50 states · three archetypes each

Every state, a cash shelf.

Academic, community, and surgery center — models, not named logos. Commercial multiples follow RAND-style state relatives. Maryland is the all-payer exception. Arkansas is the low-price floor.

Arkansas: commercial ≈ 1.64× Medicare · wage index 0.79 · quality baseline 58/100. RAND-low commercial multiple — often the US floor.