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Aaron Murski, CVA
Managing Director, Director of Research
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.
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.
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.
Jonathan Helm is a Managing Director in the Compensation Division at VMG Health and is based in the Dallas office. He specializes in the valuation of complex contractual arrangements with a focus in provider compensation and management agreements.
His experience includes valuations related to administrative and management agreements, call and clinical coverage, medical directorships, clinical co-management, billing/collection, and ancillary services agreements (laboratory, radiation oncology, and imaging). Clients include for-profit and not-for-profit health systems, publicly owned and privately held healthcare operators, and private equity firms.
Helm also has experience providing valuation services for transactional and financial reporting purposes. Business entities valued include acute-care hospitals, rehabilitation hospitals, surgical hospitals, ambulatory surgical centers, diagnostic imaging centers, single and multi-specialty physician practices, and cancer treatment centers, among others.
Helm serves as a contributor to VMG Health’s FMV Tools™ which allows users to quickly establish compensation levels for employed and independent contractor physicians in various roles based on systematic and unbiased guidelines.
Helm holds a Bachelor of Business Administration in Financial Consulting from Southern Methodist University. He also holds a Master of Business Administration in Finance from the University of Texas at Dallas. He is designated as a Certified Valuation Analyst (CVA) through the National Association of Certified Valuators and Analysts.
Nick Shannon is a Managing Director with VMG Health in the Capital Asset Valuation Division. He has extensive experience providing capital asset valuation services, and consulting for domestic and international financial and tax reporting, mergers, acquisitions, divestitures, lease transactions, and other purposes. Shannon has served clients across many different industries including healthcare and life sciences, consumer and industrial manufacturing, aerospace and defense, oil and gas, semiconductor manufacturing, and others.
Healthcare clients served by Shannon have included valuation engagements for hospitals, ambulatory surgery centers, imaging and radiology, oncology, medical transport, physician practices, and many more. In addition, he has performed valuation engagements for life sciences clients including pharmaceutical companies, manufacturers of certified reference standards and materials, and biomanufacturing testing companies.
Prior to joining VMG Health, Shannon was a Manager for Deloitte Financial Advisory Services in the engineering, construction and consulting group. The group was responsible for managing and performing tangible asset valuation engagements and collaborating on domestic and international projects across various audit, tax, consulting, and valuation service lines. Prior to joining Deloitte, Shannon was an associate for American Appraisal in the Industrial Valuation Group responsible for performing tangible asset valuation engagements for the energy and chemical industries in support of financial reporting and property tax purposes.
Shannon graduated with a Bachelor of Science in Industrial Distribution from the college of engineering at Texas A&M University. He is an Accredited Senior Appraiser (ASA) with the American Society of Appraisers.
Pam D’Apuzzo is a Managing Director at VMG Health leading the Coding, Compliance and Operational Excellence Management service line. She is a recognized leader and industry expert in the area of coding and compliance. Pam’s 30-plus years of healthcare consulting experience spans academic medical centers, community hospitals, faculty practice plans and large private practices.
A trusted adviser to New York’s leading healthcare institutions, she conducts educational and training seminars and provides comprehensive compliance programs. Pam also has a successful record of practice management services including operational and billing review, practice assessment, practice start-up assistance and EMR implementation.
Pam is a frequent speaker at conferences sponsored by the American Academy of Professional Coders (AAPC), Health Financial Management Association (HFMA), New York State Society of Physician Assistants (NYSSPA), Suffolk County Medical Society (SCMS) and American Association of Gynecologic Laparoscopists (AAGL).
Kevin McDonough is a Managing Director at VMG Health and is based out of the Dallas office. During his tenure at VMG Health, McDonough has provided valuation, transaction advisory, feasibility, and operational consulting services to the firm’s healthcare clients.
His clients include acute care hospitals and health systems, ambulatory surgery centers, surgical hospitals, oncology centers, diagnostic imaging centers, dialysis centers, inpatient and outpatient post-acute care operators, physician groups, health plans and risk bearing organizations, and numerous other ancillary healthcare service businesses. In addition, McDonough helps to lead the firm’s life sciences practice providing valuation services related to many forms of medical device and pharmaceutical consulting arrangements. Finally, he has served as a consultant in the formation and development of numerous physician-hospital joint venture initiatives.
McDonough graduated cum laude and holds a bachelor’s degree in finance from the McCombs School of Business at The University of Texas at Austin. Additionally, McDonough is a Chartered Financial Analyst (CFA). He is a member of the CFA Institute, CFA Society of Dallas-Fort Worth, Ambulatory Surgery Center Association, American Society of Appraisers (ASA), Healthcare Financial Management Association, and the Physician Hospitals of America (PHA).
- Chartered Financial Analyst (CFA)
- CFA Institute
- CFA Society of Dallas-Fort Worth
- Ambulatory Surgery Center Association
- American Society of Appraisers
- Healthcare Financial Management Association
- Physician Hospitals of America
- Presentation: “Emerging Trends in Healthcare M&A Activity” – Becker’s ASC 27th Annual Meeting
- Panel: “ASC Mergers and Acquisitions 2017-2018” – Becker’s ASC 24th Annual Meeting
- Presentation: “Increasing Profitability and Value Through Use of New Technologies” – Nossaman’s 3rd Annual West Coast Ambulatory Surgery Center Seminar
- Panel: “Key Trends in Valuing ASCs and Practices” – Becker’s 14th Annual Spine, Orthopedic and Pain Management-Driven ASC Conference + The Future of Spine
- Panel: “Selling Your ASC, Valuation, Compensation, Non Competes, Legal and Process Issues” – Becker’s 13th Annual Spine, Orthopedic & Pain Management-Driven ASC Conference
- Presentation: “Understanding Various Valuation Methodologies and Key Valuation Trends and Issues” – Nossaman West Coast Ambulatory Surgery Center Seminar: Preparing Your ASC For Sale
- Presentation: “Health System Transactions and Joint Ventures: Overview of the Market and a Description of the Deals/Structures” – Becker’s Hospital Review 5th Annual Meeting
- Presentation: “ASC Transactions: Analysis and Valuation Trends” – Becker’s 20th Annual Ambulatory Surgery Centers Conference
- Presentation: “Physician Owned Hospitals: Market Analysis/Benchmarking” – PHA 13th Annual Conference & Exhibits
- Presentation: “ASC Transaction Environment: Current Analysis & Valuation Trends” – Becker’s 19th Annual ASC Conference
Ambulatory Surgery Centers
Risk-Bearing Organizations & Health Plans
Telehealth & Healthcare IT
Areas of Expertise
Fair Market Value Opinions