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
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
| % | |
|---|---|
| Patient Experience | 35% Subscription tools and surveys that measure patient feedback, service recovery, and care transitions. |
| Consumer Experience | 20% Solutions that capture consumer opinions and preferences to support healthcare marketing and growth. |
| Employee Experience | 15% Engagement and feedback tools used by healthcare organizations to assess workforce experience. |
| Market Experience | 20% Brand, awareness, and competitive intelligence products for healthcare market positioning. |
| Professional Services and Other | 10% 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...
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
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
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
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
: 28.4.2026