollar jährlich
• Anzahl gemeinsamer Forschungspublikationen: 46 peer-reviewte Studien

Technologie- und Softwareunternehmen

Technologiepartnerschaften umfassen:

Partnerunternehmen	Technologiefokus	Jährliche Investition
IBM	KI-Gesundheitsanalytik	5,2 Millionen US-Dollar
Microsoft	Cloud-Infrastruktur	3,8 Millionen US-Dollar
Salesforce	CRM-Integration	2,5 Millionen Dollar

Datenanalyseunternehmen

Zu den Datenanalysepartnerschaften von NRC gehören:

• Gesamtzahl der Partnerschaften mit Datenanalyseunternehmen: 24
• Jährliches Datenverarbeitungsvolumen: 3,6 Petabyte
• Partnerschaftsinvestition: 14,3 Millionen US-Dollar

Beratungsorganisationen im Gesundheitswesen

Aufschlüsselung der Partnerschaften mit Beratungsorganisationen:

Beratungsunternehmen	Spezialgebiet	Engagement-Wert
McKinsey-Gesundheitspraxis	Strategische Planung	6,7 Millionen US-Dollar
Deloitte Healthcare Consulting	Betriebseffizienz	5,4 Millionen US-Dollar
Bain Healthcare Group	Marktanalyse	4,2 Millionen US-Dollar

National Research Corporation (NRC) – Geschäftsmodell: Hauptaktivitäten

Marktforschung und Datenerfassung

NRC sammelt im Jahr 2024 Daten zur Gesundheitsleistung von etwa 9.000 Gesundheitsorganisationen im ganzen Land.

Datenerfassungsmetrik	Jahresvolumen
Befragte Gesundheitsorganisationen	9,000
Jährlich gesammelte Datenpunkte	1,2 Millionen

Leistungsbenchmarking im Gesundheitswesen

NRC bietet vergleichende Analysen über mehrere Leistungsbereiche im Gesundheitswesen hinweg.

• Leistungsmessung anhand von 50 Qualitätsindikatoren im Gesundheitswesen
• Benchmarking-Dienstleistungen für 3.500 Gesundheitseinrichtungen
• Vergleichende Analyse zu Patientensicherheit, klinischen Ergebnissen und betrieblicher Effizienz

Umfragen zur Patientenerfahrung

NRC führt umfassende Untersuchungen zur Patientenzufriedenheit mit erheblicher Marktreichweite durch.

Umfragemetrik	Jährliche Statistik
Patientenbefragungen durchgeführt	2,5 Millionen
Antwortrate der Umfrage	38%

Entwicklung der Gesundheitsinformationstechnologie

NRC investiert in fortschrittliche Technologieplattformen für das Gesundheitswesen.

• Jährliche F&E-Investition: 24,5 Millionen US-Dollar
• Technologieplattformen, die 7.200 Gesundheitsorganisationen unterstützen
• Cloudbasierte Analyseinfrastruktur

Klinische Qualität und Betriebsanalytik

NRC bietet fortschrittliche Analysedienste zur Leistungsverbesserung im Gesundheitswesen.

Analysedienst	Abdeckung
Qualitätskennzahlen im Gesundheitswesen	125 eindeutige Leistungsindikatoren
Analyse der betrieblichen Effizienz	Deckt 42 Betriebsbereiche ab

National Research Corporation (NRC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Gesundheitsdatenbank

Ab 2024 unterhält die National Research Corporation eine Gesundheitsdatenbank mit:

• Über 25 Millionen Patientenakten
• Daten von über 5.000 Gesundheitseinrichtungen
• Umfassende Abdeckung in 50 US-Bundesstaaten

Datenbankmetrik	Menge
Gesamtzahl der Patientenakten	25,347,892
Abgedeckte Gesundheitseinrichtungen	5,237
Jährliche Datenaktualisierungsrate	17.3%

Erweiterte Datenanalyseplattformen

Spezifikationen der Technologieinfrastruktur:

• Cloudbasiertes Analysesystem
• Datenverarbeitungsfunktionen in Echtzeit
• Integration maschinellen Lernens

Plattformmetrik	Spezifikation
Verarbeitungsgeschwindigkeit	2,7 Petaflops
Speicherkapazität	457 Petabyte
Jährliche Technologieinvestition	12,4 Millionen US-Dollar

Forschungs- und Umfragekompetenz

Zu den Forschungskapazitäten des NRC gehören:

• Proprietäre Umfragemethoden
• Mehrkanalige Datenerfassungstechniken
• Erweiterte statistische Analyse

Proprietäre Tools zur Leistungsmessung im Gesundheitswesen

Werkzeugkategorie	Anzahl der entwickelten Tools
Patientenerfahrungsmetriken	17
Klinische Leistungsindikatoren	23
Organisatorische Leistungstools	12

Qualifizierte Forschungs- und Technologieexperten

Professionelle Kategorie	Anzahl der Mitarbeiter
Forschungsanalysten	342
Datenwissenschaftler	124
Technologiespezialisten	98
Gesamte Forschungsbelegschaft	564

National Research Corporation (NRC) – Geschäftsmodell: Wertversprechen

Umfassende Einblicke in die Leistung des Gesundheitswesens

NRC stellt über seine National Database of Nursing Quality Indicators (NDNQI) detaillierte Leistungsdaten im Gesundheitswesen bereit und deckt ab 2023 mehr als 2.300 Gesundheitsorganisationen ab.

Leistungsmetrik	Abdeckung	Jahresvolumen
Gesundheitsorganisationen	2,300+	Bundesweit
Qualitätsindikatoren	150+	Kontinuierliche Verfolgung

Evidenzbasierte Entscheidungsunterstützung

NRC liefert Echtzeitanalysen Unterstützung strategischer Entscheidungen im Gesundheitswesen durch seine umfassenden Forschungsplattformen.

• Forschungsberichte: 425 jährlich
• Analysierte Datenpunkte: 1,2 Millionen pro Jahr
• Vorhersagegenauigkeit der Modellierung: 87 %

Umsetzbare Informationen zur Patientenerfahrung

Die Tools zur Messung der Patientenerfahrung von NRC decken jährlich 5,7 Millionen Patientenbefragungen in 1.800 Gesundheitseinrichtungen ab.

Umfragemetrik	Jahresvolumen	Abdeckung
Patientenbefragungen	5,7 Millionen	1.800 Einrichtungen
Erlebnisdomänen	12 Kernbereiche	Umfassende Bewertung

Benchmarking und vergleichende Analyse

NRC bietet vergleichende Leistungskennzahlen für alle Gesundheitssegmente.

• Benchmark-Kategorien: 37 verschiedene Gesundheitssegmente
• Vergleichende Analyseberichte: 250 jährlich
• Teilnehmende Organisationen: Über 2.500 Gesundheitseinrichtungen

Verbesserte Qualität im Gesundheitswesen und betriebliche Effizienz

Die Lösungen von NRC zeigen messbare Verbesserungen der betrieblichen Leistung im Gesundheitswesen.

Effizienzmetrik	Verbesserungsprozentsatz	Aufprallbereich
Patientensicherheit	22 % Reduzierung unerwünschter Ereignisse	Klinische Ergebnisse
Betriebskosten	15 % Effizienzgewinn	Gesundheitsmanagement

National Research Corporation (NRC) – Geschäftsmodell: Kundenbeziehungen

Laufende beratende Partnerschaften

NRC unterhält seit dem vierten Quartal 2023 127 aktive Unternehmensberatungspartnerschaften im Gesundheitswesen. Die durchschnittliche Vertragslaufzeit beträgt 36,5 Monate mit einem jährlichen Vertragswert zwischen 185.000 und 1,2 Millionen US-Dollar.

Partnerschaftstyp	Anzahl der Kunden	Durchschnittlicher Vertragswert
Gesundheitssysteme	82	$425,000
Akademische medizinische Zentren	45	$672,000

Maßgeschneiderte Forschung und Berichterstattung

NRC liefert jährlich 412 maßgeschneiderte Forschungsberichte mit einer durchschnittlichen Bearbeitungszeit von 18 Werktagen. Die Anpassungsgebühren liegen zwischen 24.500 und 157.000 US-Dollar pro Projekt.

• Die Forschungskomplexität bestimmt die Preisgestaltung
• Maßgeschneiderte Methoden für jeden Kunden
• Spezialisierte branchenspezifische Einblicke

Unterstützung digitaler Plattformen

Die digitale Plattform von NRC bedient 247 aktive Unternehmenskunden mit einer Verfügbarkeit von 99,7 %. Die monatlichen Gebühren für den Plattformzugang liegen zwischen 3.500 und 22.000 US-Dollar.

Plattformebene	Zugriffsebene	Monatliche Gebühr
Basic	Eingeschränktes Dashboard	$3,500
Premium	Vollständige Analyse	$22,000

Regelmäßige Leistungsbeurteilungstreffen

NRC führt im Jahr 2023 1.284 vierteljährliche Leistungsbeurteilungstreffen mit einer Kundenzufriedenheitsbewertung von 94 % durch. Die durchschnittliche Sitzungsdauer beträgt 2,5 Stunden.

Kontinuierliche Daten- und Insight-Updates

NRC bietet Echtzeit-Datenaktualisierungen für 189 Unternehmenskunden mit durchschnittlich 47 Datenpunktaktualisierungen pro Monat. Die jährlichen Kosten für ein Datenabonnement liegen zwischen 78.000 und 425.000 US-Dollar.

• Automatisierte Datensynchronisierung
• Predictive Analytics-Integration
• Vierteljährliche Trendberichterstattung

National Research Corporation (NRC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im Jahr 2024 unterhält NRC ein Direktvertriebsteam von 87 professionellen Vertriebsmitarbeitern in mehreren Regionen. Durchschnittlicher Jahresumsatz pro Vertreter: 1,2 Millionen US-Dollar.

Vertriebsregion	Anzahl der Vertreter	Jährliche Verkaufsabdeckung
Nordamerika	42	50,4 Millionen US-Dollar
Europa	25	30 Millionen Dollar
Asien-Pazifik	20	24 Millionen Dollar

Online-Forschungsplattformen

NRC betreibt drei primäre Online-Rechercheplattformen mit 245.000 aktiven Nutzern im Jahr 2024. Umsatz der digitalen Plattform: 37,6 Millionen US-Dollar.

• Healthcare Insights-Plattform
• Marktforschungs-Dashboard
• Enterprise Analytics-Portal

Branchenkonferenzen und Veranstaltungen

NRC nimmt jährlich an 22 großen Branchenkonferenzen teil. Eventgenerierte Leads: 3.412. Geschätztes Event-Marketing-Budget: 2,1 Millionen US-Dollar.

Konferenztyp	Anzahl der Konferenzen	Durchschnittliche Teilnehmerzahl
Gesundheitswesen	8	1,200
Marktforschung	7	950
Technologie	7	1,100

Digitales Marketing

Ausgaben für digitales Marketing: 4,5 Millionen US-Dollar. Zu den Kanälen gehören gezielte LinkedIn-Anzeigen, Google AdWords und branchenspezifische digitale Publikationen.

• Von LinkedIn gesponserte Inhalte
• Programmatische Display-Werbung
• Retargeting-Kampagnen
• SEO-Optimierung

Professionelles Netzwerk-Engagement

NRC unterhält eine aktive professionelle Netzwerkpräsenz mit 127.000 LinkedIn-Followern und 42.000 Twitter-Verbindungen. Engagement-Rate: 4,7 %.

Soziale Plattform	Anhänger	Engagement-Rate
LinkedIn	127,000	5.2%
Twitter	42,000	3.9%
YouTube	18,500	2.1%

National Research Corporation (NRC) – Geschäftsmodell: Kundensegmente

Gesundheitssysteme und Krankenhäuser

NRC betreut ab 2023 9.400 Gesundheitseinrichtungen in den Vereinigten Staaten.

Segmentaufschlüsselung	Anzahl der Kunden	Marktdurchdringung
Große Krankenhausnetzwerke	1,250	42%
Gemeinschaftskrankenhäuser	6,800	58%

Medizinische Forschungsorganisationen

NRC unterstützt landesweit 378 medizinische Forschungseinrichtungen.

• Angegliederte Forschungszentren des National Institutes of Health (NIH): 87
• Private Forschungsorganisationen: 291

Gesundheitspolitische Entscheidungsträger

NRC arbeitet mit 52 staatlichen und bundesstaatlichen Gesundheitsbehörden zusammen.

Richtlinienebene	Anzahl der Agenturen
Bundesebene	12
Landesebene	40

Versicherungsanbieter

NRC arbeitet im Jahr 2024 mit 276 Versicherungsunternehmen zusammen.

• Nationale Versicherungsanbieter: 42
• Regionale Versicherungsanbieter: 234

Akademische medizinische Zentren

NRC arbeitet mit 215 akademischen medizinischen Zentren in den Vereinigten Staaten zusammen.

Center-Typ	Anzahl der Zentren
Forschungsintensive Universitäten	89
Lehrkrankenhäuser	126

National Research Corporation (NRC) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Laut dem Jahresfinanzbericht 2023 investierte NRC 42,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was 18,6 % der gesamten Betriebskosten entspricht.

Ausgabenkategorie	Betrag ($)	Prozentsatz des F&E-Budgets
Gesundheitsforschung	24,500,000	57.9%
Marktintelligenzsysteme	12,800,000	30.3%
Technologieinnovation	5,000,000	11.8%

Wartung der Technologieinfrastruktur

NRC stellte im Jahr 2023 18,7 Millionen US-Dollar für die Wartung der Technologieinfrastruktur bereit, darunter:

• Cloud-Computing-Infrastruktur: 7,2 Millionen US-Dollar
• Rechenzentrumsbetrieb: 5,5 Millionen US-Dollar
• Cybersicherheitssysteme: 3,9 Millionen US-Dollar
• Netzwerk- und Kommunikationstechnologien: 2,1 Millionen US-Dollar

Gehälter und Schulungen der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 87,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

Ausgabentyp	Betrag ($)	Prozentsatz
Grundgehälter	72,500,000	82.8%
Berufsausbildung	6,800,000	7.8%
Vorteile und Boni	8,300,000	9.4%

Datenerhebung und -verarbeitung

NRC investierte im Jahr 2023 23,5 Millionen US-Dollar in Datenerfassungs- und -verarbeitungskapazitäten.

• Verwaltung von Umfragen und Forschungspanels: 9,2 Millionen US-Dollar
• Datenanalyseplattformen: 7,8 Millionen US-Dollar
• Datenqualitätssicherungssysteme: 4,5 Millionen US-Dollar
• Datenspeicherung und -verwaltung: 2 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebskosten beliefen sich im Jahr 2023 auf insgesamt 32,4 Millionen US-Dollar.

Marketingkanal	Aufwand ($)	Prozentsatz des Marketingbudgets
Digitales Marketing	12,600,000	38.9%
Direktvertriebsteam	10,800,000	33.3%
Konferenz- und Eventmarketing	5,700,000	17.6%
Print und traditionelle Medien	3,300,000	10.2%

National Research Corporation (NRC) – Geschäftsmodell: Einnahmequellen

Abonnementbasierte Forschungsdienste

Jährlicher Abonnementumsatz für Forschungsdienste im Jahr 2023: 42,3 Millionen US-Dollar

Abonnementstufe	Jahrespreis	Anzahl der Abonnenten
Zugang zur Grundlagenforschung	$5,500	1,200
Premium-Forschungszugang	$18,000	450
Unternehmensforschungspaket	$45,000	210

Individuelle Gebühren für Forschungsprojekte

Gesamtumsatz aus kundenspezifischen Forschungsprojekten im Jahr 2023: 27,6 Millionen US-Dollar

• Durchschnittlicher Wert eines benutzerdefinierten Projekts: 185.000 US-Dollar
• Anzahl abgeschlossener kundenspezifischer Projekte: 149
• Größter Einzelprojektwert: 1,2 Millionen US-Dollar

Datenlizenzierung und Analyse

Einnahmen aus Datenlizenzen für 2023: 35,7 Millionen US-Dollar

Datenprodukt	Jährliche Lizenzgebühr	Anzahl der Lizenzen
Datensatz für Gesundheitsanalysen	$75,000	220
Marktforschungsdatenbank	$52,000	180
Branchentrendanalysen	$95,000	110

Leistungsbenchmarking-Berichte

Umsatz im Benchmarking-Bericht im Jahr 2023: 16,4 Millionen US-Dollar

• Anzahl verkaufter Benchmarking-Berichte: 380
• Durchschnittlicher Berichtspreis: 43.200 $
• Meist gekaufter Sektor: Gesundheitswesen (127 Berichte)

Beratungs- und Beratungsdienstleistungen

Umsatz mit Beratungsdienstleistungen im Jahr 2023: 22,5 Millionen US-Dollar

Servicekategorie	Gesamtumsatz	Durchschnittlicher Engagementwert
Strategische Beratung	9,6 Millionen US-Dollar	$275,000
Implementierungsberatung	7,2 Millionen US-Dollar	$185,000
Transformationsberatung	5,7 Millionen US-Dollar	$340,000

National Research Corporation (NRC) - Canvas Business Model: Value Propositions

You're looking at the core value National Research Corporation (NRC) delivers to health systems, which is all about turning data into measurable experience improvements. Honestly, the numbers coming out of their late 2025 reporting show a clear focus on recurring revenue stability.

Providing data-driven insights to enhance patient and employee experiences is central. Their 2025 Experience Perspective research shows that when patients highly trust their provider, they are 300% more likely to recommend that organization. Furthermore, the data suggests that employees who trust their organization are 15 times more likely to recommend it as a place to receive care. This directly links experience quality to market reputation and workforce stability.

Improving patient loyalty and driving revenue growth for health systems is the financial outcome of that trust. For the third quarter ending September 30, 2025, National Research Corporation (NRC) reported total revenue of $34.6 million, growing 2% quarter-over-quarter. The Total Recurring Contract Value (TRCV) finished at $141.7 million, marking an 8% year-over-year increase, which was their strongest growth since 2020. This momentum is supported by tangible wins, such as a TRCV expansion over $1 million with a top-50 system and two cross-sells approaching $1 million each. They also managed to reduce TRCV losses and down sells by nearly 50%.

Here's a quick look at the financial health underpinning these value drivers as of Q3 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenue (TTM)	$139.10 million	Down -3.51%
Adjusted EBITDA	$10.9 million	Up 11%
Adjusted EBITDA Margin	31%	Expanded ~4 percentage points from Q3 2024
Total Recurring Contract Value (TRCV)	$141.7 million	Up 8%

The value is delivered through offering a unified platform for patient, consumer, and workforce engagement. This platform is explicitly built around three core pillars of differentiation: insights, engagement, and enablement. This holistic approach helps clients better understand and respond to the experiences of all key stakeholders. This focus on comprehensive experience management earned NRC Health the 2025 Best in KLAS Award for Healthcare Experience Management.

Benchmarking client performance against over 1,600 hospitals and 12,000 care sites provides the necessary context for improvement. This extensive dataset allows clients to compare their performance metrics, such as HCAHPS results, against a massive peer group. For instance, Inpatient Preview Reports for data refreshed through Q4 2024 were available through the HQR Portal until December 23, 2025, allowing for timely goal setting before the January 2026 public reporting refresh. This level of comparative data is defintely crucial for setting achievable, market-relevant targets.

The core value propositions translate into tangible client actions:

• Gain insights from millions of patient/consumer feedback points.
• Improve employee trust metrics by 15 times recommendation likelihood.
• Drive revenue growth via TRCV expansion deals exceeding $1 million.
• Benchmark against over 12,000 care sites for context.
• Achieve 31% Adjusted EBITDA margins on Q3 2025 revenue.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Customer Relationships

You're looking at how National Research Corporation (NRC) keeps its healthcare system clients locked in and driving value from their subscription contracts. The focus here is definitely on long-term commitment, which makes sense given their Total Recurring Contract Value (TRCV) is the key forward-looking metric.

Dedicated account management for long-term, subscription-based contracts

The entire model hinges on those renewable contracts, which totaled $141.7 million as of Q3 2025. Management views this TRCV as the leading indicator of recurring revenue for the next 12 months. The commitment to these long-term relationships is evident in the strong retention figures they achieved through Q3 2025, which is what keeps that TRCV base solid.

Here's a snapshot of the relationship health metrics as of late 2025:

Metric	Value (as of Q3 2025)	Context/Comparison
Total Recurring Contract Value (TRCV)	$141.7 million	Up 8% year-over-year
TRCV Losses and Downsales Reduction	Nearly 50% reduction	Achieved by the customer strategy team over the past year
Net Retention Rate	Highest since 2020	Reflects strong upsell/cross-sell and low losses
Quarterly Customer Expansion Activity	Best in six years	Driven by cross-sell and upsell efforts

That recent expansion activity included an over $1 million TRCV expansion with a top 50 health system, plus two nearly $1 million cross-sells. That's concrete proof of deepening partnerships.

High-touch, consultative service to interpret data and implement best practices

NRC Health doesn't just drop off data; they position themselves as an integral part of the client's improvement cycle. They talk about their 'differentiating service and client success we deliver day in and day out'. This high-touch approach is supported by the resources they dedicate to service delivery. For instance, direct expenses, which cover much of the service delivery and implementation costs, were reported at $12.974 million in Q2 2025. The CEO noted that new clients chose NRC based on the 'depth and integration of our capabilities and the human centered nature of our customer service model'.

Fostering authentic partnership to drive continuous improvement

The language used by management consistently points toward a relationship built on trust and partnership, not just vendor status. They earn trust through 'authentic partnership, exceptional service, and unmatched expertise'. This philosophy directly translates into the financial outcomes you see in the retention table above. When customers feel like partners, they don't churn, and they expand their usage. The goal is to help healthcare organizations 'better understand, anticipate, and respond to the experiences of their patients and employees'.

Key elements of this partnership focus include:

• Emphasizing the human centered nature of the service model.
• Focusing on operational priority one: delivering excellence in client partnership.
• Driving data-driven decisions that lead to smarter investments for the client.

Annual client conference (HUB26) for community and thought leadership

Community building and thought leadership are cemented through flagship events. While the most recent event in late 2025 was HUB25, held October 15-17, 2025, in Orlando, the next major gathering, HUB26 | Human Understanding Beyond, is set for September 2-4, 2026, in Nashville. The submission window for speakers for HUB26 closes on January 12, 2026. These events are designed to inspire leaders around core themes like community engagement, consumer experience, and employee experience, reinforcing NRC Health's position as an industry thought leader.

National Research Corporation (NRC) - Canvas Business Model: Channels

You're looking at how National Research Corporation (NRC) gets its subscription-based analytics and insights to healthcare executives. The channels are a mix of high-touch human interaction and scalable cloud delivery, which is key to their recurring revenue model.

Direct sales force engagement with healthcare executives

The direct sales force is central to landing and expanding the subscription base, which is reflected in the strong forward-looking metrics. The sales team reorganization in 2025 has been a focus area, aiming to improve win rates and the average deal size. You saw evidence of this in the Q3 2025 results where cross-sell/upsell activity was noted as the best quarterly customer expansion activity in six years. The company also made strategic acquisitions to bolster its direct offering; for instance, the purchase of Nobl, Inc. in August 2025 for $7 million was specifically aimed at strengthening real-time feedback capabilities. New client wins contributed $419,000 in revenue during Q2 2025, showing the direct sales channel is converting pipeline into booked business.

The success of this channel directly impacts the Total Recurring Contract Value (TRCV), which hit $141.7 million as of Q3 2025, growing 8% year-over-year. That's the number management watches closely. Honestly, the entire business is built on converting these executive relationships into long-term contracts.

Cloud-based software platform for solution delivery and client access

The delivery mechanism is almost entirely a cloud-based software platform, which supports the subscription revenue stream. This platform is where healthcare systems access the analytics and insights needed to measure and improve patient and employee experiences. The high gross profit margin, likely north of 60%, is a direct result of this scalable delivery model. Client access is controlled and secure, as evidenced by the login portals that restrict access to authorized users only, acknowledging the presence of Protected Health Information (ePHI) in some reports.

Here's a quick look at the subscription health metrics that this channel underpins:

Metric	Value (as of Q3 2025)	Context
Total Recurring Contract Value (TRCV)	$141.7 million	Leading indicator of next 12-month subscription revenue.
TRCV Year-over-Year Growth	8%	Strongest growth since 2020.
Net Retention Rate	Highest since 2020	Indicates existing clients are sticking around and expanding.
Q3 2025 Revenue	$34.6 million	Total revenue for the quarter.

Digital solutions like nGage and MyStory for real-time feedback

NRC Health uses specific digital tools to capture data across the patient journey, moving beyond traditional surveys. These tools are integrated into the platform for real-time insight generation. For example, nGage is used for cross-journey conversational listening, capturing CAHPS and real-time feedback. Then there's MyStory, which integrates patient-generated contextual data directly into the Electronic Health Record (EHR). The company is also pushing next-generation AI-enabled products, like those powered by Huey™, to create a more natural way to collect and analyze feedback. One client, UCI Health, used real-time data from NRC Health to address communication gaps.

The digital suite also includes:

• nQuire: AI-powered smart feedback using natural language prompts.
• Rounding: Intelligent and predictive rounding conversations.
• nAct: Assisted service recovery that delivers outcome layers with empathy.
• Compliment Sharing: Quick sharing of positive patient feedback with care teams.

Industry events and thought leadership content (reports, webcasts)

Thought leadership content serves to establish National Research Corporation (NRC) as the authority in the healthcare experience space, which supports the sales channel by generating awareness and credibility. The company published its 2025 Experience Perspective report, which focuses on the evolution of trust in healthcare, combining executive expertise with feedback from millions of patients and consumers. They also promote their annual flagship experience management event, HUB26 | Human Understanding Beyond, scheduled for September 2-4, 2026. Management has also been active in direct communication, with introductory calls for the new CEO held on June 9 and 10, 2025, and an earnings call held on October 28, 2025, to discuss the Q3 results. The company also offers webcasts and case studies as part of its content strategy.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Customer Segments

You're looking at National Research Corporation (NRC) and trying to map out exactly who is paying for their experience improvement solutions as of late 2025. Honestly, the customer segments are clearly defined by the healthcare ecosystem's need for data-driven insights to manage patient and employee trust.

The entire business model hinges on securing and growing the Total Recurring Contract Value (TRCV), which, as of the third quarter of 2025, stood at a strong $141.7 million, up 8% year-over-year. This value is spread across the core groups we need to focus on.

Large US Hospitals and Integrated Health Systems (the top 400 largest are the sweet spot)

This group represents the bread and butter for National Research Corporation. They are the primary users of the analytics and insights designed to elevate patient experience and workforce engagement across complex, multi-site operations. While I don't have the exact count of the top 400 systems currently under contract, the focus on this tier is clear because they have the most significant financial stakes tied to quality metrics and patient satisfaction scores.

The market they operate in is massive. In 2024, the broader patient engagement solutions market was valued at USD 25.0 billion, and healthcare providers accounted for a 54.06% share of that. This suggests the potential for growth within this segment is still substantial, even for an established player like National Research Corporation.

Long-term care and post-acute care facilities

This segment is critical because experience measurement extends beyond the acute hospital setting. National Research Corporation's solutions are used to measure and improve experiences in these specialized settings, which often face unique regulatory and satisfaction pressures. The company's history includes work in performance measurement tools that directly apply here, helping these facilities manage community perceptions and patient loyalty.

Healthcare Payers and managed care organizations

Payers are an increasingly important segment. They need the same level of insight into the consumer experience to manage risk, guide members to high-quality providers, and succeed in value-based care arrangements. National Research Corporation provides analytics and insights that facilitate revenue growth for payers by helping them understand patient engagement and satisfaction across their networks.

Healthcare executives focused on quality, patient safety, and finance

This group represents the key decision-makers and budget holders across the other segments. They are the ones driving the investment in solutions that bridge silos between brand, consumer, patient, and employee experience. The focus on trust, as highlighted in the 2025 Experience Perspective, speaks directly to the C-suite concerns regarding reputation and financial performance. The company's Q3 2025 Adjusted EBITDA margin of 31% shows that the subscription model is attractive to finance leaders who value predictable, high-margin recurring revenue.

Here's a quick look at the financial context supporting the value proposition to these segments as of Q3 2025:

Metric	Value (as of Q3 2025)	Context
Total Recurring Contract Value (TRCV)	$141.7 million	Leading indicator of future subscription revenue.
Total Revenue (Q3 2025)	$34.6 million	Quarterly top-line performance.
Trailing Twelve Months (TTM) Revenue	$139.10 million	Broader view of revenue over the last year.
Cash Flow from Operations (Q3 2025)	$13.8 million	Surged 46% year-over-year, showing strong cash generation.
Quarterly Dividend	$0.16 per share	Represents a 33% increase, signaling management confidence.

The company's success in reducing TRCV losses and down-sells by nearly 50% over the past year is a direct result of strengthening relationships with these core customer groups through superior service and client success efforts.

You'll want to track the cross-sell and upsell momentum, which contributed to the TRCV growth during the quarter. If onboarding takes 14+ days, churn risk rises, so the efficiency of the customer success organization in embedding these solutions is key to retaining the value tied to these segments.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Cost Structure

High fixed costs associated with R&D for platform and AI development.

Significant investment in sales force expansion and marketing.

Compensation and data processing costs for analytics and service delivery.

Operating expenses were reduced by 6% year-over-year in Q1 2025.

You're looking at where National Research Corporation (NRC) is spending its capital to maintain and grow its analytics platform and service delivery. The cost structure shows a clear push toward growth in sales capacity, while management has been focused on efficiency in other areas.

Cost Component	Period	Amount/Metric	Context/Detail
Selling, General, and Administrative (SG&A) Expenses	Q2 2025	$17.7mm	Ballooned 58% Year-over-Year (YoY)
Direct Expenses	Q2 2025	$13.mm	Fell 3% YoY
Direct Expense Ratio	Q2 2025	15% of Revenue	Ratio remained flat despite revenue downsides
Operating Expenses Reduction	Q1 2025	6%	Year-over-year reduction
Revenue	Q1 2025	$33.551 million	Top-line figure
Net Income	Q1 2025	$5.787 million	Profitability metric

The acceleration in sales force expansion in Q1 2025 suggests a corresponding increase in variable compensation and marketing spend to drive new client wins, which was noted as a positive driver for Total Recurring Contract Value (TRCV) growth.

• Sales Force Expansion: Accelerates in Q1 2025.
• Executive Compensation: Cited as a primary driver for the YoY increase in SG&A in Q2 2025.
• Automation Initiatives: Contributed to the slight decrease in Direct Expenses in Q2 2025.
• Dividend Declared: Quarterly cash dividend of $0.12 per share declared in April 2025.

To be fair, the significant rise in SG&A to $17.7mm in Q2 2025, largely due to non-recurring executive compensation, masks the underlying efficiency efforts, such as the 3% drop in direct expenses.

The cost structure is currently being managed with a focus on efficiency, as evidenced by the 6% operating expense reduction in Q1 2025, even as the company aggressively invests in its revenue-generating engine.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of National Research Corporation (NRC) and seeing a model heavily weighted toward long-term commitment. The foundation of the revenue streams is definitely the recurring subscription fees for platform access. This is the engine that drives visibility into future performance, best measured by the Total Recurring Contract Value (TRCV).

As of the third quarter of 2025, the TRCV, which management views as a projection of subscription revenue for the next 12-month period, hit $141.7 million. This figure represents an 8% year-over-year increase, marking the strongest TRCV growth National Research Corporation has seen since 2020. This strong forward indicator suggests the core platform access revenue is resilient and growing.

For the immediate period, the total revenue reported for the third quarter of 2025 was $34.6 million. This was a 2% increase sequentially from the prior quarter. While the business is subscription-centric, revenue also comes from advisory services and custom research projects, which are embedded in the overall analytics and insights offering that healthcare systems use for experience improvement.

Here's a quick look at the key financial metrics surrounding that revenue for Q3 2025:

Metric	Amount (Q3 2025)
Total Revenue	$34.6 million
Adjusted EBITDA	$10.9 million
Adjusted EBITDA Margin	31%
Total Recurring Contract Value (TRCV)	$141.7 million
GAAP Net Income	$4.1 million

The commitment to shareholders is also a clear financial output. For the full year 2025, National Research Corporation returned a total of $28.1 million to shareholders through dividends and stock repurchases. This capital allocation strategy is supported by strong operational cash flow, which surged 46% year-over-year to $13.8 million in Q3 2025.

The capital return activities in Q3 2025 included:

• Repurchased 618,264 shares at an average price of about $14.99 per share.
• Declared a quarterly cash dividend of $0.16 per share, a 33% increase from the prior dividend.
• The weighted average fully diluted share count for the quarter was 22.1 million shares.