A very accurate equivalent circuit model for circular CMUT cell is recently proposed. As a consequence of this model, the operating characteristics of the cell is derived and presented as a biasing chart for CMUTs. We discuss these operating characteristics and show how the coupling coefficient can be derived from the model. We present an analysis of receiver performance of a CMUT cell. We also demonstrate how to design cells for fixed bias voltage but for different static depression. © 2012 IEEE.