Hospitals are sitting on a recurring, contractual, uncorrelated cash flow buried in ‘other operating revenue.’ Nobody finances it. Nobody prices it. That is the opportunity.
It is health system data licensing revenue: deals with pharma, RWE vendors, registries, and now AI labs paying top dollar for clinical text. At big AMCs this runs tens of millions a year, well below potential.
The template is Royalty Pharma. Buy forward rights to the stream from institutions that need capital now more than they need checks over 15 years. The spread lives in the modeling gap.
Three forces make the timing right: AI training demand just created a new buyer category with new willingness to pay. Infrastructure can now meter the asset. Hospital margins are structurally stressed.
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