Jack Hawkins


Jack Hawkins is a Manager in the Valuation & Transaction Advisory Services division at VMG Health and is based in the Dallas office. He specializes in providing valuation, transaction advisory, and consulting services to businesses within the healthcare services industry.

Jack has worked with a wide variety of healthcare subindustries but has become an expert in the ambulatory surgery center industry specifically. His work experience includes relative value indications for purposes of joint venture, valuations for majority acquisition, valuations for minority buy-in/out, enterprise-level valuation for purposes of corporate option calls, valuation of intangible assets such as non-compete amendments, and various client-specific consulting engagements such as market studies including data analytics and presentation.

Jack graduated from the McCombs School of Business at the University of Texas with a Bachelor of Business Administration in Finance and a minor in accounting.

Nicholas Nesbitt is a Manager in the Capital Asset Services division and is based out of the Nashville office. Nesbitt has experience providing tangible asset valuations related to financial reporting, purchase price allocation, and equipment lease and timeshare arrangements. Healthcare clients served by Nesbitt have included valuation engagements for hospitals, ambulatory surgery centers, imaging centers, oncology, and physician practices.

Nesbitt graduated from the Jones College of Business at Middle Tennessee State University with a Bachelor of Business Administration in Finance. Nesbitt is currently pursuing his Accredited Senior Appraiser (ASA) designation with the American Society of Appraisers.

Grayson Terrell is a manager in the Financial Due Diligence division of VMG Health in the Nashville office, where he provides financial due diligence, business valuation, and other transaction advisory and consulting services to clients within the healthcare services industry.

Terrell attended The University of Alabama Culverhouse College of Business, where he earned a Bachelor of Science in Accounting.

Before joining VMG Health, he gained valuable experience at KPMG’s Nashville office as a part of their audit and assurance team.  Terrell is currently a licensed Certified Public Accountant (CPA) in Tennessee.

Melissa Hoelting is a manager in the Financial Due Diligence Division of VMG Health in the Dallas office, where she provides consulting and transaction advisory services to buy-side and sell-side clients within the healthcare services industry.

Melissa received a Bachelor of Administration in Finance from the Mendoza School of Business at the University of Notre Dame. Before joining VMG Health, she worked at American Airlines in International Finance and Fixed Assets Accounting. Melissa is currently a licensed Certified Public Accountant (CPA) in the State of Texas.

William Cross is a manager in the Business Valuation & Transaction Advisory Division at VMG Health in the Nashville office. He primarily works to assist both not-for-profit and for-profit clients with transaction-related valuation, financial, and consulting services. Specifically, Mr. Cross has extensive experience working with physician practices, ambulatory surgery centers, acute care hospitals and diagnostic imaging centers, Additionally, he has broad experience providing valuation and consulting services for most other types of businesses in the healthcare industry.

Mr. Cross graduated from Vanderbilt University with a Bachelor of Engineering in Chemical and Biomolecular Engineering. He is also candidate for the Chartered Financial Analyst (CFA) designation.

Greg Koonsman founded VMG Health and has acted as a trusted advisor to healthcare system and healthcare services executives and boards since 1990. He founded VMG Health in 1995 to create the first healthcare services-focused valuation and transaction advisory firms in the United States. He has been responsible for directing and implementing the overall strategy and focus of the firm since 1995. He has gained a deep level of expertise working with hundreds of healthcare organizations on over three thousand engagements throughout the United States, UK, South Africa, and Western Europe. Over the last 26 years, VMG has achieved a compound annual growth rate of over 16% and the company has grown to over 200 employees. Koonsman continues to advise clients in their transaction and joint venture strategies.

Koonsman has led the company as it has expanded its service offerings into strategic consulting, financial due diligence, coding and compliance, and interim management. Between January 2017 and October 2018, he acted as interim Chief Development Officer of Envision Healthcare. During that period, Envision made over $1 billion in acquisitions and divested a $2.6 billion medical transportation business. Envision was taken private by KKR in October of 2018.

Koonsman was a co-founder and Director of Practice Performance, Inc., a physician practice management services business that was sold to Med Synergies in 2006.


B.S. Aerospace Engineering, Texas A&M 1986 M.B.A. Finance Concentration, University of Dallas 1990 Chartered Financial Analyst (CFA), 1995

Work Experience

Bell Helicopter 1987-1989
Ernst & Young 1990-1995
VMG Health 1995-Current

Jen Johnson currently serves as the Chief Commercial Officer for VMG Health which includes the oversight of branding, thought leadership, and affinity groups. This role includes service line integration initiatives, and the firm’s go to market strategy.

As a Managing Director with VMG Health, Jen Johnson also oversees the Compensation Division which requires a deep understanding of the fair market value challenges, market data, and regulatory guidelines associated with valuing professional service arrangements within the healthcare industry. She has been published and presented on these topics over fifty times nationally through organizations such as the American Health Lawyers Association, the American Bar Association, the Health Care Compliance Association, Becker’s Hospital Review, and the Healthcare Financial Management Association.

Jen’s role serving clients included developing internal compensation tools and solutions for some of the largest health systems in the country. Her experience includes providing full FMV opinions for any type of compensation arrangement including clinical services, administrative services, call coverage, co-management agreements, and pay for performance arrangements (shared savings and quality incentives). She has also served as an expert witness on several occasions in matters of Fair Market Value.

Jen’s valuation career began with KPMG, LLP in the Forensic and Litigation Services Department where she worked directly under experts in the field of finance, accounting, and economics. She has also worked at the University of North Texas as a finance professor. Prior to that, Jen earned a BBA and MBA in Finance as well as the Chartered Financial Analyst designation, while working for several companies in a consulting capacity. Her consulting work included business valuation, financial projections, and operational systematizations.

Vincent M. Kickirillo is the leader of Valuation and Transaction Advisory Services at VMG Health and is based in the Dallas office. He has over 30 years of experience providing financial, valuation, and transaction advisory services and solutions to clients in the healthcare industry. His clients include corporations, boards of directors, “C-level” executives, and legal counsels for entities such as hospitals, health systems, ambulatory surgery centers, imaging centers, radiation therapy centers, physician practices, risk bearing entities, and other healthcare entities. He also has extensive experience serving Private Equity backed healthcare entities.

Prior to joining VMG Health in 2005, Kickirillo has held director roles at FTI Consulting, Inc. and at KPMG’s valuation and litigation practices. He has also worked in the financial advisory services practice at Ernst & Young.

Kickirillo has provided professional services for the purposes of merger, acquisition, divestiture, management planning, restructuring, tax planning, bankruptcy, and litigation. Kickirillo has provided testimony regarding valuation and other financial issues. He has extensive experience in valuation of businesses; financial securities, including common stock, preferred stock, and derivatives; intellectual property, such as patents, trademarks, and trade names; and other specific assets.

He received a Bachelor of Business Administration from The University of Texas at Austin, and a Master of Business Administration from Southern Methodist University. He holds the Chartered Financial Analyst (CFA) designation and is a Certified Valuation Analyst (CVA).

Cyndy Carr serves as the President and Chief Operating Officer of VMG Health. She provides strategic leadership and oversight for the firm’s growth strategy and operations. Her responsibilities include providing strategic direction for market expansions, new service lines as well as oversight of human resources, IT and other internal functions.

Carr has served as Chief Operating Officer and other senior organizational leadership roles for multiple professional service firms. She started her career in management consulting and has extensive experience in process and performance improvement, sales and marketing, talent management and strategy. Carr’s experience also includes executive leadership roles within industry where she had similar responsibilities for strategy and growth, sales, marketing and product development.

Carr earned her bachelor’s degree from Texas Christian University. She earned and her master’s degree and doctorate from Rice University.

Aaron Murski serves as a Managing Director at VMG Health and is based in the Dallas office. He has developed expertise in providing valuation opinions, transaction consulting, and market research across many verticals within healthcare services. In addition to the extensive valuation experience in support of regulatory compliance, transaction planning, and financial reporting purposes, he has consulted on numerous development, feasibility, and recapitalization analyses for joint venture, restructuring, and denovo business development purposes. Clients include for-profit and not-for-profit health systems, providers, development companies, and their advisors across the United States.

Murski is also the lead research associate and collaborator in the development and publication of the Intellimarker Multi-Specialty ASC Benchmarking Study published annually by VMG Health. The Intellimarker presents hundreds of operating and financial benchmarking statistics using data from approximately 200 ambulatory surgery centers from around the country.

Murski received a Bachelor of Business Administration in Finance from the Mays Business School at Texas A&M University and a Master of Science in Jurisprudence, Health & Hospital Law Concentration, from Seton Hall University School of Law in Newark, NJ. He is designated as a Certified Valuation Analyst (CVA).