Joshua Nemzoff, Chief Executive Officer

The CEO of StoneBridge Healthcare, LLC is Joshua Nemzoff, one of the country’s leading consultants on hospital mergers and acquisitions. Mr. Nemzoff has more than 40 years’ experience in the industry and has been involved with hundreds of hospital mergers, sales, acquisitions and joint ventures with a combined transaction value in excess of $15 billion. His role in most of those transactions was project director and lead negotiator on the deal, usually reporting directly to the board of trustees. This has placed Mr. Nemzoff in the unique position of supervising hundreds of teams conducting due diligence for his clients and observing others conducting it on his clients, affording him invaluable insights as to what was wrong with these hospitals and how to fix them. His primary area of expertise is negotiating large complex transactions for clients and identifying how to return distressed hospitals to operational and financial health.

Steven T. Braun

Steven Braun is a partner at Bradley and advises hospitals, surgery centers and other healthcare providers in transactional, regulatory and operations matters. His transactional experience includes numerous acquisitions, dispositions and joint ventures of hospitals, ambulatory surgery centers and insurance companies.


Mr. Braun also has extensive mergers and acquisitions experience in a variety of industries; public and private offerings of equity and debt securities; and stock options and other equity compensation plans. He has been responsible for negotiating definitive agreements and securities work on five hospital transactions valued at more than $1 billion each, as well as numerous other hospital and health system

acquisitions. He has represented issuers or underwriters in a variety of industries, including healthcare, banking, oil and gas, biotechnology, retail and manufacturing. Mr. Braun’s work also has included the review of periodic reports of publicly traded companies. He was formerly the Senior Vice President and General Counsel of HCA, Inc. from 1991 to 1997.

Stuart Brown

Stuart Brown is a Partner at DLA Piper, a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific. An accomplished bankruptcy lawyer, Mr. Brown’s practice encompasses the representation of companies in distress and as debtors in possession, institutional lenders, investors and business enterprises in diverse matters, including general business, transactions with bankruptcy estates, anti-bankruptcy transactional consultation, bankruptcy litigation, substantive non-consolidation, securitization and servicing and bankruptcy fraud. A significant part of Mr. Brown’s practice is M&A, including the sale and acquisition of businesses and assets out of court and through in-court processes and Article 9 sales. Mr. Brown also represents non-traditional funding sources with respect to workouts, claim realization and asset recovery. The American Board of Certification recognizes Mr. Brown as a specialist in the area of Business Bankruptcy.

Moody Chisholm, MBA

Moody Chisholm, MBA, is a leading healthcare executive with more than three decades of experience in the industry. His experience as CEO includes partnerships, for-profit, faith-based, non-profit, and academic health systems. He is a proven change agent, successfully turning around four major health systems from eight-digit losses and failing quality metrics to strong, financially sound organizations with exceptional public quality metrics.


Most recently, Mr. Chisholm served as the division president and chief executive officer of UT Health East Texas, based in Tyler, Texas, where he led a new partnership between the University of Texas and Ardent Health Services. UT Health is a $1.2 billion net revenue integrated system of 10-hospitals, Level I Trauma, nearly 400 faculty and employed physicians, a growing residency program, and a comprehensive array of ambulatory services. Under Mr. Chisholm’s leadership he revitalized the health system which was within days of default – moving it from a $57 million operating loss to an $87 million positive operating margin in just three years. Mr. Chisholm built a patient-focused culture that yielded significant improvements in quality and satisfaction. When he arrived, the system had failing Leapfrog scores, significant CMS penalties, and average public quality metrics. Within three years, the system boasted Leapfrog grades of all A’s and one B, two double Five-Star CMS hospitals, had eliminated millions its CMS penalties, and was awarded the Texas Hospital Association’s 2020 Quality Award.


From 2015 to 2018, Mr. Chisholm served as Regional Vice President of the Central Region for Intermountain Healthcare. In this role, he functioned as the chief executive officer of the health system’s largest division where he led seven hospitals in the Salt Lake Valley and Park City that generated $1.7 billion in net revenue. Included in this region was Intermountain Medical Center, the 500-bed flagship facility, transplant center, and Level 1 Trauma center. During his tenure, margins improved by nearly 30 percent and the flagship raised its CMS star rating from 3-stars to 5-stars while earning “high-performing” status in seven specialties and procedures in U.S. New and World Reports.


From 2010 to 2015, Mr. Chisholm served as president and chief executive officer of St. Vincent’s Healthcare in Jacksonville, Florida. St. Vincent’s, a ministry of Ascension Health, is a $850 net revenue health system with 943 acute care beds and 202 subacute care beds. In less than five years, Mr. Chisholm led the organization from a $60 million annual operating loss to a $25.4 million positive operating margin. St. Vincent’s became an innovator in new payment models, with a nationally recognized BPCI program in joints, and a Consumer Reports top Five Orthopedic program nationally. He successfully rebranded the organization, renaming all the facilities under St. Vincent’s name to create a one-system culture that capitalized on its brand recognition in the highly competitive Jacksonville market.


In his early years, Mr. Chisholm spent twenty-four years with Universal Health Services, a publicly traded, for-profit healthcare management company that owns and operates acute care hospitals, behavioral health facilities, and ambulatory centers. He joined the organization in 1986 and rapidly advanced through the company’s revenue cycle, finance division, and operations. In 1999 he was appointed CEO of Northwest Texas Healthcare System, a 495-bed academic hospital located in Amarillo, Texas, and then in 2002 he was promoted to CEO and Group Director, taking on three additional hospitals which comprised 1,008 beds and approximately $550 million in combined net revenues. In 2006, Mr. Chisholm took on Manatee Healthcare System in Bradenton, Florida. The two-hospital, $550 million net revenue system faced medical staff relations challenges and was struggling financially. Mr. Chisholm raised physician satisfaction to the 75th percentile and brought the system to strong financial margins and was promoted to Vice President of the Acute Care Division of Universal Health Services.

Mark Diana

Mark Diana is a professor in the Department of Health Policy and Management at Tulane University’s School of Public Health and Tropical Medicine. He is a nationally known public health and health care delivery expert with substantial experience in the field of Community Health Needs. His research focuses on the organizational impact of health information systems, primarily in hospitals in the U.S., and the performance of new care delivery models, such as patient-centered medical homes and accountable care organizations, among others. He also has experience in funded evaluation work as the principal investigator (PI) on the external evaluation of the Louisiana Long-term Care Real Choice Systems Transformation Grant, through the Louisiana Department of Health, as the PI for an evaluation of an electronic health record implementation in Mexico, funded by the MEASURE Evaluation project of USAID, as the PI for the evaluation of the Louisiana Health Information Exchange, and as the PI for the evaluation of Louisiana’s Medicaid Expansion, among other projects.

Michele Deverich

Michele Deverich is a leading expert in healthcare management with decades of experience developing, leading and implementing wide-ranging healthcare solutions in the payer/ managed care, specialty management (MH/ SA, Imaging, Pharmacy, etc.) as well as the for-profit and nonprofit health system arenas. Ms. Deverich serves as CEO of Strategic Healthcare Associates (SHA), where she provides executive consultation also in program improvement and M & A initiatives.


Prior to launching SHA, Ms. Deverich served in multiple senior executive positions at Magellan Health Services, a publicly traded, national specialty healthcare management organization focused on optimizing the appropriate delivery of Behavioral Health, Imaging, and PBM services for clientele operating in the payer/managed care industry. With more than 5,500 employees, Magellan positioned Ms. Deverich in critical areas of performance improvement to provide leadership in corporate strategic planning, network optimization, execution of new business initiatives, program/product development and mergers and acquisitions.


Prior to Magellan, Ms. Deverich served as Regional Vice President of Private HealthCare Systems, Inc. (PHCS) Southeast and Mid-Atlantic regions where she directed the planning, implementation and management of provider network strategies and tactics across the 17-state region and, when MultiPlan acquired PHCS, she was chosen to lead the two-company integration within her region.


Ms. Deverich spent nearly a decade at PricewaterhouseCoopers (PwC) where she led one of the healthcare consulting practices serving managed care organizations and provider health systems throughout the United States and in some international territories. Prior to PwC, Ms. Deverich served as the Johns Hopkins University’s (JHU) first Assistant Dean for Strategic Clinical Initiatives spearheading strategic managed care and operational initiatives throughout Johns Hopkins’s medical facilities and clinical faculty. Prior to JHU, she served as the Chief Marketing Officer for both the George Washington University (GWU) Medical Center/Medical Faculty Associates and the George Washington University Health Plan where she led both organizations’ strategic planning, advertising, public relations, network development, client service, group sales, and physician referral program teams.


Ms. Deverich is a member of the Jupiter Medical Center JMC Board of Trustees and serves on and chairs numerous JMC Board Committees. JMC is a CMS 4-Star-rated, Leapfrog A-rated regional health system in Palm Beach and Martin Counties in South Florida.

Robert Dondero

Mr. Dondero is a retired partner at PricewaterhouseCoopers (PwC), a global network of firms delivering world-class assurance, tax, and consulting services for businesses worldwide. He has significant experience in the area of financial and strategic planning as well as mergers and acquisitions. He has advised dozens of hospital boards on the financial and strategic implications of proposed transactions and complex healthcare compliance matters usually involving the Department of Justice and other regulatory bodies. During the last decade of his career, his responsibilities included Operations Partner and Partner in Charge of the U.S. Health Industries Consulting Unit. Health Industries encompassed all key sectors of the U.S. healthcare economy including pharma, life sciences, provider (including hospitals) and payer sectors. He was also actively involved in several of the firm’s acquisitions of consulting practices around the country. Mr. Dondero served on the firm’s U.S. Advisory Leadership Team and on the Chairman’s Extended Leadership Team encompassing the firm’s leadership in markets, sectors and business lines of service.

Fran Pennell

Fran Pennell is a leading health care consultant with over 35 years of working experience in the industry. Ms. Pennell has worked as a Health Care Consultant for most of her career, including 21 years as Partner with PricewaterhouseCoopers (PwC) in their Health Care Performance Improvement consulting practice. Her focus has been on operational improvement, financial turnarounds, strategic planning, and organizational restructuring for clients such as hospitals, academic medical centers, physician practices, and Schools of Medicine. Ms. Pennell has directed many professional teams to resolve difficult and complex operational, financial, and strategic issues with successful outcomes. For several turnaround projects, Ms. Pennell has provided senior leadership with day-to-day management support. Ms. Pennell has worked extensively with boards of directors, senior leaders, and medical personnel to guide decisions for achieving efficient and effective health care operations and financial stability.


Throughout Ms. Pennell’s career, she has achieved numerous accomplishments. She implemented small and large scale operational and financial improvement projects for hospital systems, academic medical centers, and Schools of Medicine resulting in net operating margin improvements. She led and supported financial turnaround projects for hospital and health systems (with operating deficit ranges of $10 million to $200 million) who were seeking to achieve financial solvency and stability. She’s successfully worked with hospital boards, where she led numerous strategic planning activities with boards of directors and senior leadership with a focus on clinical program development, operational and organizational reconfiguration, and change management. Ms. Pennell understands how to deliver returns on investments, providing expertise to large financial investment groups in acquisitions and equity/ debt investments.

Scott Rayson

Scott Rayson is a partner at Waller Lansden Dortch & Davis, LLP, where he began his legal career in 1981. He started working on his first healthcare M&A

transaction the day after he arrived at the firm
and his practice has focused on healthcare matters ever since. Within that space, Scott has represented healthcare providers, including individual hospitals, local and regional
healthcare systems and some of the country’s largest owners and operators of hospitals and other healthcare facilities; underwriters and
other financial institutions; pharmacy benefit management companies; and other companies
in the healthcare industry. His work includes the acquisition, divestiture and joint venturing of hospitals, surgery centers, imaging centers and other provider facilities, as well as PBMs; the merger of publicly and privately owned healthcare companies; leveraged buy outs; and an array of public and private financings. In addition to his healthcare transactional experience, Mr. Rayson frequently works with high-profile corporations

to secure tax and other incentives in connection with the relocation of their headquarters or their development and expansion of major manufacturing facilities. He also represents

the Tennessee Titans and had a major role in relocating the franchise from Houston to Nashville and the development of Nissan Stadium. Mr. Rayson earned his J.D. in 1981 from Washington and Lee University Law School. He earned his A.B. in 1978 from Duke University.

Warren E. Ross

Warren E. Ross, M.D. is a Senior Client Partner in the Philadelphia office of Korn Ferry International, representing the firm’s Global Healthcare Services Market. Dr. Ross is a nationally recognized physician executive who lends deep industry knowledge to his senior search assignments. He led the successful financial and academic turnaround of the Drexel School of Medicine (formerly MCP Hahnemann). Previously, Dr. Ross served as executive associate dean at the University of Florida’s College of Medicine, and then as chief executive officer of the University of Florida Health System. In this role, he led the strategic direction of the academic medical center’s clinical enterprise, including mergers and acquisitions, network development, and managed care strategy. In his role at the University of Florida, he oversaw the acquisition of the Av Med Health System, a five-hospital group that dramatically expanded the strategic footprint of the University’s teaching and research programs. Mr. Nemzoff was hired at the time by Dr. Ross and served as the Project Director and Lead Negotiator on the transaction. Dr. Ross is board certified in internal medicine and medical oncology and is a member of the American Society of Clinical Oncology.

Russ Rudish

Mr. Rudish is President and CEO of Rudish Health, which provides executive search; interim management; and strategic, financial and IT advisory services. Rudish Health also assists small and mid-cap companies with strategy, financing, sales and marketing. Mr. Rudish has more than 30 years of experience serving the healthcare industry and has enduring relationships with major healthcare organizations both in the United States and abroad. Through May of 2014, Mr. Rudish was Vice Chairman and U.S. Global Health Care Leader for Deloitte Touche Tohmatsu Limited, the world’s largest professional services firm. Before joining Deloitte in 2006, he was Executive Vice President of Eclipsys Corporation, a healthcare clinical and financial software vendor. Prior to that, Mr. Rudish was at Cap Gemini Ernst & Young and its predecessor firm, Ernst & Young, LLC. for 20 years, where he was the National and Global Director of the Health Care Practice. EY has the largest hospital audit practice in the United States.

Michael J. Sarro

Michael J. Sarrao has represented one of the nation’s largest health systems, as general counsel; serving as chief legal officer in the acquisition and financing of multiple hospitals with total consideration in excess of $750 million. His representation extended to handling disputes involving health plans, independent practice groups, insurance companies, regulatory agencies and billing reimbursement.


Mr. Sarrao focuses on the representation of healthcare systems, hospitals and medical groups in myriad healthcare matters including anti-fraud and compliance matters, heath information privacy matters, managed care disputes, Medicare and Medicaid reimbursement matters, mergers and acquisitions licensure and accreditation matters, physician relations/ medical staff issues, contracting, labor and employment matters, and risk management services for medical malpractice matters.

Kristy Waters

Kristy L. Waters is a seasoned healthcare operations and finance executive known for developing solutions to problems and leading teams that quickly and efficiently identify, evaluate and execute on value added change from small to large enterprises. Her career has spanned stand-alone hospitals to senior level corporate leadership roles under for-profit and not-for-profit faith-based capital structures. She is well recognized for understanding the needs of individual entities as well as system requirements to improve operating margins, efficiency, and outcomes.


Ms. Waters worked for nearly 20 years at Tenet Healthcare Corporation, where she served in a variety of executive leadership positions including senior vice president of performance management and innovation, as well as Regional CFO for Tenet’s Southern and Texas Regions, where she managed the overall fiscal performance of the region, made of up 14 to 16 acute care hospitals and various non-hospital entities. Prior to joining Tenet, she was a facility then regional CFO within Bon-Secours Health System serving South Carolina and Florida Markets for fourteen years. She currently provides assistance as a subject matter expert in a myriad of hospital operations finance and throughput opportunity identification and implementation of improvement plans.

Richard Wright

Mr. Wright has been an executive in the healthcare industry for over 40 years. He served as a senior executive for Universal Health Services, Inc. (UHS) from 1978 – 2013 and spent eight years with its predecessor company, American Medicorp. During his tenure at UHS, Mr. Wright held positions as CEO of two acute care hospitals in Florida and Texas, Senior Vice President of the Acute Care Division, Vice President of Development and President of UHS Building Solutions. In this capacity as Vice President of Development, he led the acquisition/divestiture process for more than 35 transactions valued over $2 billion and developed strategic initiatives for acute care hospitals. His transaction experience includes: the acquisition of George Washington University Hospital in partnership with the University, acquisition of a nine county health system subject to public referendum, took a three hospital system in California through Chapter 363 bankruptcy and developed a six hospital healthcare system in South Texas. Mr. Wright also has vast experience in the design/build of acute care hospitals. Following UHS, Mr. Wright formed Allergy Services of America LLC, Wright Transactions Advisors LLC, Fusion Health Partners, and served as an Advisor to Brookfield Asset Management Inc. and Senior Advisor to Blue Wolf Capital Partners. Mr. Wright has served on many hospital boards throughout his career and is a former board member for Modern MD Urgent Care in New York.