NATIONAL RESEARCH CORP

National Research Corp. provides subscription-based healthcare market research and patient/consumer experience solutions that help hospitals and health systems measure performance, brand perception, employee engagement, and patient feedback. The company sells recurring digital and survey-based services, with growth driven by renewals, cross-sell into existing accounts, and new customer wins across the U.S. healthcare market.

357

0.55

0.43

— NATIONAL RESEARCH CORP
%
Patient Experience35% Subscription tools and surveys that measure patient feedback, service recovery, and care transitions.
Consumer Experience20% Solutions that capture consumer opinions and preferences to support healthcare marketing and growth.
Employee Experience15% Engagement and feedback tools used by healthcare organizations to assess workforce experience.
Market Experience20% Brand, awareness, and competitive intelligence products for healthcare market positioning.
Professional Services and Other10% Non-subscription arrangements, implementation support, and adjacent services.

The core customer base is U.S. healthcare organizations, especially hospitals and health systems that need recurring...

  • Large U.S. health systemsprimary

    Buy multiple solutions to measure patient, employee, and market experience across enterprise operations.

  • Hospitals and provider organizationsprimary

    Use patient experience and service recovery tools to improve care delivery and satisfaction.

  • Healthcare marketing and brand teamssecondary

    Buy market and consumer experience products to assess awareness, perception, and campaign effectiveness.

  • Quality improvement and operations teamssecondary

    Use survey and workflow tools to identify process gaps and improve performance.

  • Existing customers expanding usageprimary

    Add modules and use cases over time, which is a key source of organic growth.

The business is overwhelmingly U.S.-focused, with Market Insights covering healthcare consumers across the contiguous...

  • •Revenue is primarily generated in the United States
  • •Market Insights covers consumers across the contiguous U.S.
  • •Customer base includes major U.S. healthcare systems
  • •No material non-U.S. operating footprint is disclosed
  • •U.S. healthcare spending and budgets drive demand

Management is focused on rebuilding recurring revenue growth by improving retention, expanding contract value with...

01
Grow recurring contract valueshort-term

Renewals and upsells are the main engine of revenue and visibility.

02
Win new customersshort-term

New logos offset churn and support broader platform adoption.

03
Expand product set and use casesmedium-term

New solutions can deepen customer relationships and open adjacent markets.

04
Pursue acquisitions and investmentsmedium-term

M&A can add capabilities and access to complementary end markets.

The company depends on subscription renewals and customer retention, so weaker sales execution or lower renewal rates...

high

Customer renewal and retention risk

Most revenue comes from renewable subscription agreements, so churn or downsells directly affect revenue.

Scope
Recurring contracts and TRCV
Materiality
high
high

Cybersecurity and data privacy risk

Remote work, personal devices, and third-party systems increase exposure to phishing, breaches, and unauthorized access.

Scope
Sensitive healthcare and customer data
Materiality
high
medium

Competitive pressure

The company competes with larger firms such as Press Ganey and Qualtrics as well as internal customer solutions.

Scope
Healthcare market research and experience software
Materiality
high
medium

Reputational harm

A service failure, data incident, or poor customer outcome could damage trust in a relationship-driven business.

Scope
Healthcare provider relationships
Materiality
medium
medium

Execution risk on acquisitions and product innovation

Growth depends partly on new solutions and acquisitions, which may not integrate or scale as expected.

Scope
M&A and product development
Materiality
medium
Revenue recognition for subscription agreements
Could shift revenue between periods
Fixed non-subscription contract accounting
Can affect gross margin and operating income
Acquisition-related intangible amortization
Higher depreciation and amortization
Stock-based compensation and executive transition costs
Distorts comparability of operating expenses
Income tax uncertainty
Can affect tax expense and liabilities

HARVARD BIOSCIENCE INC

HBIO · Laboratory Analytical Instruments

NATIONAL HEALTHCARE CORP

NHC · Services-Skilled Nursing Care Facilities

CareCloud, Inc.

CCLD · Services-Prepackaged Software

Healthcare AI Acquisition Corp.

Blank Checks

National Healthcare Properties, Inc.

NHP · Real Estate Investment Trusts

TruBridge, Inc.

Services-Computer Programming Services

: 28/04/2026