Covalence Health

08/18/2026

There’s still time to register for the CBOH's 2026 Business of Health Bootcamp! Join us for a crash course in the business of health -- from understanding the challenges facing the U.S. healthcare system and following where the money actually goes, to exploring career paths and connecting directly with healthcare professionals.

We’re excited to welcome Mike Rawaan, Founder & Managing Director of Covalence Health, and Rebecca Fish, Professor of the Practice at UNC Hussman School of Journalism and Media, as two of this year’s featured speakers.
Whether you already know where you want to go in healthcare or you’re still figuring it out, come curious and leave with a better understanding of the industry—and where you might fit within it.

Explore the System. Understand the Business. Discover Your Path.

Click here for more information and registration: https://docs.google.com/forms/d/e/1FAIpQLSe8SIVH4SXVjZk4bNGKRBMT1g1FCkmLufXOaqwwdMxBndDTzA/viewform?usp=header

08/07/2026

𝗘𝗽𝗶𝘀𝗼𝗱𝗲 𝟯 𝗼𝗳 The Outer Shell Podcast 𝗱𝗿𝗼𝗽𝘀 𝘁𝗼𝗱𝗮𝘆.

Just about every move in the U.S. is driven by analytics and data models. Risk scores, predictive analytics, and actuarial projections drive the industry ... And we treat the outputs like gospel because the math looks rigorous and the dashboards look clean.

𝗛𝗼𝘄𝗲𝘃𝗲𝗿, 𝘁𝗵𝗲 𝗺𝗼𝗱𝗲𝗹𝘀 𝘂𝘀𝗲𝗱 𝘁𝗼𝗱𝗮𝘆 𝗮𝗿𝗲 𝗳𝗹𝗮𝘄𝗲𝗱 - 𝗲𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗹𝘆 𝘁𝗵𝗼𝘀𝗲 𝘂𝘀𝗲𝗱 𝗶𝗻 𝘃𝗮𝗹𝘂𝗲-𝗯𝗮𝘀𝗲𝗱 𝗰𝗮𝗿𝗲.

The flaw isn't in the arithmetic. It's in the assumptions buried underneath it. Bad inputs, biased training data, and models built for one deployed on another. The spreadsheet doesn't lie; it repeats whatever lie you fed it.

Host Mike Rawaan welcomes Economist and Data Scientist, 𝗗𝗿. 𝗔𝗮𝗿𝗼𝗻 𝗪𝗲𝗹𝗹𝘀, 𝗣𝗵𝗗, onto the show to dissect the problem.

Aaron takes us inside the statistical models that drive billions in healthcare decisions — and shows us exactly where they break.

Topics discussed:

➡️ Why widely used models fail the populations they claim to serve
➡️ How flawed assumptions compound into flawed payment, flawed care, and flawed
➡️ What , , and health tech leaders should demand before they trust a model's output
➡️ How to pressure-test analytics the way a pilot pressure-tests instruments before takeoff

This conversation changed how you look at every risk score you come across.

Episode 3 of The Outer Shell is now available on Spotify, Apple 𝗣𝗼𝗱𝗰𝗮𝘀𝘁𝘀, and YouTube. LINK TO EACH IN THE COMMENTS.

07/03/2026

Happy 4th, everyone, and happy 250th, .

𝗦𝗧𝗔𝗬 𝗦𝗔𝗙𝗘 𝗔𝗡𝗗 𝗖𝗢𝗢𝗟 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸𝗲𝗻𝗱 - especially those of us in the mid-Atlantic.

06/30/2026

𝗩𝗲𝗻𝘁𝘂𝗿𝗲 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗮𝗻𝗱 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝗼𝘃𝗲𝗿𝗽𝗮𝘆 𝗳𝗼𝗿 𝗵𝗲𝗮𝗹𝘁𝗵 𝘁𝗲𝗰𝗵 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗮𝗻𝘆 𝗼𝘁𝗵𝗲𝗿 𝘀𝗲𝗰𝘁𝗼𝗿. Most deal teams run healthcare like it's diligence — wrong playbook.

𝗠𝗶𝘀𝘁𝗮𝗸𝗲𝘀 𝘄𝗲 𝗰𝗼𝗺𝗺𝗼𝗻𝗹𝘆 𝘀𝗲𝗲:
➡️ Underestimating integration friction. Platforms that don't plug into the broader ecosystem hit a scaling wall fast; provider workflows won't bend for a standalone tool.
➡️ Confusing pipeline with revenue. Health systems take 12-18 months to sign. Deal teams price growth like the ink is already dry.
➡️ Missing regulatory exposure — , anti-kickback, state mandates. Valuation killers, not footnotes.
➡️ Ignoring clinical credibility. No validation, no survival under payer or provider scrutiny — clean dashboards # are useless without it.
➡️ Skipping the thesis fit test. A great company can still be the wrong acquisition if it doesn't compound with the rest of the .
➡️ Backing point solutions over workflow solutions. Narrow problem-solvers get displaced the moment a platform absorbs that use case. Workflow-native companies earn the stickiness that defends valuation.

anchor on a comparable's #
multiples, then discover post-close the reimbursement structure was nothing alike. The gap shows up in year one.

𝗧𝗵𝗲 𝗳𝗶𝘅: bring in an "insider" who's run P&Ls for organizations, before you sign.

𝗢𝘃𝗲𝗿𝗽𝗮𝘆𝗶𝗻𝗴 𝗶𝘀𝗻'𝘁 𝗮 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗽𝗿𝗼𝗯𝗹𝗲𝗺. 𝗜𝘁'𝘀 𝗮𝗻 𝗲𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺.

06/22/2026

Happy Father's Day to all the dads.

06/19/2026

https://youtu.be/paee_Bs5FA8

Episode 2 of The Outer Shell podcast is now available.

Guest Rebecca Baker, BSN, RN, BS Ed, ACHE, joins Mike Rawaan to dive deep into what it takes to succeed in value-based care. Becki breaks down the operational changes - including tools, staff, and workflows - necessary for primary care providers to succeed in value-based care (VBC).

You don't want to miss these insights if you are ...
👉 A physician or physicians' group considering getting into VBC
👉 An existing ACO considering expanding its footprint
👉 An looking for opportunities in VBC
👉 A healthtech vendor looking to deliver greater value to VBC organizations

Guest Rebecca Baker, BSN, RN, BS Ed, ACHE, joins Mike Rawaan to div...

06/11/2026

Happy 2026!

At Covalence Health, we will forever stand for the four pillars of justice ...
➡️ Equity
➡️ Access
➡️ Participation
➡️ Human Rights
.. and will not stand down until we're all truly .

06/09/2026

Join us in wishing our Founder and Managing Director, Mike Rawaan a happy 50th birthday.

He celebrated this milestone by jumping out of an airplane, which shouldn't surprise anyone who knows Mike.

Happy 50th, Mike, and here's to many more.

🎂🎊🎉

05/29/2026

Our , 𝗧𝗵𝗲 𝗢𝘂𝘁𝗲𝗿 𝗦𝗵𝗲𝗹𝗹, is now live on Spotify. I will post links to our new channel and to Apple Podcasts soon.

👍 Please use the link below to listen (or watch) and subscribe.

In this inaugural episode, my guest, 𝗚𝗮𝗿𝘆 𝗝𝗮𝗰𝗼𝗯𝘀, and I discuss in healthcare and dive into how advocacy groups shape policies and programs, such as the 𝗖𝗠𝗠𝗜 𝗟𝗘𝗔𝗗 model and the Advantage reimbursement .

We also discuss Gary's book, 𝗧𝗵𝗲 𝗭𝗲𝗻 𝗟𝗼𝗯𝗯𝘆𝗶𝘀𝘁, which offers great insights into how and can turn lobbying into a force for good.

https://open.spotify.com/episode/4rDnZbSf863zYWmz0pcmwJ?si=COF5QcRDSfaOcdIycH3bxw

The Outer Shell · Episode