Daryl P. Johnson

daryl johnson healthcare appraisers


Managing Partner

Mr. Johnson is the Managing Partner and Co-Founder of HealthCare Appraisers.  He has over 30 years of valuation, financial and operational experience, with more than 25 years of experience in the healthcare sector, focusing primarily on any type of agreement or compensation arrangement which may have Stark and/or Anti-Kickback implications.  Prior to founding HealthCare Appraisers, Mr. Johnson served as the chief financial officer and chief operating officer of a national, publicly traded, cancer management company and the chief operating officer of a national, neuro-musculoskeletal physician management company.  Mr. Johnson has also been responsible for the development and operation of a national network of outpatient bone marrow transplant centers; clinical trials programs; clinical laboratories; ambulatory surgery centers; imaging centers; and physical therapy programs.

Mr. Johnson is a Certified Valuation Analyst (CVA) and holds a Master of Accountancy degree.  He is a member of the National Association of Certified Valuators & Analysts (NACVA) and the Medical Group Management Association.  He is a frequent speaker and author on healthcare valuation topics.

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  • Presentation – What’s Your Worth? Practice Valuation, OEIS Third Annual National Scientific Meeting, Fontainebleau Hotel, Miami Beach, FL, April 16, 2016.
  • Presentation – Healthcare FMV Issues, co-presented with Scott Safriet, MBA, CVA, Partner, HealthCare Appraisers, Inc.  Corporate Responsibility: Imagine the Possibilities Conference, hosted by Catholic Healthcare Initiatives, June 3, 2015, Lone Tree (Denver), CO.
  • Presentation – Issues and Update – Valuing Hospital/Physician Transactions, co-presented with Kevin Obletz, JD, Manager, HealthCare Appraisers, Inc., Hall Render Practical Health Retreat 2015, Marco Island, FL, February 28, 2015.
  • Panel Discussion Member  – Valuing Oncology Transactions, with Alan Einhorn, JD, Of Counsel, Foley & Lardner, LLP, Cancer Center Business Summit 2014, Chicago, IL, November 7, 2014.
  • Panel Discussion Member – Key Regulatory Issues Impacting ASCs, with Jason Caron, Partner, & Danielle Golino, Associate, McDermott Will & Emery, 2014 ASC Symposium, hosted by McDermott Will & Emery, Miami Beach, FL, February 21, 2014.
  • Panel Discussion Member – Valuation Issues in Oncology Business Transactions, with Alan Einhorn, JD, Foley & Lardner, Cancer Center Business Summit 2013, October 25, 2013, Chicago, IL.
  • Presentation – How to Determine Commercial Reasonableness of Hospital-Physician Compensation Arrangements co-presenter with Marc Goldstone, VP & Associate General Counsel, Community Health Systems, Inc., and Daniel Melvin, Partner, McDermott Will & Emery, LLP, AHLA Physicians Organizations Law Institute, February 11, 2013, Phoenix, AZ.
  • Panel Discussion Member – FMV and Commercial Reasonableness – The Year in Review and a Look Ahead with Joseph Wolfe, Esq., Hall Render Killian Heath & Lyman, PLLC,, and Gregory Anderson, Partner, HORNE, LLP, moderator. AHLA Physicians Organizations Law Institute, February 11-12, 2013, Phoenix, AZ.
  • Presentation – Physicians and Fair Market Value, Practical Counsel Retreat 2012, Hosted by Hall Render Killian Heath & Lyman, PLLC, Phoenix, AZ, November 2, 2012.
  • Webinar presentation– How to Read a Valuation-A Lawyer’s Guide, American Bar Association Health Law Section, January 19, 2012.
  • Webinar Roundtable Discussion Member – Fair Market Value and Commercial Reasonableness in Hospital/Physician Transactions, Hosted by American Health Lawyers Association (AHLA), January 3, 2012.
  • Panel Discussion Member – Successful Hospital-Oncologist Alignment Models, Cancer Center Business Summit 2011, Chicago, IL, October 14, 2011.
  • Presentation – Current Issues in Establishing and Defending FMV Compensation, co-presenter with Art deVaux, Esq., Hall Render Killian Heath & Lyman, P.C.  HCCA 2011 Compliance Institute, Orlando, FL,
    April 13, 2011.
  • Presentation – Establishing FMV in Physician-Hospital Affiliations. Business Models for Successful Physician Collaboration, Hosted by Provena Health, Joliet, IL, April 8, 2011.
  • Presentation – Health Care FMV Issues. Practical Health Retreat 2011, Hosted by Hall, Render, Killian, Heath & Lyman, PC, Marco Island, FL, February 25, 2011.
  • Webinar Moderator – FMV Implications from the Bradford Ruling. HealthCare Appraisers Webinar, January 26, 2011.
  • Webinar Co-Presenter- The Tuomey Case:  Lessons Learned…and Lessons to Come? Webinar hosted by AHLA, Oct 28, 2010.
  • Webinar Presentation-  Practical Considerations when Determining, Documenting and Defending FMV Compensation to Physician Thought Leaders. CBI Webinar, October 19, 2010.
  • Co-presenter with Michael Blau, JD, Foley & Lardner, LLP – Aligning Oncologist-Hospital Interests through Co-Management Arrangements. 2010 Cancer Center Business Summit, Chicago, IL, Oct 7-8, 2010.
  • Webinar Co-presenter – Pricing Practice Acquisitions. The Advisory Board Company, February 4, 2010.
  • Co-presenter- The Fair Market Value Conundrum. Cancer Center Business Summit, Dallas, TX, October. 8-9, 2009.
  • Co-presenter with Michael Blau, Esq., Foley & Lardner – Fair Market Value and Health Care Compliance. Health Care Compliance Association 2009 Compliance Institute, Las Vegas, NV, April 26-29, 2009.
  • Panel Discussion with Robert Holmchick, Esq., Davis Wright Tremaine LLP – Interactive Discussion:  Fair Market Value Issues in the Case Studies. American Health Lawyers Association Operationalizing Stark: From Complexity to Reality, Baltimore, MD, March 24, 2009.
  • Presentation – Approaches to Establish and Document Fair Market Value Compensation. Center for Business Intelligence Bio-Pharmaceutical 2nd Annual Forum on Effective & Compliant Advisory Boards, Vienna, VA, March 23, 2009.
  • Fair Market Value  – With no formal fair market value guidelines imposed by the government, how “fair” is it for pharma to play by the rules?, Daryl P. Johnson, MAcc, AVA (with Ann S. Brandt, PhD) –Pharmaceutical Executive, January, 2009.
  • Presentation – Successfully Managing the Valuation Process in a Transaction, 5th Annual Physician Agreements & Ventures Conference, Chicago, IL, October 30-31, 2008.
  • Presentation – Valuing Oncology Practices, Foley & Lardner Cancer Center Business Summit, Chicago, IL, October 20, 2008.
  • Presentation – Establishing and Documenting Fair Market Value Compensation, Center for Business Intelligence Bio-Pharmaceutical and Medical Device Forum on Creating Compliant Compensation Arrangements with Physicians and Hospitals, Vienna, VA, October 15, 2008.
  • Co-presenter with Robert A. Wade, Esq., Baker & Daniels, LLP – Fair Market Value: Identifying Pitfalls and How to Avoid Them.  American Healthcare Lawyers Association and Health Care Compliance Association Fraud and Compliance Forum, Baltimore, MD, October 5-7, 2008.
  • Teleconference Co-presenter with Chris Rossman of Foley & Lardner LLP – Leading Valuation Issues Related to Physician Compensation Arrangements, Healthcare Financial Management Association,
    March 19, 2008.
  • Co-presenter with Ann Brandt, PhD Determining Fair Market Value.  Center for Business Intelligence, Pharmaceutical Marketing Compliance Congress, Jan. 29, 2008, Washington, D.C.
  • Presentation – Joint Ventures in Cancer Centers (including Stereotactic Radiosurgery).  Renaissance American Management, Inc. & Beard Group, The Fourth Annual Physician Agreements & Ventures, November 1, 2007, Chicago, Illinois.
  • Presentation – Buying, Selling, Merging and Valuation.  Foley & Lardner LLP Cancer Center Business Summit, October 26, 2007, Chicago, Illinois.
  • Presentation – 10 Leading Topics Related to the FMV Healthcare Arrangements.  2007 American Health Lawyers Association/Healthcare Compliance Association Fraud & Compliance Forum.  Key note speaker for the Fraud & Abuse Practice Group luncheon (the presentation was repeated for the HCCA luncheon).  September 2007, Baltimore, Maryland.
  • Article- Valuation of Co-Management Arrangements: Achieving Operational and Quality Improvements through Hospital / Physician Partnerships (with Ann S. Brandt, Ph.D. and Scott Safriet), Health Lawyers Weekly (a publication of the American Health Lawyers Association), Vol. 4, No. 37, September 21, 2007.
  • Presentation – Current Trends and On Call Compensation Methodologies. 2007 South Florida Hospital Healthcare Association Annual Healthcare Conference, June 2007, Ft. Lauderdale, Florida.
  • Article- Helping Healthcare Organizations Navigate the Regulatory Challenge of “Fair Market Value”. South Florida Hospital News, November 2006.
  • Article- The Fair Market Value of Physician On-Call Compensation (with Jody Lehman, Esq.).  Mississippi Headlines (a publication of the Healthcare Financial Management Association).  August 2006.
  • Article- The Fair Market Value of Physician On-Call Compensation (with Jody Lehman, Esq.).  The RAP Sheet (a publication of the American Health Lawyers Association).  June 2006, Volume 9 Issue 3.
  • Co-presenter with Jody Lehman, Esq. – What is Fair Market Value? And Why Should We Care?  Memorial Healthcare System.  May 22, 2006, Hollywood, Florida.
  • Presentation – Establishing Fair Market Value under the Anti-kickback and Stark Laws.  American Bar Association, May 19, 2006, Ft. Lauderdale, Florida.
  • Presentation ED Call and Per Diem Rate: Best Practices Session. The Healthcare Roundtable for Chief Executive Officers, March 3, 2006 in Austin, Texas.
  • Presentation – Current Trends/Methodologies for Valuing Minority and Majority Equity Interests in ASCs.  McDermott Will & Emery’s 2006 ASC Symposium, February 3, 2006, Aventura, Florida.
  • Article- Specialist Shortage Shakes Emergency Rooms; More Hospitals Forced to Pay for Specialist Care, contributing expert.  The Physician Executive, May/June 2005.
  • Presentation – Valuing Clinical vs. Administrative Time in Physician Compensation Arrangements.  HCA Valuators Symposium.  May 24, 2005, Nashville, Tennessee.
  • Presentation – Valid Minority Interest Discounts.  McDermott Will & Emery’s 2005 ASC Symposium, January 28, 2005, Aventura, Florida.
  • Article- Buying and Selling Physician Practices. Miami Medicine (the official publication of the Dade County Medical Association), April 2004.
  • Article- Surgery Group’s Deal Under Fire – Critics Assail $1.7 Million Pact with Hospital’s District, contributing expert, South Florida Sun Sentinel, Ft. Lauderdale, FL, April 18, 2004.
  • Article- Let’s Make A Deal – How Mediation Can Save Your Partnership, contributing expert. Physicians Practice (sponsored by Shands Healthcare), March 2004.
  • Article- Valuing Physician On-Call Compensation. Compensation & Benefits Review, March/April, 2004!

Practice Areas

Mr. Johnson is involved in all aspects of healthcare valuation analysis, including:

  • Medical director/thought leader compensation
  • Compensated call coverage
  • Physician employment arrangements
  • Service, management and co-management agreements
  • Equipment use (and “per use”) arrangements
  • Clinical trials and data licensure
  • Litigation Support


  • National Association of Certified Valuators & Analysts (NACVA)
  • Medical Group Management Association (MGMA)


    • University of Tennessee, Knoxville, Master of Accountancy
    • University of Tennessee, Knoxville, BSBA in Accounting (with high honors)

Prior Professional Affiliations

  • OMNA Medical Partners , Inc., Boca Raton, FL, Chief Operating Officer
    (a neuro-musculoskeletal physician management company)
  • Response Oncology, Inc., Memphis, TN Chief Operating Officer/Chief Financial Officer
    (a publicly traded cancer management company)
  • Ernst & Whinney, Nashville, TN


  • Certified Valuation Analyst (CVA), National Association of Certified Valuators & Analysts
  • CPA, Tennessee (inactive)