G. Don Barbo - CPA/ABV
Managing DirectorBusiness Valuation, Litigation & Dispute Resolution
Don Barbo is a managing director with VMG Health and leads the firm’s Litigation & Disputes valuation practice. He has performed valuations exclusively for the healthcare industry for over 23 years involving mergers and acquisitions, divestitures, partnership transactions, leasing arrangements, financial reporting matters, divorces, diminution of value, and commercial damages. His extensive healthcare valuation engagements have included hospitals (acute care, long-term care, critical access, behavioral health, and surgical), physician practices (variety of primary care and hospital-based), ambulatory surgery centers, diagnostic imaging centers, cardiac catheter labs, pathology and clinical labs, cancer treatment centers, and dialysis centers. Mr. Barbo has also performed engagements for various contracts between hospitals and physicians, including medical director agreements, on-call agreements, lithotripsy service agreements, professional services agreements, and management services agreements.
Mr. Barbo also serves as an expert witness in litigation matters for his clients and has an extensive testifying experience in various state and federal courts and involving a wide range of issues, including whistle-blower actions, breach of contracts, shareholder disputes, bankruptcy and distressed businesses, and marital divorces. He has spoken extensively to various legal and valuation organizations and has published articles regarding healthcare business valuation issues. Prior to his valuation career, he served as the chief financial officer for a physician practice management company that provides management services to a variety of physician practices. Before that, he served as the controller/financial officer for various emerging companies. He began his professional career as an auditor with a Big 4 national accounting firm.
Mr. Barbo is a CPA, holds the Accreditation in Business Valuation from the AICPA, is a member of the Medical Group Management Association (MGMA), and a member of the Healthcare Financial Management Association (HFMA). He also served on the Technical Advisory Board for the AICPA’s Forensics & Valuation Section Consulting Digest and the Financial Valuation and Litigation Expert newsletter. He holds a BBA in Accounting from Texas Tech University, and an MBA from the Cox School of Business, Southern Methodist University.
Fair Market Value in Today’s Healthcare Transaction Environment: FMV’s Gone Wrong and the Government’s Attempts to Expand Liability, Co-Presenter, Texas Health Lawyers Association, Dallas, TX, November 28, 2017
Hospital Valuations: Insights and Perspectives, Co-Presenter, Business Valuation Review’s Webinar Special Series on Healthcare Valuations, November 11, 2017
Horror Stories from the Field – Maintaining Balance to Get the Deal Done, Co-Presenter, Healthcare Dealmakers Conference 10th Annual Meeting, Dallas, TX, May 17, 2017
Ways and Costs to Align: The Valuation of Physician Practices, Hospitals, ASCs and Other Healthcare Providers, Co-Presenter, Becker’s Hospital Review 8th Annual Meeting, Chicago, IL, April 18, 2017
Key Valuation Issues for Healthcare Leadership, Co-Presenter, Healthcare Financial Management Association Maryland Spring Conference, Annapolis, MD, March 13, 2017
Hot Legal and Valuation Issues For Transactions Between Health Systems and Physicians, Co-Presenter, Healthcare Financial Management Association Conference, Chicago, IL, December 13, 2016
Dancing Between the Raindrops: Managing Close Calls in Healthcare Acquisition Diligence and Documentation, Co-Presenter, Healthcare Deal Makers Conference, Dallas, Texas, May 26, 2016
Healthcare Consulting, Valuation and Compensation with Case Study, Co-Presenter, Financial Consulting Group University 2016, Atlanta, Georgia, May 24, 2016
Strategy: Thinking 5 Years Into the Future, Co-Presenter, Becker’s Hospital Review 7th Annual Meeting, Chicago, Illinois, April 28, 2016
Healthcare Industry Update Regarding Regulatory, Valuation and & Financing Trends, Co-Presenter, Alliance of Merger And Acquisition Advisors, Dallas, Texas, September 24, 2015
The Impact of Health Reform on the Valuations of Healthcare Provider Business Models, Moderator and Co-Presenter, Healthcare Dealmakers Conference, Dallas, Texas, May 28, 2015
Friend or Foe: Will Health Reform Improve or Destroy the Value of Hospitals and Other Providers?, Co-Presenter, Healthcare Financial Management Association Lone Star Chapter Spring Institute, Irving, Texas, May 15, 2015
How the Affordable Care Act Affects Healthcare Appraisals, Co-Presenter, American Society of Appraisers, Webinar professional continuing education course, February 12, 2015
Hospital Valuations in the Health Reform Era, Co-Presenter, Business Valuation Review’s Online Symposium on Healthcare Valuation series, July 31, 2014
Key Damages and Valuation Issues in Healthcare Litigation, Panelist, Healthcare Litigation Conference, McGuireWoods, Chicago, IL, April 8, 2014
Fair Market Value in Health Care Transactions: Advanced (and Thorny) Issues, Part III: Commercial Reasonableness in Contrast with Fair Market Value: What’s the Difference and Who Makes the Call?, Panelist, American Health Lawyers Association, Webinar March 6, 2014
Health Reform: Where are we? What’s next?, Speaker, Texas Association for Healthcare Financial Management Annual Fall Symposium, San Antonio, Texas, September 2013
Health Reform: Where are we? What’s next?, Speaker, Texas Association for Healthcare Financial Management’s Seminar Series: Keep Informed, The Hospital you Save May be Your Own, Dallas, Texas, June 2013
Hospitals Mergers & Acquisitions: Opportunities & Challenges, Instructor, Deloitte internal continuing professional education course, Dallas, Texas, May 2013
The Impact of Health Reform on Health Systems, Speaker, The Texas Insurance Institute Conference, Dallas, Texas, May 2013
The New Valuation Frontier: Fair Market Value in New Payment and Delivery Models: A Panel Discussion, Moderator, Southwest Healthcare Transactions Conference, Dallas, Texas, May 2013
The Ongoing Evolution of Physician Alignment Strategies, Co-Presenter, Webinar hosted by Deloitte Financial Advisory Services LLP and Winstead PC, May 2013
Challenges in Estimating Cost of Capital in Healthcare, Co-Presenter, Business Valuation Review’s Online Symposium on Healthcare Valuation webinar series, April 2013
Payer-Physician Alignment Strategies: Prevailing Legal, Valuation, and Industry Perspectives, Co-Panelist, American Bar Association Health Law Section webinar, January 2013
New M&A Accounting Rules for Not-for-Profit Entities: What Not-For-Profit Buyers Need To Know About The Changing Landscape, Co-Speaker, National Healthcare Industry Conference, American Institute of CPA’s, Las Vegas, Nevada, November 2012
Mergers & Acquisitions: An Outlook on Industry Trends for Healthcare Providers, Co-Speaker, Deloitte client webinar, November 2012
Navigating the Practice Acquisition Jungle: A Panel Discussion, Co-Panelist, Medical Office Today webinar, June 2012
The Future of Physician Practices: A Panel Discussion, Moderator, Southwest Healthcare Transactions Conference, Dallas, Texas, May 2012
Hospital Valuations in the Health Reform Era, Co-Presenter, Business Valuation Review’s Online Symposium on Healthcare Valuation series, February 2012
Hospital-Physician Alignment Strategies: A Legal and Fair Market Value Analysis, Co-Presenter, Healthcare Financial Management Association Lone Star Chapter 2012 Winter Institute, Irving, Texas, January 2012
Hospital Acquisitions of Physician Practices: A Legal and Fair Market Value Analysis, Co-Presenter, Dallas Bar Health Law Section, Dallas, Texas, May 2011
Positioning for Accountable Care: Strategic, Regulatory and Operational Considerations, Panelist, ACO Seminar, Deloitte LLP and Locke Lord Bissell & Liddell LLP, Chicago, IL, May 2011
Conference co-chair and moderator for panel discussions, including: Deal Surge: Strategics – Humana’s Acquisition of Concentra; and Accountable Care Organizations, Southwest Healthcare Transactions Conference, Dallas, Texas, April 2011
Healthcare Business Valuation & Financial Health under Health Reform – Focus on Providers, Co-Presenter, Dallas Bar Health Law Section, Dallas, Texas, April 2011
Physician Alignment: Achieving Strategic and Operational Value, Co-Presenter, Healthcare Financial Management Association (HFMA) Texas State Conference 2011, Austin, Texas, March 2011
Hospital Acquisitions of Physician Practices: A Legal and Fair Market Value Analysis, Co-Presenter, Hospitals and Health Systems Law Institute Conference, American Health Lawyers Association, Las Vegas, Nevada, February 2011
Transactions – Compensation and Valuation, Co-Presenter, Fulbright & Jaworski L.L.P.’s Seventh Annual Health Law Symposium, Houston, Texas, February 2011
Healthcare Reform: One Year After, Co-presenter, Business Valuation Review Webinar, January 2011
Healthcare Business Valuations Under Health Reform, Presenter, 2010 Business Valuation Conference, Missouri Society of CPAs, December 2010
Healthcare Reform and Its Impact on Valuation, Co-presenter, Business Valuation Review Webinar, June 2010
New M&A Accounting Rules Under SFAS 164 for Not-for-Profit Entities: What not-for-profit buyers need to know about the changing landscape, Co-Speaker, Southwest Healthcare Transactions Conference, Dallas, Texas, May 2010
Healthcare Reform Update, Keynote Speaker, Bernstein Investment and Research, Dallas, Texas, May 2010
BVR’s Healthcare Teleconference Series (Part 3 of 3): Valuation of Hospitals, Joint Ventures, and Clinical Co-Management Arrangements, Co-presenter, Business Valuation Review Webinar, December 2009
Is There A Doctor in the House? Practical Solutions to Making the Correct Diagnosis in a Healthcare Industry Valuation, Co-presenter, AICPA National Business Valuation Conference, San Francisco, California, November 2009
“Emerging Issues & Trends in Medical Practice Valuations”, Speaker, North Texas Healthcare Compliance Professional Association, Dallas, Texas, November 2009
Healthcare Valuations in the Current Challenging Environment, Speaker, Pennsylvania MGMA & ACHE of Western Pennsylvania: 2009 Practice Operations Conference, Pittsburgh, Pennsylvania, July 2009
The Art and Science of Communicating Value in Healthcare Transactions, Co-Speaker, Southwest Healthcare Transactions Conference, Las Colinas, Texas, May 2009
Healthcare Valuation for Transaction Purposes, Co-presenter, AICPA Webinar, March 2009
Building Value In & Making Financial Decisions For Your Medical Business, Speaker, The National Association of Portable X-Ray Providers, Orlando, Florida, October 2008
Current Events in the Dynamic World of Healthcare Valuations, Co-presenter, AICPA/ASA National Business Valuation Conference, Las Vegas, Nevada, November 2008
An Update of Key Healthcare Regulatory Issues and their Impact on Valuations, Co-Speaker, Southwest Healthcare Transactions Conference, Las Colinas, Texas, May 2008
Building Value in Your Medical Practice, Speaker, The American Society of Breast Surgeons, New York, New York, April/May 2008
Healthcare Valuation: The Insiders Edge, Panelist, National Teleconference, Business Valuation Resources, February 2008
Healthcare Valuation Developments, Challenges and Solutions in 2007, Panelist, AICPA National Business Valuation Conference, New Orleans, Louisiana, December 2007
Working with the IRS, Financial Consulting Group Fall Conference, New Orleans, Louisiana, December 2007
Healthcare Valuation and the Impact of Recent Court Cases, Panelist, National Teleconference, Business Valuation Resources, February 2007
2006 Healthcare Valuation Update: Trends & Transactions, The Austin Bar Association – The Health Law Section, October 2006
2006 Healthcare Valuation Update: Trends & Transactions, The Dallas Bar Association – The Health Law Section, September 2006
The Valuation of Privately Held Businesses, Austin Bar Association’s Business, Corporation and Tax Law Section, Austin, Texas, November 2005
Medical Practice Valuations in Changing Times: A Discussion of Key Events and Market Trends Involving Physicians, Their Practices, and the Valuation of Their Business Interests, Doctors’ Referral Service of North Texas, Dallas, Texas, October 2005
Medical Practice Valuations in Changing Times: A Discussion of Key Events and Market Trends Involving Physicians, Their Practices, and the Valuation of Their Business Interests, Client Conference Co-Sponsored by Bernstein Investment Research and Management and Hill Schwartz Spilker, Keller, LLC, Dallas, Texas, September 2005
Valuation Services in Litigated Matters: A Discussion of the Nature, Requirements, and Common Challenges Regarding Expert Valuation Services, 2005 Valuation Symposium, HCAPS, Nashville, Tennessee, May 2005
Healthcare Partnerships: Trends, Opportunities, and Pitfalls. Baker & McKenzie Law Firm (in-house presentation involving multi-offices), February 2005
Current Valuation Trends and Hot Topics in Healthcare Partnerships, The Dallas Bar Association – The Health Law Section, January 2005
Ambulatory Surgery Center Partnerships: Current Events and Valuation Issues, Hughes & Luce law firm (in-house presentation involving multi-offices), November 2004
Ambulatory Surgery Centers: Industry Update and Valuation Issues, Locke Liddell & Sapp law firm (in-house presentation involving multi-offices), November 2004
Ambulatory Surgery Center Partnerships: Discussion of Business Model and Current Events, Vinson & Elkins law firm, (in-house presentation involving multi-offices), November 2004
Topic entitled “Ambulatory Surgery Center Partnerships: A Great Business Opportunity or Doomed Business Model?”, 2004 American Society of Appraisers National Advanced Business Valuation Conference, San Antonio, Texas, October 2004
Topic entitled “The Anatomy of a Medical Practice Valuation”, 2004 Financial Consulting Group Annual National Business Valuation Conference, Houston, Texas, September 2004
- Blanket Stark Waivers & FMV: Immediate Reaction & Key Valuation-Related Takeaways
- Would Your Ambulatory Surgery Center Pay Less in Income Taxes as a C-Corporation Under the Tax Cut and Jobs Act?
- Opportunities and Threats Facing Hospitals and Health Systems
- Healthcare Litigation Alert: Physicians and Others Affiliated with Forest Park Medical Center in Dallas Indicted in Massive Conspiracy
- Determining Reasonable Price for Physician Non-Compete Buyouts: One Size Does Not Fit All!
- See All
In addition to being designated as an expert witness in several cases that were resolved prior to his testimony, Mr. Barbo has provided deposition and/or trial testimony in the following cases:
Cooper Clinic, P.A., Plaintiff, vs. Mercy Health, et al., Defendants; In the Circuit Court of Sebastian County, Arkansas Fort Smith Division, No. CV 2013-766(I); Deposition given on February 23, 2017
Nephrology Associates of Upland and Pomona, Plaintiff, vs. HLA M. Myint Maung Hwang, M.D., Defendant; In the Superior Court of the State of California, County of Los Angeles – East District, Case No. KC067036; Deposition given on July 28, 2016
Stephen F. Emery, M.D., et al., Claimants, vs. Meridian Surgical Partners, LLC, et al., Respondents; American Arbitration Association, Case No. 65-20-1400-0026; Testified at arbitration hearing on June 17, 2016
Dr. Sang Wu, Plaintiff, vs. ProPath Associates, ProPath Services, L.L.P., Rosemary E. Detweiler, et al., Defendants; In the District Court of Tarrant County, Texas, Cause No. 352-270639-14; Deposition given February 10, 2016
Stratus Anesthesia Associates Fort Worth PLLC f/k/a Ascendant Anesthesia Fort Worth, PLLC, Plaintiff, vs. Aaron Shiraz, M.D. and Trinity Anesthesia Professionals, PLLC, Defendants; In the District Court of Tarrant County, Texas, Cause No. 153-280253-15; Testified at arbitration hearing on December 21, 2015
United States of America, Plaintiff, ex rel., Thomas Reed Simmons, Relator, vs. Meridian Surgical Partners, LLC, et al., Defendants; In the United States District Court Middle District of Tennessee of the Honorable Judge Campbell, Civil Action No. 3:11-cv-00439; Deposition given March 28, 2014
Clifford Barry Jones, M.D., Plaintiff vs. Holly Kiyomi Hirai, Defendant; In the Kent County Circuit Court of the Honorable Patricia D. Gardner, Kent County, Michigan, No. 12-00447-DO; Deposition given April 25, 2013
John McConnell, M.D., Plaintiff vs. Liberty Mutual Insurance Company, Coventry Health Care National Network, Inc., and First Health Group Corp. et al., Defendants; In the District Court of Dallas County, Texas, 298th Judicial District, No. 11-09509; Deposition given March 27, 2013
Harish Chandna, M.D., Dakshesh “Kumar” Parikh, M.D., and Ajay Gaalla, M.D., Plaintiffs vs. Citizens Medical Center, David P. Brown; et al., Defendants; In the United States District Court, Southern District of Texas, Corpus Christi Division, Civil Action No. 6:10-CV-00014; Deposition given August 9, 2012
Denver NMR, Inc., Plaintiff vs. Catholic Health Initiatives Colorado, d/b/a Centura Health – St. Anthony North Hospital, James F. Dover and Total Healthcare, Defendants; In the District Circuit, City and County of Denver, Colorado, Case No. 2006CV8454; Deposition given November 9, 2011; Trial testimony given December 8, 2011
Joe Samuel Bailey, Laserscopic Spinal Centers of America, Inc.; et al., Plaintiffs vs. James S. St. Louis, D.O., Michael W. Perry, M.D., E.F.O. Holdings, LP; et al., Defendants; In the Circuit Court of the Thirteenth Judicial Circuit of the State of Florida, in and for Hillsborough County, Civil Division, Case No. 06-08498 Division L; Deposition given June 24, 2010; Trial testimony given May 2011
Steven Hebert, M.D., Plaintiff vs. Ameripath DFW 5.01(a) Corporation, Defendant; In the District Court, Collin County, Texas, 199th Judicial District, No. 199-03680-2009; Testified at Arbitration Hearing January 11, 2010
Philip Bronowitz, M.D., Plaintiff vs. MedicalEdge Healthcare Group, P.A., MedicalEdge Healthcare Group, Inc., Carl Soderstrom and Clay Heighten, M.D., Defendants; In the District Court, Dallas County, Texas, 160th Judicial District, No. 06-06160-H; Deposition given January 29, 2009
Patrick Roughneen, M.D., Plaintiff, v. Srinivas Paranandi, M.D., Bob Lumpkins, Texas Health Resources, Harris Methodist HEB, and COR Specialty Associates of North Texas, P.A., and David Carter, M.D., Defendants; In the District Court, Dallas County, Texas, 14th Judicial District, No. 06-05004; Deposition given July 17, 2008
In the Matter of Bradley J. Bergquist and Angela Kendrick, et al., Petitioners, v. Commissioner of Internal Revenue, Respondent; United States Tax Court, Docket Nos. 17530-06, 17535-06, 17537-06, 17541-06, 17545-06, 17549-06; Trial testimony given September 2007
Arcadian Health Plan, Inc. d/b/a Texas Community Care, Plaintiff, v. PSO Health Services, LLC d/b/a Physicians Health Choice, et al. Defendants; United States District Court Dallas, Western District of Texas, Austin Division, Civil Action No. 1:06-CV-01005-LY; Deposition given September 2007
Southwest Florida Heart Group, P.A., Debtor, and Louis X Amato, as the Chapter 11 Trustee for Southwest Florida Heart Group, P.A., Plaintiff, v. Henderson, Franklin, Starnes & Holt, P.A., d/b/a/ Henderson Franklin and Guy E. Whitesman, Defendants; United States Bankruptcy Court, Middle District of Florida, Fort Myers Division, Case No.: 9:05-bk-17167-ALP; Deposition given June 2007
In the Matter of the Marriage of W.E. Burns and Linda Burns; 300th Judicial Court, Brazoria County, Texas, Cause No. 26887; Report issued July 2005; Deposition given November 2005; Trial testimony given December 2005
Dwayne V. Smith, M.D., v. Preferred Surgical Care, P.S.C.; Commonwealth of Kentucky, Kenton Circuit Court; Case No. 02-CI-2290; Deposition given June 2004; Trial testimony given June 2004; Report issued October 2003
Steve Moody Micro Services, Inc., v. Kristina Rucker d/b/a MoldLab, et al; United States District Court, Northern District of Texas Dallas Division; Case No. 3:02-CV-02560-D; Deposition given March 2004; Report issued January 2004
ProPath Services, L.L.P. v. Quest Diagnostic Clinical Laboratories, Inc.; Federal Court, Northern District of Texas, Case No. 3-00-CV2391-H; Deposition given January 2002; Report issued October 2001