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PODCAST

The Rojas Report

The Rojas Report with Dutch Rojas cuts through the noise in American healthcare.From policy fights in Washington to the boardrooms of venture-backed startups, Dutch brings physicians, investors, and entrepreneurs into real conversations about money, power, and independence in medicine.Expect sharp takes on healthcare policy, candid talks with startup founders, and even the occasional cigar-fueled debate about where the system is headed next.If you care about the future of healthcare, and who really

health & fitness medicine

All Episodes

14:40

Dutch Rojas on the $825 Million Hospital Deal That...

The Rojas Report ·

2026/02/04

HCA wanted out. SSM spent six months on due diligence and walked away without making an offer. Then the state of Oklahoma intervened and paid 10% above the asking price. This episode breaks down the OU Health transaction: how the purchase price increased by $75 million between court approval and closing, why Moody's downgraded the system to junk status, and how $1.5 billion in debt now rests on Oklahoma taxpayers. The pattern isn't unique to Oklahoma. University of Michigan, Banner Health in ...

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19:07

Dutch Rojas on The Soft Nationalization of Healthcare...

The Rojas Report ·

2026/02/03

While everyone watched the front door for private equity, the house was being dismantled from the inside. The GAO report is clear: More than 50% of physicians are now consolidated with hospital systems. Private equity? 6.5%. The real predator isn't on Wall Street. It's the massive nonprofit complex right down the street. This episode prosecutes the case against university health system consolidation, what The Rojas Report calls "soft nationalization": the absorption of private medicine by ent...

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13:23

Dutch Rojas asks, "What happened to morality?"

The Rojas Report ·

2026/02/02

The best lack all conviction, while the worst are full of passionate intensity. Yeats wrote that in 1919. It could have been written this morning. This week's Deep Dive sits with a harder question: What if the people making the most critical decisions aren't villains? What if they're not evil at all? What if they're simply hollow? We explore: The difference between evil and amoralWhen physicians stopped fighting backProfession vs. job: the inherited code vs. the transactional exch...

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31:53

Dutch Rojas: The $24 Billion Medicaid Heist

The Rojas Report ·

2026/02/01

Seven states found a loophole to extract $24 billion annually from federal taxpayers while contributing nothing to Medicaid. California alone took $13 billion. The scheme was technically legal until January 29, 2026. Dutch Rojas breaks down: The 157-to-1 tax ratio California used to game the system ($274/month for Medicaid plans vs. $1.75/month for commercial)How states used the B1/B2 statistical test as a "lockpick" for the federal treasuryWhy New York got a shorter deadline than other state...

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17:21

Dutch Rojas on The Hidden Yield Debate: Does Venture...

The Rojas Report ·

2026/01/31

As you may know, Dutch Rojas is the co-founder of The Physicians Capital Fund (PhyCap). PhyCap is a physician-led venture fund that invests in healthcare startups. All General Partners, except Dutch, are practicing physicians. He is hosting this debate today to provide additional value and exposure for tech and venture to his physician audience. Should venture capital be evaluated solely on financial returns, or is there a "hidden yield" that creates equal or greater ...

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18:13

$33 Million for Running a "Charity": The SERP...

The Rojas Report ·

2026/01/29

Howard Kern retired from Sentara Healthcare in 2021. His payout: $33.2 million. Sentara is a nonprofit. Tax-exempt. A charity. How does a charity write a $33 million check to its CEO? A financial instrument called a SERP. A Supplemental Executive Retirement Plan. Your 401(k) limit: $23,000. Executive SERP limit: None. This episode breaks down the forensic accounting of nonprofit hospital executive compensation: THE MECHANISM: How SERPs let tax-exempt hospitals stockpile unlimited retireme...

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33:04

$480,000: The Annual Tax You Pay, But Can Get Back...

The Rojas Report ·

2026/01/28

You're staring at your 2025 P&L. Revenue flat. Expenses up 8-15% across the board. The profit margin that feeds your family is physically smaller than three years ago. The consulting class says run a tighter ship. Cut the bagels. Code better. That advice is a lie. You cannot efficiency your way out of a structural disadvantage. This episode dissects the MedMerge Investment Thesis and breaks down the financial physics crushing independent medicine. A 50-person practice pays $480,000 more p...

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17:25

The $12.5 Million Exposed: How Doctors Rent Their...

The Rojas Report ·

2026/01/27

A $12.5 billion industry. One million physicians paying in. And a wealth transfer hiding in plain sight. In this episode, we break down the malpractice insurance market and expose the financial structure that separates the renters from the owners. The data: Berkshire Hathaway collects $2.2 billion annually from physicians who treat insurance as an expense. Meanwhile, 75% of hospitals run their own captive insurance companies and keep the profits. The math is simple. A high-risk specialist pay...

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16:03

Freedom Was Never About Doing Whatever You Want

The Rojas Report ·

2026/01/26

A Sunday deep dive into the original meaning of freedom. We trace the word from 1581 Dutch merchants to the American founders. What we found: freedom wasn't about self-expression. It wasn't about rights. It was about one thing. A lack of dependency. The Dutch called it "ware vrijheid." True freedom. It stood on three pillars: local governance, religious toleration (as a talent acquisition strategy), and freedom of enterprise without permission slips from kings or guilds. The founders inherite...

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37:19

The $275 Billion Moat: Why Healthcare Is Rigged, Not...

The Rojas Report ·

2026/01/25

A deep dive into The Rojas Report and its core thesis: American healthcare isn't broken, it's rigged. This episode prosecutes the case against the healthcare cartel, breaking down exactly how large hospital systems extract $275 billion annually through Medicaid supplemental payments, 340B drug arbitrage, site-neutral payment violations, and tax exemptions that benefit the wealthy empires while rural hospitals close. You'll learn: Why Bill Gurley says Silicon Valley succeeded because it'...

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20:06

Physicians Are Losing the War and They Do Not Seem to...

The Rojas Report ·

2025/12/05

In this conversation, Heath breaks down the brutal math reshaping American healthcare: 1.1 million physicians left. 68% employed by health systems. 12% employed by Optum. 6% by private equity. Barely 220,000 independent—and shrinking. We talk plainly about: • Why physicians “had the opportunity of a lifetime in the last six months” and missed it • How hospitals weaponize provider taxes, subsidies, and politics • Why premiums are now the second-largest financial burden after taxes • Wha...

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9:49

How Minnesota Lost a Billion Dollars — And Why Your...

The Rojas Report ·

2025/12/04

Minnesota just lost a billion dollars to the largest Medicaid fraud in American history. Fake kids. Fake meals. Fake providers. Real money. Gone. But the fraud is just the symptom. For 40 years, Minnesota has enforced a hospital construction moratorium that makes competition illegal. You can’t build a hospital. You can’t add a bed. Not without a law passed by the state legislature. A perfect monopoly shield for the state’s largest nonprofit health systems — and a perfect environment for fraud...

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18:21

How Physicians Can Use Captives to Reduce Malpractice...

The Rojas Report ·

2025/11/24

Physicians have no idea they can own their own insurance company—and stop bleeding cash into carriers who never return a dime. In this conversation, Collin Krickl breaks down how captives, self-funding, and enterprise-risk coverage can transform a practice’s balance sheet. CLIP SUMMARY Dutch sits down with Collin Krickl of Leon Capital & Bastion Insurance Group to explain how medical malpractice, property, and enterprise-risk insurance can be re-engineered to give physicians control ins...

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43:17

A Navy Physician Who Served With the Marines Breaks...

The Rojas Report ·

2025/11/22

Dr. James O’Leary served as a Navy physician assigned to the Marines and carried those lessons through an entire career in medicine. After retiring, he became a powerful voice on X, speaking openly about PBMs, Medicare Advantage, physician autonomy, and the structural incentives that drive healthcare costs out of control. In this episode, Dutch and Dr. O’Leary explore: • Life as a Navy physician with the Marines • How PBMs manipulate drug pricing • Medicare Advantage denials and algorithms ...

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27:51

Stop Waiting for Permission: Dr. Jahangir Asghar on...

The Rojas Report ·

2025/11/21

In today’s episode, I sit down with Dr. Jahangir Asghar for one of the most honest conversations we’ve had on this show. We talk about the part of medicine nobody teaches you: how to build a real career, protect your autonomy, negotiate the contracts that shape your life, and use social media as a strategic advantage instead of a distraction. Dr. Asghar breaks down: – Why social media has become one of the most powerful tools for independent physicians. – How he used it to build collaboration...

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27:15

Why Employers Are Funding the Entire Healthcare...

The Rojas Report ·

2025/11/20

In this episode, Dutch Rojas talks with Dr. Sandeep “Dr. Deep” Palakodeti about the financial engine running American healthcare — and the part nobody sees. Academic health systems break even on Medicare. They lose money on Medicaid. And they make their profits on one thing: commercial insurance paid by employers. That means employers and employees are subsidizing the entire healthcare system, and it’s the real reason premiums keep rising. Dutch and Dr. Deep go deep into: • Why commercial pre...

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5:07

Stanford Health: The Nonprofit That Acts Like a Wall...

The Rojas Report ·

2025/11/19

Why are your premiums so high? Because Stanford Health perfected a state-sponsored wealth extraction model — and did it while flying a nonprofit flag. In this 5-minute breakdown, Dutch Rojas walks through the numbers Stanford never wants the public to hear: • $17 billion in tax-exempt property • $170 million per year in lost funding to schools, roads, and public services • $1.7 billion in avoided taxes over the last decade • $8 billion in annual revenue • $12 billion in assets • $522 million ...

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64:40

How Healthcare Lost Its Soul: A Conversation With Dr....

The Rojas Report ·

2025/11/17

In this episode of The Rojas Report, Dutch sits down with Dr. Ali, physician, technologist, designer, and fierce defender of physician autonomy, for one of the most unfiltered conversations you will ever hear about the real forces shaping American healthcare. Most people blame one another for the system’s failures. Doctors blame insurers. Insurers blame hospitals. Politicians blame everyone. But Ali and Dutch go upstream, to the incentives, structures, and quiet policy decisions that ...

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21:13

Physicians Should Take Back Healthcare | Dr. Carlos...

The Rojas Report ·

2025/11/12

Dutch Rojas and Dr. Anthony DiGiorgio sit down with one of the most respected physician leaders in America, Dr. Carlos Cárdenas, President of PHA and Co-Founder of DHR Health, the only physician-owned Level 1 trauma center in the country. Dr. Cárdenas shares how a handful of doctors in South Texas built a full-service health system from the ground up — guided by one belief: if you take care of your community, your community will take care of you. You’ll hear how DHR Health began as a day-surg...

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27:15

Living to 150? Medicine 3.0, VO₂ Max, Sleep & the...

The Rojas Report ·

2025/11/10

Dr. Sandeep “Deep” Palakodeti joins Dutch Rojas to unpack Medicine 3.0, a first-principles, physician-led approach to prevention and longevity. They explore what it takes to live to 150: VO₂ max as the most powerful mortality signal you can trainWhy muscle is the ultimate insurance policy against declineSleep as risk management for your brain and lifespanInsulin resistance and the decade of missed opportunity before diabetesThe science and structure of Velocity Health, a precision care model ...

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27 results

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