Defensibility Trap

Analyst Estimates vs. Registry Counts

Top-Down (Analyst)
"30,000 to 50,000 multi-location practices."
Definitions vary by source. No shared methodology.
Produces investor arguments, not GTM targets.
Bottom-Up (Registry)
"15,047 practicing groups with 2+ locations."
Direct count from NPPES/Registry records.
Produces a testable, downloadable account list.
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