Jerry M. Chang, CFA is a Senior Managing Director at Ankura, based in Atlanta. He has over 25 years of experience in valuation and transaction advisory across several industries, including healthcare, aerospace/defense, Internet, and technology. Jerry specializes in the valuation of businesses, assets, ownership interests, financial instruments, and service arrangements for a variety of purposes, including mergers and acquisitions, strategic partnerships, regulatory compliance, tax compliance, corporate restructuring, litigation/arbitration support, and strategic planning. Jerry has served as an expert witness in federal, state, arbitration, and regulatory cases, as well as an external financial advisor and expert to several state attorneys general related to nonprofit conversion transactions across the US. Jerry’s representative professional experience includes:
Jerry’s representative professional experience includes:
- Served as a valuation and financial advisor to a client related to the acquisition of multiple business entities and related assets. Assistance included valuation of businesses, assets, and service agreements for transaction planning and regulatory compliance purposes, as well as financial modeling services and negotiation assistance.
- Served as a valuation advisor to a client contemplating a strategic joint venture with a business unit of another business entity. Assistance included valuing two businesses to ascertain the relative fair market value split between the two potential joint venture partners.
- Assisted a special healthcare district’s board of directors with sell-side advisory and performed a fairness opinion related to the sale of a health plan business and related assets to a strategic buyer. Jerry is a FINRA-registered representative with Ankura Capital Advisors, LLC (Series 63 and 79).
- Served as a valuation and financial advisor to a state attorney general related to a for-profit company acquiring a nonprofit entity, which helped the attorney general decide whether the nonprofit entity was selling its assets for full and fair market value, as well as the appropriateness of other transaction provisions. Jerry has worked on projects requiring state attorney general review in various states, with experience as an expert for the state attorney general and for transacting parties applying for attorney general review and approval.
- Serving as preferred valuation advisor to a multi-national defense company for financial reporting (FASB ASC 805/350) and tax compliance purposes. Assistance includes valuing various businesses and a wide variety of marketing, customer, contract, and technology-related intangible assets.
- Served as a business valuation expert witness in a federal court case. Assistance included writing a Rule 26 report, providing a deposition, and court testimony. Jerry has served as a healthcare valuation expert witness in over fifteen (15) state, federal, and/or arbitration court cases.
- Served as the director of corporate development for a profitable, publicly-traded Internet company focused on external growth initiatives, including mergers and acquisitions and strategic partnerships.
- News & events
- “Navigating Safely Through the Marketing Arrangements Minefield”; Co-Presenter at the American Health Lawyers Association (AHLA) Fraud and Compliance Forum, September 2019
- “The Rapidly Evolving U.S. Cancer Treatment System: Where is it Headed?”; Expert Presenter on latest valuation and transaction trends at a cancer care symposium co-sponsored by Gibbons Law Firm, Withum Smith & Brown, and Navigant Consulting, January 2017
- “The True Value of Community Benefit Activities – When is an Ounce of Prevention Really Worth a Pound of Cure?”; Co-Presenter at the American Health Lawyers Association (AHLA) Tax Issues for Health Care Organizations Conference, October 2015
- “Hot Health Care Valuation Topics from the Front Lines”; Co-Presenter at the 2014 Cincinnati Bar Association Health Care Law CLE Program, December 2014
- “Fast Trends and Valuation Considerations for Physician Alignment, Compensation, and Related Transactions”; Co-Presenter at the Health Care Compliance Association’s (HCCA) Southwest Regional Annual Conference, February 2014
- “Tackling Tough Issues in Hospital and Physician Transactions”; Co-Presenter at the Illinois Association of Healthcare Attorneys (IAHA) 31st Annual Health Law Symposium, November 2013
- “Valuation Trends Offer Guide to Payer Strategy”; Pulse Magazine (Navigant Healthcare Quarterly Publication) and related webinar, October 2013
- “Current Valuation Topics in Healthcare Transactions from Legal and Financial Perspectives”; CoPresenter at the inaugural American Health Lawyers Association (AHLA) Healthcare Transactions Program, April 2013
- “Evolving Physician Compensation and Asset Valuation Compliance Issues”; Co-Presenter at the 16th Annual Jones Day/Navigant Consulting Health Care Compliance Forum, October 2012
- “Masters Class: Tackling the Tough Issues in Transaction and Physician Arrangements”; Panelist at the 16th Annual Jones Day/Navigant Consulting Health Care Compliance Forum, October 2012
- “Evaluation and Valuation: Key Considerations When Analyzing a Potential Public Health System Transaction”; Co-Presenter on American Health Lawyers Association (AHLA) Public Health System Affinity Group webinar, September 2012
- “Issues in Physician Practice Valuations: Assets and Compensation”; Co-Presenter at the 20th Annual King & Spalding Health Law and Policy Forum, March 2011
- “Ask the Experts Panel”; Panelist at the 13th Annual Jones Day/Navigant Consulting Health Care Compliance Forum, October 2009
- “Healthcare Valuation Issues Related to Transaction Planning and Regulatory Compliance”; Continuing Legal Education (CLE) presentation to Delnor-Community Hospital and Chicago Compliance Consortium, July 2009
- “Healthcare Valuation Issues Related to Transaction Planning and Regulatory Compliance”; Continuing Legal Education (CLE) presentation to HealthSouth Corporation, June 2009
- “Healthcare Valuation Issues Related to Transaction Planning and Regulatory Compliance”; Continuing Legal Education (CLE) presentation to the University of Kentucky HealthCare System, February 2009
- “Understanding Fair Market Value”; Presenter at the University of Kentucky HealthCare Corporate Compliance Conference, November 2008
- “Hospital-Physician Joint Venture Models and Valuation Considerations Post Stark/IDTF Changes”; Co-Presenter at the 12th Annual Jones Day/Navigant Consulting Health Care Compliance Forum, October 2008
- “Fair Market Value: What Does It Mean and What Lawyers Should Know?”; Co-Presenter at the 10th Annual Jones Day/Navigant Consulting Health Care Compliance Forum, October 2006
- “Navigating Fair Market Value (Safely) in the Healthcare Industry”; Valuation Viewpoints (Navigant Capital Advisors quarterly newsletter), 2006
Insights & innovation
- “Valuation Trends Offer Guide to Payer Strategy,” Pulse Magazine (Navigant Healthcare Quarterly Publication) and related webinar, October 2013, Co-authored with John Leary