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Elizabeth Cordaro

Managing Director

Photograph of Elizabeth Cordaro

150 North Riverside Plaza, Suite 2400
Chicago, IL 60606

+1.318.469.8155 Mobile

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Elizabeth Cordaro is a Managing Director at Ankura with nearly two decades of experience developing financial models and performing analytics for clients in the healthcare industry. She specializes in healthcare data analytics, managed care contracting, hospital and physician revenue cycle, and physician compensation matters. Elizabeth has benefitted from a wide range of experiences in the healthcare industry including operational analytics, strategy and performance, and transaction advisory services. She leverages these interrelated skill sets to serve clients with a holistic view of the everchanging healthcare landscape.


Prior to joining Ankura in January 2016, Elizabeth served as a manager in the corporate revenue cycle business services group at CHRISTUS Health, an international not-for-profit health system. She was responsible for revenue cycle reporting and analytics for United States operations, which included approximately 30 hospitals across eight distinct regions. Elizabeth managed a team responsible for daily, weekly, and monthly dashboards and reporting for various functional areas including billing and collections, patient access, and coding/HIM. She worked closely with internal development teams to define data sources and key performance indicators, as well as design and implement reporting via dashboards on multiple business intelligence platforms.

Elizabeth spent several years at a boutique consulting firm as a trusted advisor for clients on a variety of healthcare matters. She specialized in the design, implementation, and administration of physician compensation plans, healthcare valuation, and managed care contracting analytics and negotiation support. Elizabeth started her career in healthcare at Alcon Laboratories, where she focused on brand security in the pharmaceutical supply chain.

Select examples from Elizabeth’s professional experience include:

Healthcare Analytics Engagement Examples

As part of Medicare Part D payment arbitration, investigated and documented operational issues by a Pharmacy Benefit Manager (PBM) leading to misrepresentation of financial performance: Quantified impact of incorrect claim adjudication by conducting analysis by linking Prescription Drug Event (PDE) data and member eligibility files.

  • In response to the federal opioid investigation, led a team who performed in-depth analyses of practice volumes, prescriptions, and patient diagnoses for six years, especially related to key financial indicators; accessed over 600 data tables from the practice’s Electronic Medical Record (EMR), identified key tables, and determined relationships of tables and data fields required for analyses; translated analysis findings into business intelligence (BI) dashboards and summary and detailed schedules.
  • On behalf of a large health plan based in the northeast region of the U.S., conducted a pharmaceutical manufacturer rebate and aggregator audit: Audited the health plan’s rebate aggregator for adherence to financial and operational contract terms; reviewed rebate calculations for Medicare, Medicaid, and commercial/self insured/exchange lines of business, with a focus on the accuracy of Medicare Part D Direct and Indirect Remuneration (DIR) reports provided to CMS; provided market share analyses for Medicare and Medicaid at the NDC and manufacturer level.

Payer Contracting Engagement Examples

  • Modeled Quality Measures and Value-Based Payment (VBP) terms for a large Independent Physician Association (IPA) in New York City with multiple managed Medicaid Value-Based Care arrangements; created summary and drill-down interactive financial models and payer-specific quality performance dashboards to identify performance improvement opportunities.
  • Modeled revenue associated with over 200 commercial payer managed care contracts for clients of varying size and entity type (e.g., hospital systems, independent hospitals, surgery centers, and physician practices). Performed managed care contract “black box” modeling in order to support pre-merger due diligence (multiple clients) and provided recurring analytics and negotiation support to hospital managed care contract negotiations for multiple payers (multiple clients).
  • Negotiated hospital-based physician managed care contracts on behalf of a client with operations in approximately 30 locations across eight Northeastern states; performed revenue/volume analytics to develop negotiation prioritization strategy; increased expected revenue by $2 million annually.

Healthcare Transaction Engagement Examples

  • Modeled volume and revenue projections, expense projections, and pro forma income statements based on historical trends and market norms in order to support business enterprise valuations for physician practices of varying sizes and specialties (multiple clients).
  • Performed physician practice pre-transaction due diligence assessments by reviewing, analyzing, and benchmarking practice revenue levels and revenue cycle operations, practice expenses and overhead, payer mix and reimbursement levels, and provider compensation and productivity trends (multiple clients).

Physician Compensation Engagement Examples

  • Performed a physician compensation plan assessment for a distressed regional medical center and made recommendations to hospital leadership based on a review of existing physician employment agreements, interviews of key stakeholders, and analysis of historical performance.
  • Designed, implemented, and administered physician compensation plans for multiple clients of varying size, organizational structure, geographic location, and local market factors; transitioned the administration and reporting of each plan to clients and provided necessary training to client personnel (multiple clients).
  • Valued multiple physician compensation agreements, professional services arrangements, lease of employee agreements, and medical director arrangements to determine fair market value and commercial reasonability for varying physician specialties and types of services provided (multiple clients).
  • BBA, Finance, Supply Chain Management, Texas Christian University

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