BOCA RATON, FL (May 29, 2024) – HealthCare Appraisers, Inc., a premier provider of healthcare valuation and consulting services, is pleased to announce that it has been acquired by Stout, a leading global advisory firm. HealthCare Appraisers has been a market leader in healthcare valuation for over two decades, delivering exceptional service and unparalleled expertise to its clients. This strategic move underscores HealthCare Appraisers’ commitment to growth and further solidifies its position in the healthcare valuation industry.

HealthCare Appraisers’ team of approximately 70 professionals will join Stout’s Valuation Advisory group, significantly expanding Stout’s expertise in healthcare compensation valuation and enhancing its capabilities in business valuation, machinery and equipment valuation, and real estate valuation. The team is led by Founder and Managing Partner Daryl Johnson, who will now serve as a Managing Director in Stout’s Valuation Advisory Group.

“Joining forces with Stout marks an exciting new chapter for HealthCare Appraisers,” said Daryl Johnson, Managing Partner at HealthCare Appraisers. “This strategic partnership not only enhances our ability to deliver exceptional service and value to our clients but also presents exciting opportunities for growth and innovation of our capabilities.”

“Stout’s acquisition of HealthCare Appraisers is a significant milestone in our growth journey,” said Greg O’Hara, President of the Valuation Advisory group at Stout. “This strategic move strengthens our healthcare expertise and enhances our service offering, enabling us to help our healthcare clients tackle the unique challenges of the industry more effectively.”

The deal marks Stout’s sixth acquisition since Audax Private Equity’s investment in November 2021. The acquisition of HealthCare Appraisers was finalized on May 16, 2024, with legal counsel provided by Winston & Strawn LLP. McDermott Will & Emery served as special ESOP counsel.

About HealthCare Appraisers

HealthCare Appraisers is a market leader in healthcare valuation and consulting services headquartered in Boca Raton, Florida. For more than 20 years, HealthCare Appraisers has provided independent, objective, and reliable healthcare valuation and advisory expertise. The team completes approximately 10,000 valuation and consulting projects annually.

About Stout

Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, financial disputes, claims, and investigations. We serve a range of clients, from public corporations to privately held companies in numerous industries. Our clients and their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness on complex matters. Learn about our Relentless Excellence® at stout.com.

Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout Bluepeak Asia Ltd., Stout GmbH, MB e Associati S.r.l., Stout Park Ltd, and Stout Capital, LLC, a FINRA-registered broker-dealer and SIPC member firm. The terms “Stout” or the “firm” refer to one or more of these legally separate and independent advisory practices.

BOCA RATON, Fla., Jan. 3, 2024 – HealthCare Appraisers, an employee-owned, premier, national healthcare valuation and advisory firm, has named Jamie McIntyre, JD, as a Partner in the company. This promotion reflects McIntyre’s outstanding contributions, dedication, and leadership within the company.


“On behalf of HealthCare Appraisers, we are pleased to recognize Jamie’s accomplishments and dedication with her promotion to Partner,” said Daryl Johnson, Managing Partner. “Jamie, along with our other employee owners, is uniquely motivated to provide an impeccable client experience. She has consistently demonstrated a strong work ethic, exceptional leadership skills, and a deep commitment to our company’s success. We have full confidence that Jamie will excel in her new role as Partner and will contribute significantly to the continued growth and success of HealthCare Appraisers.”

McIntyre specializes in fair market value analyses for compensation arrangements which may have Stark and/or Anti-Kickback implications. Her primary focus involves the valuation of physician service line co-management and management arrangements, Hospital Quality and Efficiency Programs (“HQEPs”), and cost containment and gainsharing arrangements. McIntyre is part of the company’s advisory team, supporting clients in the development of quality programs, hospital-physician alignment structures, and value-based arrangements. McIntyre is a published author in the valuation and advisory healthcare industry, presents and speaks on behalf of HealthCare Appraisers, is an active member of the American Health Law Association (AHLA), and is involved in the AHLA’s Women’s Leadership Council. She serves on HealthCare Appraisers’ Editorial Committee, and as the Women’s Leadership Chair of the Diversity, Equity, and Inclusion Council.

McIntyre holds a Juris Doctor degree from Florida Coastal School of Law, a Bachelor’s degree in Political Science with a concentration in Medical Humanities from the University of South Carolina, and a Baccalaureus Artium et Scientiae from the South Carolina Honors College.

HealthCare Appraisers is a premier healthcare valuation and consulting services firm recognized for its thought leadership and proven track record. We are 100% employee owned as an Employee Stock Ownership Plan (ESOP) company. This ownership structure motivates unmatched client service and innovation. Experience how we think differently.

2023 Medical Office Fundamentals Outlook

BOCA RATON, Fla., June 20 – HealthCare Appraisers, a leading healthcare valuation and advisory firm with offices nationwide, has released its latest publication, the 2023 Medical Office Fundamentals Outlook. This report explores and illustrates timely real estate-related topics for medical office buildings (MOBs), including rental rates, development trends, preferred product type, and pricing. A complimentary download is available at: https://healthcareappraisers.com/2023-medical-office-fundamentals-outlook/

This publication is the product of discussions with numerous lenders, real estate brokers, investment bankers, and various other medical office entities, on subjects such as industry drivers, financial markets, capitalization rates, internal rates of return, as well as current trends and overall market conditions.

“Inflation entered the markets like a lamb during 2021, with most pundits viewing it as “transitory.” However, monthly inflation numbers climbed steadily in Q1 and Q2 2022, then came out roaring in Q3 and Q4 2022. This prompted the Fed to take an aggressive posture to rein in inflation…with the fastest increase in interest rates in modern history,” said Jeff Piehl, MAI, Partner at HealthCare Appraisers, Real Estate Team Lead, and author of the publication. “As telegraphed, the higher interest rates and subsequent higher lending costs led to lower pricing levels, and transaction volume trickled to a halt. In less than six months, a majority of investors and lenders were “pencils down” on new deals. “We cover this and more in this year’s report, including the onset of inflation in 2022, what to expect for 2023 and beyond, healthcare real estate investment trusts (REITS), leasing activity, and results of our MOB Survey,” said Piehl.

HealthCare Appraisers is actively involved in the medical office investment market from both the health system side as well as investor side, and is actively fluent in investor pricing requirements, lender underwriting criteria, investment broker relationships, and intricacies of sales transactions.

HealthCare Appraisers is a premier healthcare valuation and consulting services firm recognized for its thought leadership and proven track record. We are 100% employee owned as an Employee Stock Ownership Plan (ESOP) company. This ownership structure motivates unmatched client service and innovation. Experience how we think differently.

BOCA RATON, Fla., July 26, 2022 – HealthCare Appraisers has promoted the following employee-owners to Directors within the organization:

• Alyse Bentz, JD, MPH
• Gavin Heckman, MBA, MSBA
• Elizabeth Neiberg, JD

“On behalf of the company, congratulations to these three outstanding professionals,” said Daryl P. Johnson, MAcc, CVA, Managing Partner, HealthCare Appraisers. “There is no doubt that our employee-owners make all the difference when it comes to our collective success. Alyse, Gavin, and Liz have consistently demonstrated their strong work ethic, support for colleagues, willingness to lead, and commitment to serving clients with integrity and excellence. We are so pleased to name them as Directors.”

HealthCare Appraisers is a premier healthcare valuation and advisory firm recognized for its thought leadership and proven track record. Experience how we think differently and explore a partnership with an integrated approach to healthcare valuation. To learn more, please visit www.healthcareappraisers.com.

BOCA RATON, Fla., May 3rd – HealthCare Appraisers, Inc., a leading healthcare valuation and advisory firm with offices nationwide, has released its new publication, the Medical Office Fundamentals Report: 2022 Outlook. This publication explores and illustrates timely real estate-related topics for medical office buildings, including rental rates, development trends, preferred product type, COVID-19 impacts, and pricing parameters. A complimentary download is available at: https://healthcareappraisers.com/2022-medical-office-fundamentals-outlook/

This report is the product of discussions with numerous lenders, real estate brokers, investment bankers, and various other medical office entities, on subjects such as industry drivers, financial markets, capitalization rates, internal rates of return, as well as current trends and overall market conditions.

“The ability of the medical office sector to remain recession resistant (and flourish in 2021) during the COVID-19 Pandemic has been the dominant economic driver throughout 2021, and investor interest in the asset class has reached all-time highs, with significant “new” and “existing” money actively pursuing medical office investments,” said Jeff Piehl, MAI, Partner at HealthCare Appraisers, Real Estate Team Lead, and author of the report. “Coupled with substantial easing of Federal Reserve monetary policy during the pandemic, pricing for medical office product has also reached new highs and is projected to continue into 2022.”

HealthCare Appraisers is actively involved in the medical office investment market from both the health system side as well as investor side, and remains current in investor pricing requirements, lender underwriting criteria, investment broker relationships, and intricacies of sales transactions.

HealthCare Appraisers is a premier healthcare valuation and consulting services firm recognized for its thought leadership and proven track record in providing clients with the full spectrum of fair market value solutions and consulting services. To learn more, please visit www.healthcareappraisers.com.

BOCA RATON, Fla., Jan. 12, 2022 – HealthCare Appraisers, Inc., a premier, national healthcare valuation and advisory firm, named Jared A. Davis, MBA, as a new partner in the organization. “On behalf of HealthCare Appraisers, we congratulate Jared and welcome him to the leadership team,” said Daryl Johnson, managing partner. “Jared is an outstanding professional whose insight and expertise has greatly benefited our firm, our team, and our clients.”

With more than a decade of experience in the valuation industry, Davis’ practice at HealthCare Appraisers focuses on valuation and analysis of healthcare provider compensation arrangements and other arrangements implicating anti-kickback prohibitions, including employment, independent contractor arrangements, recruitment and teaching arrangements, to name a few.

In addition, Davis has been instrumental in the development of HealthCare Appraisers’ Automated FMV Solutions™, ensuring these sophisticated calculators consistently exceed clients’ expectations. Prior to joining HealthCare Appraisers, he served as administrator for a cardiology practice where he focused on financial, operational, and quality-of-care aspects.

Davis holds a Master of Science in Finance from Texas Tech University and a Bachelor of Science in Management from Abilene Christian University.

HealthCare Appraisers is a premier healthcare valuation and advisory firm recognized for its thought leadership and proven track record. Experience how we think differently and explore a partnership with an integrated approach to healthcare valuation. To learn more, please visit www.healthcareappraisers.com.

BOCA RATON, Fla., Sept. 1, 2021 – Healthcare Appraisers, Inc. has appointed a new Women’s Leadership Council. The council will be working on several initiatives with other leaders in the company to advance dialogue about issues impacting equity, inclusion, and empowerment for women. The members of the committee include:

Andrea Ferrari, Partner and Jamie McIntyre, Director, Co-Chairs

Alyse Bentz, Manager

Erica Jacobovits, Senior Associate

Nicole Jacobsen, Director

Elizabeth Neiberg, Manager

Emily Rodriguez, Senior Associate

David Sands, Director

HealthCare Appraisers is a premier healthcare valuation and advisory firm recognized for its thought leadership and proven track record. Experience how we think differently and explore a partnership with an integrated approach to healthcare valuation. To learn more, please visit www.healthcareappraisers.com.

BOCA RATON, Fla., July 9, 2021 – Andrea Ferrari, JD, MPH, partner with HealthCare Appraisers, Inc., a national healthcare valuation and advisory firm, joins the American Health Law Association’s (AHLA) national roster of arbitrators, mediators, and hearing officers. Ms. Ferrari is joining a team of neutrals helping the healthcare industry maintain its focus on patient care by resolving disputes quickly, fairly, and inexpensively.

“I’m proud to welcome Andrea to AHLA’s ever-growing roster of diverse and experienced neutrals,” comments Geoff Drucker, Senior Director of the Dispute Resolution Service.

“We’re so glad that Andrea has joined AHLA’s unparalleled roster of neutrals,” adds Daryl P. Johnson, Managing Partner, HealthCare Appraisers. Andrea continues to demonstrate her dedicated service to the health law community and brings great value to our clients and firm.”

Ms. Ferrari brings to the roster her extensive expertise in healthcare provider compensation and contracting. She has more than 20 years of experience in the healthcare industry, more than 15 in healthcare law and well over a decade in healthcare valuation. She has assisted in representing clients in transactional matters as well as in preparing for and responding to investigations and proceedings by state and federal regulatory agencies, including the Centers for Medicare and Medicaid Services, the Office of Inspector General of the United States Department of Health and Human Services and the Internal Revenue Service. Ms. Ferrari speaks and publishes regularly on topics related to fair market value and commercial reasonableness in healthcare transactions, focusing on the nuances and complexity of these concepts, on factors affecting their determination, and on their potential role in government investigations and legal proceedings. Ms. Ferrari received a Juris Doctor with a certificate of concentration in Health Law from Boston University School of Law, a Master of Public Health from Boston University School of Public Health, and a Bachelor’s degree in Economics from Smith College. She is a member of the Florida Bar.

AHLA’s Dispute Resolution Service is the only national service dedicated exclusively to resolving disputes in the healthcare industry. To learn more about AHLA’s national roster of arbitrators, mediators, and hearing officers, visit AHLA’s Dispute Resolution Service site. The American Health Law Association is the nation’s largest, nonpartisan, 501(c)(3) educational organization devoted to legal issues in the healthcare field.

HealthCare Appraisers is a premier healthcare valuation and advisory firm recognized for its thought leadership and proven track record. Experience how we think differently and explore a partnership with an integrated approach
to healthcare valuation. To learn more, please visit www.healthcareappraisers.com.