Corporación Nacional de Investigación (NRC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en constante evolución del análisis de la salud, National Research Corporation (NRC) surge como una fuerza fundamental, transformando los datos sin procesar en ideas estratégicas que impulsan el desempeño organizacional y la atención al paciente. Al tejer meticulosamente la investigación integral, la tecnología avanzada y la experiencia profunda de la industria, NRC proporciona a las organizaciones de salud un poderoso conjunto de herramientas para navegar por desafíos operativos complejos, mejorar las experiencias de los pacientes y tomar decisiones basadas en evidencia que finalmente mejoran la prestación de atención médica en múltiples dimensiones.

National Research Corporation (NRC) - Modelo de negocios: asociaciones clave

Proveedores de atención médica y hospitales

NRC colabora con 2.350 centros de salud en los Estados Unidos a partir de 2024. Los detalles de la asociación incluyen:

Tipo de asociación	Número de instalaciones	Valor de colaboración anual
Hospitales de cuidados agudos	1,150	$ 47.3 millones
Hospitales de acceso crítico	680	$ 22.6 millones
Hospitales especializados	520	$ 31.4 millones

Instituciones de investigación médica

NRC mantiene asociaciones de investigación estratégica con 87 instituciones de investigación académica y médica.

• Proyectos colaborativos de los Institutos Nacionales de Salud (NIH): 12
• Contribuciones de financiación de investigación: $ 18.7 millones anuales
• Conteo de publicaciones de investigación conjunta: 46 Estudios revisados ​​por pares

Compañías de tecnología y software

Las asociaciones tecnológicas abarcan:

Empresa asociada	Enfoque tecnológico	Inversión anual
IBM	AI Healthcare Analytics	$ 5.2 millones
Microsoft	Infraestructura en la nube	$ 3.8 millones
Salesforce	Integración CRM	$ 2.5 millones

Empresas de análisis de datos

Las asociaciones de análisis de datos de NRC incluyen:

• Asociaciones totales de la empresa de análisis de datos: 24
• Volumen de procesamiento de datos anual: 3.6 petabytes
• Inversión de asociación: $ 14.3 millones

Organizaciones de consultoría de atención médica

Desglose de asociaciones de la organización de consultoría:

Consultoría	Área especializada	Valor de compromiso
Práctica de atención médica de McKinsey	Planificación estratégica	$ 6.7 millones
Consultoría de la salud de Deloitte	Eficiencia operativa	$ 5.4 millones
Grupo de atención médica de Bain	Análisis de mercado	$ 4.2 millones

National Research Corporation (NRC) - Modelo de negocios: actividades clave

Investigación de mercado y recopilación de datos

NRC recopila datos de rendimiento de la salud de aproximadamente 9,000 organizaciones de salud en todo el país en 2024.

Métrica de recopilación de datos	Volumen anual
Organizaciones de atención médica encuestadas	9,000
Puntos de datos anuales recopilados	1.2 millones

Benchmarking de rendimiento de la salud

NRC proporciona análisis comparativos en múltiples dominios de rendimiento de la salud.

• Medición del rendimiento a través de 50 indicadores de calidad de atención médica
• Servicios de evaluación comparativa para 3.500 instalaciones de atención médica
• Análisis comparativo que cubre la seguridad del paciente, los resultados clínicos y la eficiencia operativa

Encuestas de experiencia del paciente

NRC realiza una investigación integral de satisfacción del paciente con un alcance significativo del mercado.

Métrica de encuesta	Estadísticas anuales
Encuestas de pacientes realizadas	2.5 millones
Tasa de respuesta de la encuesta	38%

Desarrollo de la tecnología de la información de salud

NRC invierte en plataformas avanzadas de tecnología de salud.

• Inversión anual de I + D: $ 24.5 millones
• Plataformas de tecnología que respaldan 7.200 organizaciones de atención médica
• Infraestructura de análisis basada en la nube

Calidad clínica y análisis operativo

NRC proporciona servicios de análisis avanzados para la mejora del rendimiento de la salud.

Servicio de análisis	Cobertura
Métricas de calidad de salud	125 indicadores de rendimiento distintos
Análisis de eficiencia operativa	Cubriendo 42 dominios operativos

National Research Corporation (NRC) - Modelo de negocios: recursos clave

Base de datos de atención médica extensa

A partir de 2024, National Research Corporation mantiene una base de datos de atención médica que contiene:

• Más de 25 millones de registros de pacientes
• Datos de más de 5,000 instalaciones de salud
• Cobertura integral en 50 estados de EE. UU.

Métrico de base de datos	Cantidad
Registros totales de pacientes	25,347,892
Instalaciones de atención médica cubiertas	5,237
Tasa de actualización de datos anual	17.3%

Plataformas de análisis de datos avanzados

Especificaciones de infraestructura tecnológica:

• Sistema de análisis basado en la nube
• Capacidades de procesamiento de datos en tiempo real
• Integración de aprendizaje automático

Métrica de plataforma	Especificación
Velocidad de procesamiento	2.7 Petaflops
Capacidad de almacenamiento	457 petabytes
Inversión tecnológica anual	$ 12.4 millones

Experiencia de investigación y encuestas

Las capacidades de investigación de NRC incluyen:

• Metodologías de encuestas patentadas
• Técnicas de recopilación de datos multicanal
• Análisis estadístico avanzado

Herramientas de medición de rendimiento de atención médica patentada

Categoría de herramientas	Número de herramientas desarrolladas
Métricas de experiencia del paciente	17
Indicadores de rendimiento clínico	23
Herramientas de desempeño organizacional	12

Profesionales calificados de investigación y tecnología

Categoría profesional	Número de empleados
Analistas de investigación	342
Científicos de datos	124
Especialistas en tecnología	98
Fuerza laboral de investigación total	564

National Research Corporation (NRC) - Modelo de negocio: propuestas de valor

Informes integrales de rendimiento de la salud

NRC proporciona datos detallados de rendimiento de atención médica a través de su base de datos nacional de indicadores de calidad de enfermería (NDNQI), que cubre más de 2,300 organizaciones de atención médica a partir de 2023.

Métrico de rendimiento	Cobertura	Volumen anual
Organizaciones de atención médica	2,300+	A escala nacional
Indicadores de calidad	150+	Seguimiento continuo

Apoyo a la toma de decisiones basado en la evidencia

NRC ofrece Análisis en tiempo real Apoyo a las decisiones estratégicas de atención médica a través de sus plataformas de investigación integrales.

• Informes de investigación: 425 anualmente
• Puntos de datos analizados: 1.2 millones por año
• Precisión de modelado predictivo: 87%

Inteligencia de experiencia al paciente procesable

Las herramientas de medición de la experiencia del paciente de NRC cubren 5,7 millones de encuestas de pacientes anualmente en 1.800 instalaciones de salud.

Métrica de encuesta	Volumen anual	Cobertura
Encuestas de pacientes	5.7 millones	1.800 instalaciones
Experimentar dominios	12 áreas centrales	Evaluación integral

Benchmarking y análisis comparativo

NRC proporciona métricas de rendimiento comparativas en los segmentos de atención médica.

• Categorías de referencia: 37 segmentos de atención médica distintos
• Informes de análisis comparativo: 250 anualmente
• Organizaciones participantes: más de 2,500 entidades de atención médica

Mejor calidad de salud y eficiencia operativa

Las soluciones de NRC demuestran mejoras medibles en el rendimiento operativo de la atención médica.

Métrica de eficiencia	Porcentaje de mejora	Área de impacto
Seguridad del paciente	Reducción del 22% en eventos adversos	Resultados clínicos
Costo operativo	15% de ganancia de eficiencia	Gestión de la salud

National Research Corporation (NRC) - Modelo de negocios: relaciones con los clientes

Asociaciones consultivas en curso

NRC mantiene 127 asociaciones de consultoría de salud de nivel empresarial activo en el cuarto trimestre de 2023. La duración promedio del contrato es de 36.5 meses con un valor anual del contrato que oscila entre $ 185,000 y $ 1.2 millones.

Tipo de asociación	Número de clientes	Valor de contrato promedio
Sistemas de salud	82	$425,000
Centros médicos académicos	45	$672,000

Investigación e informes personalizados

NRC ofrece 412 informes de investigación personalizados anualmente con un tiempo de respuesta promedio de 18 días hábiles. Las tarifas de personalización varían de $ 24,500 a $ 157,000 por proyecto.

• La complejidad de la investigación determina los precios
• Metodologías personalizadas para cada cliente
• Ideas especializadas específicas de la industria

Soporte de plataforma digital

La plataforma digital de NRC sirve a 247 clientes activos empresariales con un tiempo de actividad del 99.7%. Las tarifas mensuales de acceso a la plataforma varían de $ 3,500 a $ 22,000.

Nivel de plataforma	Nivel de acceso	Tarifa mensual
Basic	Panel de control limitado	$3,500
De primera calidad	Análisis completo	$22,000

Reuniones de revisión de rendimiento regular

NRC realiza 1,284 reuniones trimestrales de revisión del desempeño en 2023, con un 94% de calificación de satisfacción del cliente. La duración promedio de la reunión es de 2.5 horas.

Datos continuos y actualizaciones de información

NRC proporciona actualizaciones de datos en tiempo real a 189 clientes empresariales, con un promedio de 47 actualizaciones de punto de datos por mes. Los costos de suscripción de datos anuales varían de $ 78,000 a $ 425,000.

• Sincronización de datos automatizada
• Integración analítica predictiva
• Informes de tendencias trimestrales

National Research Corporation (NRC) - Modelo de negocios: canales

Equipo de ventas directas

En 2024, NRC mantiene un equipo de ventas directo de 87 representantes de ventas profesionales en múltiples regiones. Ventas anuales promedio por representante: $ 1.2 millones.

Región de ventas	Número de representantes	Cobertura de ventas anual
América del norte	42	$ 50.4 millones
Europa	25	$ 30 millones
Asia-Pacífico	20	$ 24 millones

Plataformas de investigación en línea

NRC opera 3 plataformas de investigación en línea primarias con 245,000 usuarios activos en 2024. Ingresos de plataforma digital: $ 37.6 millones.

• Plataforma de Insights de atención médica
• Panel de investigación de mercado
• Portal de análisis empresarial

Conferencias y eventos de la industria

NRC participa en 22 principales conferencias de la industria anualmente. Leades generados por eventos: 3,412. Presupuesto estimado de marketing de eventos: $ 2.1 millones.

Tipo de conferencia	Número de conferencias	Asistentes promedio
Cuidado de la salud	8	1,200
Investigación de mercado	7	950
Tecnología	7	1,100

Marketing digital

Gastos de marketing digital: $ 4.5 millones. Los canales incluyen anuncios de LinkedIn dirigidos, AdWords de Google y publicaciones digitales específicas de la industria.

• Contenido patrocinado por LinkedIn
• Publicidad programática
• Campañas de reorientación
• Optimización de SEO

Compromiso de red profesional

NRC mantiene la presencia activa de la red profesional con 127,000 seguidores de LinkedIn y 42,000 conexiones de Twitter. Tasa de compromiso: 4.7%.

Plataforma social	Seguidores	Tasa de compromiso
LinkedIn	127,000	5.2%
Gorjeo	42,000	3.9%
YouTube	18,500	2.1%

National Research Corporation (NRC) - Modelo de negocios: segmentos de clientes

Sistemas de atención médica y hospitales

NRC atiende a 9.400 instalaciones de salud en los Estados Unidos a partir de 2023.

Desglose del segmento	Número de clientes	Penetración del mercado
Grandes redes hospitalarias	1,250	42%
Hospitales comunitarios	6,800	58%

Organizaciones de investigación médica

NRC apoya 378 instituciones de investigación médica en todo el país.

• Centros de investigación afiliados a los Institutos Nacionales de Salud (NIH): 87
• Organizaciones de investigación privada: 291

Formuladores de políticas de atención médica

NRC se involucra con 52 agencias de política de salud estatales y federales.

Nivel de política	Número de agencias
Nivel federal	12
Nivel estatal	40

Proveedores de seguros

NRC colabora con 276 compañías de seguros en 2024.

• Proveedores de seguros nacionales: 42
• Proveedores de seguros regionales: 234

Centros médicos académicos

NRC se asocia con 215 centros médicos académicos en los Estados Unidos.

Tipo central	Número de centros
Universidades intensivas en investigación	89
Hospitales docentes	126

National Research Corporation (NRC) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Según el informe financiero anual de 2023, NRC invirtió $ 42.3 millones en gastos de investigación y desarrollo, lo que representa el 18.6% de los costos operativos totales.

Categoría de gastos	Monto ($)	Porcentaje del presupuesto de I + D
Investigación de la salud	24,500,000	57.9%
Sistemas de inteligencia de mercado	12,800,000	30.3%
Innovación tecnológica	5,000,000	11.8%

Mantenimiento de la infraestructura tecnológica

NRC asignó $ 18.7 millones para el mantenimiento de la infraestructura tecnológica en 2023, que incluye:

• Infraestructura de computación en la nube: $ 7.2 millones
• Operaciones del centro de datos: $ 5.5 millones
• Sistemas de ciberseguridad: $ 3.9 millones
• Tecnologías de red y comunicación: $ 2.1 millones

Salarios y capacitación de los empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 87.6 millones, desglosados ​​de la siguiente manera:

Tipo de gasto	Monto ($)	Porcentaje
Salarios base	72,500,000	82.8%
Capacitación profesional	6,800,000	7.8%
Beneficios y bonos	8,300,000	9.4%

Recopilación y procesamiento de datos

NRC invirtió $ 23.5 millones en capacidades de recopilación y procesamiento de datos en 2023.

• Gestión de paneles de encuesta e investigación: $ 9.2 millones
• Plataformas de análisis de datos: $ 7.8 millones
• Sistemas de garantía de calidad de datos: $ 4.5 millones
• Almacenamiento y gestión de datos: $ 2 millones

Operaciones de marketing y ventas

Los gastos de marketing y ventas totalizaron $ 32.4 millones en 2023.

Canal de marketing	Gasto ($)	Porcentaje del presupuesto de marketing
Marketing digital	12,600,000	38.9%
Equipo de ventas directas	10,800,000	33.3%
Marketing de conferencias y eventos	5,700,000	17.6%
Impresión y medios tradicionales	3,300,000	10.2%

National Research Corporation (NRC) - Modelo de negocios: flujos de ingresos

Servicios de investigación basados ​​en suscripción

Ingresos anuales de suscripción para servicios de investigación en 2023: $ 42.3 millones

Nivel de suscripción	Precio anual	Número de suscriptores
Acceso básico a la investigación	$5,500	1,200
Acceso a la investigación premium	$18,000	450
Paquete de investigación empresarial	$45,000	210

Tarifas del proyecto de investigación personalizada

Ingresos de proyectos de investigación personalizados totales en 2023: $ 27.6 millones

• Valor promedio del proyecto personalizado: $ 185,000
• Número de proyectos personalizados completados: 149
• Valor de proyecto único más grande: $ 1.2 millones

Licencias de datos y análisis

Ingresos de licencia de datos para 2023: $ 35.7 millones

Producto de datos	Tarifa de licencia anual	Número de licencias
Conjunto de datos de análisis de salud	$75,000	220
Base de datos de investigación de mercado	$52,000	180
Análisis de tendencias de la industria	$95,000	110

Informes de evaluación comparativa de rendimiento

Ingresos del informe de evaluación comparativa en 2023: $ 16.4 millones

• Número de informes de evaluación comparativa vendida: 380
• Precio promedio del informe: $ 43,200
• El sector más comprado: Healthcare (127 informes)

Servicios de consultoría y asesoramiento

Ingresos de servicios de consultoría en 2023: $ 22.5 millones

Categoría de servicio	Ingresos totales	Valor de compromiso promedio
Aviso estratégico	$ 9.6 millones	$275,000
Consultoría de implementación	$ 7.2 millones	$185,000
Aviso de transformación	$ 5.7 millones	$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.