Our Research
What the file will actually pay.
DRLholdings helps capital providers determine whether documentation-related revenue is real, collectible, compliant, and material enough to affect an underwriting decision.
Four tests
Revenue that cannot clear these four gates does not belong in the underwriting.
- Real The chart must already support the code, the HIPPS, and the payment. If it is not in the record, it is not revenue.
- Collectible Support in the chart is not the same as cash. We test whether the dollars can actually be billed, collected, and held.
- Compliant PDPM, MDS, and medical-necessity rules decide what survives audit. Noncompliant dollars are a liability, not an asset.
- Material If the finding does not move coverage, price, or the commit/pass call, it does not change the file.
Method
Chart-first. Public sources second. No theater.
The research desk reads the same record a medical reviewer, a MAC, or OIG would read. Financials, census, and star ratings are context. They are not the proof.
We use CMS provider files, Care Compare, ownership disclosures, and court-public distress facts to size the building. We use the chart to decide whether documentation-related revenue is an underwriting input or noise.
Findings are early reads for capital. They are not a guarantee of recovery, a clinical order, or a published academic paper.
Use
Where it sits in a deal
- Before capital is priced So the bid reflects what the file can actually support.
- In receivership or chapter 11 So a week-one read is based on documentation, not a broker book.
- At pass/commit If the four tests fail, DRL passes. That is the research working.