Grayson Terrell, CPA

Manager

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.

Education

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 is VMG Health’s Chief Commercial Officer, and also serves as a Managing Director, having led the Compensation Division since 2006. Her expertise is related to issuing Fair Market Value opinions and developing solutions for compensation arrangements, as well as assisting health systems with documenting the commercially reasonable standard. She is focused on cost effective compliance and has been integral in developing internal compensation tools for some of the largest health systems in the country.

Johnson has extensive experience with every type of compensation arrangement including clinical services, administrative services, management agreements, and on-call coverage. Her primary focus has shifted to helping health systems understand how to stay compliant with physician compensation while incorporating pay for performance models to the existing fee for service landscape. She understands the multitude of new arrangement types and regulatory nuances associated with these new models, including co-management agreements, hospital efficiency programs, quality payments, shared savings arrangements, and the allocation of payments from Accountable Care Organizations (ACOs) and Clinically Integrated Networks (CINs) to physicians. Johnson is routinely published on these topics nationally through organizations such as American Health Lawyers Association, American Bar Association, Health Care Compliance Association, and Healthcare Financial Management Association.

Other accomplishments of Johnson’s include providing expert witness testimony related to Fair Market Value, and serving as a peer review editor for the Journal of Hospital Administration. Johnson began her valuation career with KPMG, LLP in their Forensic and Litigation Services department in 1998, where she worked directly under experts in the field of finance, accounting, and economics. She also served the University of North Texas as a finance professor. Prior to that, she earned her 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).

Ben Ulrich is a Managing Director in the Compensation Division at VMG Health and is based in the Dallas office. His focus is providing valuation and consulting services for contractual service arrangements within the healthcare services industry. He has particular expertise in valuations relating to provider employment, on-call coverage, physician administrative and executive services, telemedicine, hospital-based coverage, management / billing, and quality initiatives. Ulrich also developed and manages VMG Health’s FMV Tools service line providing expedited, cost-effective valuation solutions to clients nationwide.

Prior to joining the Compensation Division, Ulrich worked in VMG Health’s Business Valuation division where he provided valuation services related to hospitals, specialty/surgical hospitals, ambulatory surgical centers, diagnostic imaging centers, and single and multi-specialty physician practices.

Ulrich graduated summa cum laude and holds a Bachelor of Business Administration in Financial Consulting from the Edwin L. Cox School of Business at Southern Methodist University. He is currently designated as a Certified Valuation Analyst (CVA) and is a member of the National Association of Certified Valuation Analysts.

Chance Sherer is a Managing Director at VMG Health and is based in the Denver office. He specializes in providing financial, valuation, and transaction advisory services to the firm’s healthcare clients. Sherer’s clients include health systems, ambulatory surgery centers, surgical hospitals, oncology centers, diagnostic imaging centers, dialysis centers, physicians groups, and numerous other ancillary healthcare service businesses. In addition to extensive valuation experience for 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.

Sherer is a Certified Valuation Analyst (CVA) and is currently a member of the National Association of Certified Valuation Analysts (NACVA). He also a member of the American Bar Association (ABA) Health Law Section and is a Vice Chair of the Business and Transactions Interest Group. Sherer received a Bachelor of Business Administration in Finance from the Cox School of Business at Southern Methodist University.

Areas of Expertise

Financial Due Diligence