The growing number of organizations using market‐based approaches to address the health care needs of the poor in sustainable and scalable ways has generated great interest among governments and private investors. The Center for Health Market Innovations (CHMI) has developed a database of innovative programs that seek to provide accessible quality care in low and middle‐income countries. This database can help identify best practices for replication and expansion by governments, other organizations, and a range of potential investors. To be useful, it requires comprehensive information that is credible and allows for comparison within and across strategies and disease areas. The health services literature has several frameworks for performance measurement, but it is unclear whether these approaches are feasible in resource‐constrained settings. This report reconciles established frameworks from the academic literature with what is reported by programs listed in the CHMI database to describe best practices in performance reporting. This work will provide guidance to funders and those who evaluate programs as well as program managers on a comprehensive framework to develop indicators that are credible, feasible, and comparable.