Built on Financial Truth.
Designed for Capital Governance.

Capital Signal Analytics was founded to solve a fundamental gap in medical stop-loss analytics: the lack of deterministic, auditable financial truth in capital exposure and recovery.

Solving a Fundamental Gap in Capital Governance

Not estimates. Not proxies. A defensible financial truth.

Most analytics rely on clinical proxies and probabilistic estimates that cannot be defended when decisions matter most. CSA delivers a different approach, built to answer the only question that counts: What is the exact financial position of this portfolio relative to the contractual obligations that govern it, and can that position be demonstrated, reproduced, and defended?

Case-level financial truth
Capital accumulation
Attachment proximity
TPL discovery signals
Deterministic outputs
Deterministic. Complete. Financial.

Built on a Different Set of Assumptions

Capital Signal was not designed as an extension of existing analytics systems. It was built on a different set of assumptions about how capital should be measured, structured, and governed—prioritizing financial accuracy, determinism, and auditability over estimation and proxy-based modeling.

Deterministic by Design
Every output is produced through fixed logic and defined parameters, ensuring identical results across every execution.
Financially Grounded
All analysis is anchored in paid claim accumulation relative to the attachment point—not clinical classification or utilization patterns.
Immutable Capital Records
Once established, capital values are locked and cannot be recalculated, revised, or overwritten.
Built for Governance
Outputs are structured to support underwriting, captive oversight, and reinsurance decision-making with confidence.
Full Recovery Visibility
Recovery opportunities are evaluated across all six TPL domains to produce a complete view of capital exposure.

Why It Matters in the Real World

Defend Exposure with Confidence
Board reviews, renewal negotiations, and reinsurance placements demand proof—not estimates. CSA delivers auditable financial truth you can reproduce and stand behind.
Reduce Friction. Improve Outcomes.
Consistent, deterministic insights streamline internal workflows and third-party conversations—turning contentious discussions into data-driven decisions.
Unlock Hidden Capital
Systematic TPL discovery across all six domains identifies materially missed recovery opportunities hidden in plain sight.

Built by Experts.
Focused on One Thing.

Our team brings expertise in claims data, actuarial science, underwriting, and technology. We built CSA to solve a problem we’ve seen firsthand because better decisions start with financial truth.

Ron Calhoun Bio Image
Ron Calhoun
Ron is the CEO of Capital Signal Analytics (CSA). Prior to assuming the executive leadership of CSA, Ron held senior leadership positions in organizations focused on healthcare litigation analytics. Additionally, he was the National Health Care Practice Leader for both Aon Risk Solutions and Marsh & McLennan Companies, Inc. In his tenure at Aon, Ron was a Managing Director with Aon Global Strategy responsible for facilitating collaboration between Aon Risk Solutions, Aon Hewitt, and Aon Benfield to support Aon’s healthcare industry clients during transition to novel value-based payment models.

Having over 30 years of executive leadership experience in the health care risk consulting and brokerage industry, Ron has served on the Board of the Coalition for Affordable and Reliable Health Care, the Advisory Boards of Vanderbilt University’s Owen Graduate School of Management Healthcare MBA Program, and the National Safety Net Advancement Center. As an invited member to the National Health Care Transformation Task Force’s Bundled Payment Workgroup and the Accountable Care Learning Collaborative, Ron helped to map financial standards for ACOs.

Ron earned his BSBA at The Citadel (Major in Accounting), and his MHRD from Clemson University. Before he entered the healthcare industry, Ron served in the U.S. Navy as a Submarine Service (SS) qualified member of the U.S. Naval Fleet Ballistic Missile Submarine Warfare Group, having served on the USS Henry L. Stimson (SSBN-655), USS Benjamin Franklin (SSBN-640), and the USS Simon Bolivar (SSBN-641). An avid outdoorsman, Ron and his wife Martha live in the mountains of North Carolina.
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Carol Burkhart Bio Image
Carol Burkhart
Carol Burkhart is the Chief Innovation Officer for Capital Signal Analytics. She began her career as a critical care nurse at Michael Reese Hospital, a large Level 1 trauma and academic medical where she also served as the Nurse Data Coordinator liaison with the National Cancer Institute, helping to ensure timely and accurate reporting of clinical trials data. Upon completing her Master’s degree and Nurse Practitioner training at Rush University in Chicago, Carol worked for an affiliated private General Surgery group practice as a Nurse Practitioner before transitioning to non-clinical roles as a Hospital Risk Manager, Compliance Officer, and Privacy Official. Building upon her ability to work with various governmental entities, she served as Associate Director of Government Relations for The Joint Commission, the primary domestic and international accreditor of healthcare organizations and later at PwC as the Director of Performance, Risk, Governance, and Compliance for PwC’s healthcare advisory clients.

With over 25 years in the healthcare industry, Carol has served as the Chief Operating Officer for a privately held data analytics group, SVP of Aon Global Strategy, and SVP of Healthcare Risk Consulting for Aon Healthcare. She has provided expert advisory on risk, compliance, data, and regulatory issues for domestic and international clients including integrated healthcare delivery systems, Ministries of Health, ACOs, commercial and public payers, hospitals, ASCs, and medical groups. As an invited member and contributing author of the national Accountable Care Learning Collaborative’s Quality Subcommittee, she helped map ACO quality standards. Currently residing in the northwest suburbs of Illinois, Carol has a special interest in child welfare and currently volunteers her time as a Court Appointed Special Advocate (CASA) for Illinois foster children.
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Soren Mattke, MD, D.Sc
Dr. Soeren Mattke is a Research Professor of Economics at the University of Southern California. He holds an M.D. from the University of Munich (Internal Medicine and Cardiology) and earned his D.Sc in Health Policy from Harvard University. His career includes senior Director of healthcare research at RAND Health, Bain & Company (Boston), and conducted policy work for the Organization for Economic Co-operation and Development.
Grigori Franguridi, M.A., PhD
Grigory Franguridi is a Research Scientist at the USC Center for Economic and Social Research (CESR) at USC. He earned his Ph.D. in Economics from USC, M.A in Economics from the New Economic School, and an M.A. from Penn State University. His work includes contributions to AI development research, quantile regression bias correction, dyadic model identification (including Kotlarski’s lemma extensions), and debiasing private statistics in post‑processing methods.
Katie Robin, RHIA, CDIP, CCS, CIC
Katie Robin is the current Vice President, Health Information Management (HIM) & Coding Operations at GeBBS Healthcare Solutions. She is a highly experienced and nationally recognized medical coding strategy, coding compliance, coding quality standards, coding audits, and RCM optimization expert.
Saleha Rahman
As lead Software Developer for Capital Signal Analytics, Saleha Rahman has an extensive background in developing numerous enterprise .NET applications to support claims adjudication engines for Medicaid/Medicare and commercial payers. She is an expert in electronic data interchange (EDI), particularly the X12 transaction sets for the healthcare industry. Her unique ability to read, map, and troubleshoot EDI files has supported smooth data exchange between payers, providers, and third-party administrators, and she has frequently collaborated with IT, compliance, and operations teams to ensure accuracy, regulatory compliance, and efficient processing of transactions. With over a decade in the industry, Saleha brings both technical and operational insight to data management for various payer stakeholders.
Thomas Thompson
Thomas is a veteran Microsoft Full Stack Developer with 25+ years of experience delivering enterprise-grade healthcare technology solutions. Highly specialized in designing scalable applications and data infrastructures that support mission-critical workflows in medical claims processing, enrollment (834), and remittance (835) using advanced EDI frameworks and SQL Server architecture. Expert in the complete Software Development Life Cycle (SDLC) with deep command of .NET technologies and relational schema design for high-volume healthcare transactions. Proven success in mapping complex EDI formats such as 837P/I into normalized relational databases for analytics, compliance, and integration with downstream systems. Recognized for architecting loosely coupled, distributed systems that ensure reliability, interoperability, and performance in regulated healthcare environments.