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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.
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).
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.
Colin McDermott, CFA, CPA/ABV is a Managing Director with VMG Health and is based in the Dallas office. McDermott leads a team of professionals performing fair market value studies, fairness opinions, fair value analyses used for financial reporting, financial advisory services, and management consulting. McDermott has particular valuation experience with health plans, hospitals systems, ambulatory surgery centers, pharmacies, imaging centers, laboratories, home health and hospice agencies, and physician groups.
Additionally, McDermott often serves as a trusted financial advisor to clients and provides strategic advisory services as they contemplate a transaction. In this capacity, his experience includes financial advisory on behalf of buyer or seller, preliminary due diligence and support for evaluating transaction opportunities, merger or acquisition financial integration, divestiture planning and feasibility or research studies.
McDermott frequently presents at industry conferences and publishes on healthcare and valuation specific issues. He is also a contributor to VMG Health’s blog and healthcare valuation insights. McDermott serves on the planning committee for the AICPA Healthcare Industry Conference.
Prior to joining VMG Health, McDermott was Director in the Forensic and Litigation Consulting Group of FTI Consulting, Inc. and was an associate in KPMG’s Forensic and Litigation Consulting Group. In those roles, McDermott provided valuation and advisory services to firms in various industries, including healthcare, manufacturing, energy, and telecommunications.
McDermott received a Bachelor of Business Administration in Accounting and a Master of Science in Finance from Texas A&M University. He is a licensed Certified Public Accountant (CPA) in the state of Texas and holds both the Chartered Financial Analyst (CFA) and Accredited in Business Valuation (“ABV”) designations.
Cordell J. Mack is a Managing Director at VMG Health based in the Minneapolis office with over 19 years of experience in healthcare management and consulting. Cordell specializes in helping provider clients with strategic and financial needs.
Cordell has served a variety of clients across the country in various capacities related to health system positioning, capital/capacity availability, strategic planning, mergers and acquisitions, physician–health system partnerships, asset optimization, and performance improvement. He has served in a variety of leadership and administrative roles including owner/director of a sports medicine rehabilitation facility and administrator for a multispecialty clinic. Prior to joining VMG Health, Mack was a Partner at Health Care Futures.
A frequent author and speaker, Mack is a regular participant in regional and national HFMA and MGMA events on the topics of physician integration, service line joint ventures, and group performance.
Mack graduated with a bachelor’s and master’s degree in physical therapy from the University of North Dakota and a master’s degree in business from the University of Iowa. Mack is also a member of MGMA.
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. 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.
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. His testifying experience involves 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.
Barbo is a CPA, holds the Accreditation in Business Valuation from the AICPA, is a member of the Medical Group Management Association (MGMA), and is 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 at Southern Methodist University.
Edward J. McGrath is a Managing Director at VMG Health based in the Chicago office. He specializes in physician relationships/partnerships strategic planning, mergers and acquisitions, service-line planning and strategy, ambulatory care planning, physician compensation arrangements, and financial analyses. McGrath’s client base includes large healthcare systems, academic medical centers, single-and multi-specialty physician group practices, and post acute/long term care organizations. Prior to joining VMG Health, McGrath was a partner at Health Care Futures. His background also includes nearly 12 years with KPMG where he spent the last 18 months of his KPMG career as a partner in the National Health Care Strategy Practice leading the Chicago healthcare advisory practice.
McGrath has bachelor’s degrees in accounting and in business administration from Augustana College. He earned his master’s degree in health administration from St. Louis University. He has been a member of various committees and boards including multiple hospital boards. McGrath currently serves on an advisory board for a collaboration of Catholic Women Religious.
John S. Trabold III has experience in the valuation of commercial, industrial, and investment grade properties to estimate Market Value and Fair Market Value for ad valorem purposes, allocation of purchase price, financing, Stark compliance, and investment decisions. Industries served include medical, banking, hospitality, manufacturing, and financial services.
Trabold has extensive experience in the valuation of complex healthcare properties including hospitals, medical office buildings, surgery centers, imaging centers, and long-term acute care hospitals.
Trabold has served clients in 40 of the United States and Puerto Rico. Clients include Glacier Hospital, Capella Healthcare, Wise County Regional Health System, Texoma Medical Center, Reliant Hospital Partners, HCA, Saint Peter’s Healthcare System, Henry Ford Health System, Cirrus Health, Saint Joseph Healthcare, University General Hospital, MultiCare Health System, Baylor Health Care System, HMA, LifeCare Hospitals, USPI, CHRISTUS Spohn Health System, CHS, Kutak Rock, LLP, HealthSouth, Emerus, BayCare Health System, Shore Medical Center, Butler, Snow, O’Mara, Stevens & Cannada, PLLC, 21st Century Oncology, Citrus County Hospital, Jones Day and Hunton & Williams, LLP.
- Appraisal Institute – Designated Member (MAI)
- American Health Lawyers Association (AHLA)
- Appraisal Institute
- International Association of Assessing Officers
Panel Discussion: “Healthcare’s Shifting Facility Needs” – Realshare Healthcare 2017
Presentation: “A Primer on Understanding Medical Real Estate” – Texas Association of Property Tax Professionals 30th Annual Conference
Roundtable: “Urgent Care vs. Free-standing Eds – Who Wins?” – Interface Healthcare Real Estate Southeast 2017
Panel Discussion: “Investment Market Update—Will 2018 Continue to See Strong Demand & New Capital Looking to Enter the Market? And will there be Enough Deals Out There to Transact?” Interface Healthcare Real Estate Southeast 2017
Roundtable: “Navigating the Medical Real Estate Market: A Valuator’s Perspective” – Interface Healthcare Real Estate Dallas 2017
Panel Discussion: “Lots of [New] Capital & Demand—And Not Enough Product…An Investment Market Update and Outlook for 2018” – Interface Healthcare Real Estate Dallas 2017
Webinar: “Navigating Hospital in Hospital Leasing Arrangements” – Strafford
Presentation: “Fair Market Value Concepts for Real Estate Practitioners” – 2017 Hall Render Health Care Real Estate Seminar
Panel Discussion: “Medical Forecast” – Bisnow Big South Healthcare Event Houston
Presentation: “Real Estate: Stark & Anti-Kickback Compliance and Real Estate Leasing Issues” – HFMA Chicago Seminar 2016
Panel Discussion: “An Investment Market Update” – Interface Healthcare Real Estate Southeast
Roundtable: “Navigating the Medical Real Estate Market: A Valuator’s Perspective” – Interface Healthcare Real Estate Southeast
Panel Discussion: “Who’s Buying, Who’s Selling, What Properties are Most Attractive to Investors and Will Demand & Deal Velocity Continue? An Investment Market Update” – Interface Healthcare Real Estate Texas
Panel Discussion: “The Owner-Operator Dichotomy: Current Opportunities in Healthcare Real Estate” – Healthcare Deal Makers Conference 2016
Presentation: “Appraisal Basics and FMV” – Hall Render HC Real Estate Seminar
Panel Discussion: “The Future of the Healthcare Innovation” – Bisnow 2015 Dallas Healthcare Real Estate Summit
Panel Discussion: “From Walgreens and Walmart to Urgent Cares and Healthcare at the Strip Mall— A Look at the Evolving “Consumer Facing” Model of Healthcare Real Estate and How it Works From Both the Healthcare and Real Estate Perspectives” – Interface Healthcare Real Estate 2015 Conference
Panel Discussion: “The Dominance of MOBs” – Bisnow 2014 Houston Healthcare Real Estate Summit
Panel Discussion: “Why are MOBs so Darn Popular?” – Bisnow 2014 Dallas Healthcare Real Estate Summit
Panel Discussion: “Investment & Development Outlook” – Bisnow 2013 Houston Healthcare Real Estate Summit