For Information and Entertainment purposes onlyData: HHS/OPENDATA as of 02/08/2026
9 episodes · 2 acts · Inside the Medicaid machine
Free Speech Data
Act One
EP00
THE ORIGIN STORY
How two podcast guys ended up with a trillion dollars of Medicaid data. The phone call. The dataset. The Starbucks. Before the investigation begins — this is how it started.
EP01
FOLLOW THE BILLIONS
A trillion dollars. Growth that outpaces enrollment. A 76% spending cliff. Ghost providers billing billions from addresses that don't exist. And a pricing system that doesn't ask questions.
EP02
NPI 1417262056
NPI 1417262056 billed $7.18 billion over seven years — 90 million claims, 35,000 per day. But its identity is redacted. Who is the invisible giant?
EP03
$122.7 BILLION
Personal care services code T1019 accounts for $122.7 billion — 11.2% of all Medicaid. It grew over 100% while the system grew 52%. One procedure code tells the whole story.
EP04
155 PROVIDERS · 2,740 LINKS
155 top providers. 2,740 connections. 9 communities. The Medicaid system is not random chaos — it has hidden structure. And a few providers hold it all together.
Act Two
EP05
76% DROP · 10M DISENROLLED
Spending dropped 76% in 2024. Ten million people disenrolled. Is it a collapse or a reset? Understanding who got left behind tells us everything.
EP06
PRIVATE EQUITY · CONSOLIDATION
Private equity is buying up Medicaid providers. Solo practices become aggregators become financial platforms. The system is consolidating — and nobody tracks who owns what.
EP07
5X TO 10X PRICE VARIANCE
The same procedure billed at 5x to 10x different rates in the same state. In any normal market, this triggers antitrust investigations. In Medicaid, it is invisible.
EP08
SEASON FINALE
Season finale. We bring all threads together — growth, concentration, networks, ownership, pricing. Data does not lie. But silence does. And we have to break it.