Get to Know Us

Rex Burgdorfer has over two decades of investment banking and strategic financial advisory services experience.  He has advised all forms of nonprofit hospital systems on M&A transactions, including academic, community 501(c)3, faith-based, and local government entities.  Rex was previously with Morgan Stanley and holds an MBA from the Kellogg School of Management at Northwestern University.

Rex sits on the faculty of The Governance Institute, the investment committee of Purple Arch Ventures, and has guest lectured at Kellogg on microeconomic auction theory and pricing strategies in change-of-control transactions.

Select Publications

• “Dealmaking in the Sunlight: Navigating Public Hospital M&A.”  McDermott Will & Emery. June 2020.
• “The Growing Role of Attorneys General in Hospital M&A.” Healthcare Law & Compliance Institute. March 2019.
• “Regulatory Implications for Change of Control in Hospital M&A.” The Governance Institute. December 2018.
• “Demonstrating Fairness in a Market Approach to Hospital M&A.” The Governance Institute. September 2018.
• “Valuing the Troubled Hospital.” The Governance Institute. June 2018.
• “Acquisition Currencies in Non-Profit Hospital M&A.” The Governance Institute. March 2018.
• “A Year of Change for Community Hospitals.” The Governance Institute. December 2017.
• “Is Healthcare a Charity, Social Service, or Business? Community Hospital Board Members Contemplate Their Role.” The Governance Institute. September 2017.
• “Membership Substitution Transactions: Why Are They So Misunderstood” The Bond Buyer. February 2017.
• “Do Hospital Affiliations Risk Becoming the Next Brexit?”  Becker’s Hospital Review. July 2016.
• “Defending the Deal: The Attorney General Review Process in Nonprofit Hospital Conversions.” AHLA Connections. April 2016.
• “What Today’s Hospital Leaders Can Learn from ‘Downton Abbey.’” Becker’s Hospital Review. March 2016.
• “Responding to the HIT Imperative: A Guide for Independent Hospitals.” HFM Magazine. February 2016.
• “The Rise of Hospital Joint Ventures.” Waller Lansden. April 2015.
• “Continuing a Non-Profit Hospital’s Charitable Mission through Mergers and Acquisitions.” The Governance Institute. April 2015.
• “Critical Issues in Hospital Mergers and Acquisitions.” McDermott Will & Emery Special Report. September 2014.
• “The Expanding Range of Strategic Alternatives Available in Hospital System Mergers and Acquisitions.” The Governance Institute. August 2014.
• “Hospital Merger and Acquisition Transactions: A Focus on Retiring Liabilities.” The Governance Institute. October 2013.
• “Hospital and Health System Transactions: 10 Key Legal and Business Issues.” American Law Institute. May 2013.
• “Michigan is a hotbed of acquisition activity.” The Healthcare Investor. November 2012.
• “Current Trends in Hospital Mergers and Acquisitions.” Healthcare Financial Management. March 2012.
• “20 Best Practices for Healthcare M&A.” Becker’s Hospital Review. January 2013.
• “Community Considerations for Hospital Transactions.” The Governance Institute. September 2011.
• “Hospital Consolidation Trends in Today’s Healthcare Environment.” The Governance Institute. Standalone White Paper. Summer 2010.

Jordan Shields has been with Juniper since 2011 and has 25 years of experience advising not-for-profit hospitals and universities on strategic and financial issues. Prior to Juniper, Jordan was a member of the health system advisory groups at Navigant and Ernst & Young.

Jordan holds an MBA from the Kellogg School of Management, where he was named Top Student in Health Industry Management by the faculty. He earned his BA from Bowdoin College where he was awarded Honors in Economics for his work measuring the impact of tax exemptions on not-for-profit organizations.

Select Publications

• “Provider Realignment Post-Pandemic.” Board Room Press, The Governance Institute. June 2020.
• “Assessing Hospital Preparedness for COVID-19 by Affiliation Status.” Juniper Advisory. May 2020.
• “Public Hospitals and Partnerships.” Trustee, American Hospital Association. February 2018.
• “Navigating Successful Health System Integration.” Trustee, American Hospital Association. September 2016.
• “Do Hospital Affiliations Risk Becoming the Next Brexit?” Becker’s Hospital Review. July 2016.
• “3 Compensation Structures for a More Successful Transaction.” Becker’s Hospital Review. November 2015.
• “The Expanding Range of Strategic Alternatives Available in Hospital System Mergers and Acquisitions.” The Governance Institute. August 2014.
• “Protecting Corporate Value in Affiliation Transactions.” Healthcare Financial Management. April 2014.
• “Developing a Hospital Transaction Strategy and Process.”  Juniper Advisory/McDermott Will & Emery White Paper.  October 2013.
• “Parallel Paths to Realignment: Consolidation in Commercial Banking Offers a Glimpse of Health Care’s Future.”  Trustee, American Hospital Association. October 2013.
• “Is Bigger Always Better? Exploring the Risks of Health System Mega-Mergers.”  Becker’s Hospital Review.  March 2013.
• “Current Trends in Hospital Mergers and Acquisitions.”  Healthcare Financial Management.  March 2012.
• “Protecting Corporate Value during an Ownership Transition.”  The Governance Institute.  January 2012.
• “Community Considerations for Hospital Transactions.”  The Governance Institute.  September 2011.
• “Consolidation Transactions: Will They Make a Comeback?”  The Governance Institute.  July 2011.

Brent McDonald has over 25 years of experience leading development, strategy, investment banking and legal teams to accomplish the strategic goals of national, regional, and community-based healthcare organizations. He was previously Head of Healthcare Strategic Advisory at Bank of America Merrill Lynch, with responsibility for all not-for-profit healthcare M&A coverage at the firm. Prior to joining BofAML, Brent led the Acquisition & Development department at Tenet Healthcare Corporation, serving as a key member of Tenet’s executive team, advising on strategic direction and responsible for execution of the company’s strategic transactions. Earlier in his career, Brent practiced law at Norton Rose Fulbright with an active practice in healthcare, tax, non-profit, private equity and corporate M&A law.

Brent earned a B.B.A. (Accounting) from Baylor University, a J.D. from Baylor School of Law and an LL.M. (Taxation) from New York University School of Law. He also completed the Harvard Business School Executive Education Program in Managing Healthcare Delivery.

Casey Webb has more than a decade of transaction advisory experience within the healthcare industry, having been involved in over 100 transactions, including acquisitions and divestitures of hospitals, physician practices, ambulatory surgery centers, dialysis centers, urgent care centers, information technology companies and other ancillary healthcare businesses. Her experience spans most phases of a transaction, including the initial strategy formulation, marketing process, due diligence and integration.

Casey was previously with Huron Consulting Group in their transaction advisory division. She graduated summa cum laude with a BS in Finance from DePaul University, with minors in accounting and economics.

Chris Benson joined Juniper after nearly 25 years at the Mayo Clinic, beginning as an Administrative Fellow and ending as Vice Chair of domestic and international provider relations. This included growing the Mayo Clinic Care Network from inception to over 35 nonprofit health systems in the United States and 11 global members across Mexico, India, China, Korea, Singapore, Philippines, Saudi Arabia, Egypt, the United Arab Emirates.

He has an unparalleled understanding of how organizations in the hospital industry can create value together short of change of control transactions.  His experience at Mayo included emphasis on clinical operations, quality improvement, cultural development and strategic collaborations.

Chris is a native of Iowa and earned a Master of Health Administration at The University of Iowa.

Dave Gordon’s entire investment banking advisory experience has been concentrated in the healthcare services industry. Prior to forming Juniper, he co-led the M&A groups of Ponder & Co. and John Nuveen & Co. Previously, he managed the healthcare services group at Piper Jaffray.

Dave holds an MBA from the University of Notre Dame.

Jamie Burgdorfer has concentrated on domestic and international M&A assignments his entire career. He has further specialized in merger work for the healthcare industry since 1992. Prior to forming Juniper, he co-led the M&A group of John Nuveen & Co. and was a member of Citigroup’s mergers and acquisitions department and the corporate finance group at A.G. Becker. Jamie is a member of the Faculty of The Governance Institute.

Jamie holds an MBA from the University of Michigan.

Adam Davis comes to Juniper Advisory with over ten years of healthcare experience. He previously was an Associate Director at Fitch Ratings, focusing on primarily health system, hospital and senior living credits, with a secondary concentration in Higher Education. He was responsible for monitoring outstanding ratings and assigning new ratings to bond issues for a portfolio of credits, while also contributing to various research pieces.

Prior to joining Fitch Ratings, Adam was an Associate at Cain Brothers, an investment bank based in New York focused on the healthcare industry. While at Cain Brothers, Adam fulfilled and led a variety of analytical functions for tax-exempt and taxable bond financings that funded new capital projects, debt restructurings, and/or acquisitions within both the hospital and senior living sectors.

Prior to Cain Brothers, Adam was a Credit Analyst at Moody’s Investors Service, focusing on a portfolio of not-for-profit health systems and hospitals, while also publishing various pieces on topics such as trends in healthcare mergers and acquisitions.

Adam earned a BA in Government and Economics at Bowdoin College and an MBA from the Baruch College – Mt. Sinai School of Medicine program in New York.

Alex Voss works on all aspects of the firm’s transaction projects, with a particular interest in helping Juniper’s rural and Critical Access hospital clients . He focuses on project management, quantitative analysis, valuations, and research. Prior to Juniper, Alex worked in Asset Management at Ariel Investments where he conducted equity research. He also worked for The Cincinnati Insurance Companies providing underwriters with damage scenario valuations.

Alex holds a BA in Public Policy with a specialization in Finance and Economics from the University of Chicago.

Duncan Cannon supports all aspect of the firm’s transactions with a focus on financial analysis and research. Duncan has a background in the higher education industry and was a Treasury Analyst at Tufts University before joining Juniper.  Prior to Tufts, Duncan worked in procurement negotiations and software analysis.

Duncan earned a BA from Bowdoin College where he majored in Government and Legal Studies, and Education, with a minor in Economics.

Ansley Murphy joins Juniper Advisory as an active Certified Public Accountant with expertise in accounting and analysis of financial data. Prior to joining the firm, Ansley was a Senior Associate at Ernst & Young, where she supervised financial audits and reviews. She has provided audit services to multinational public and private companies. At Juniper Advisory, Ansley supports all aspects of the firm’s transactions with a focus on financial and data analysis.

Ansley earned her Bachelor of Business Administration, Accounting, and her Master of Accountancy from the University of Georgia.

Edward Davis has assisted Juniper with all its financial and tax affairs since the inception of the Firm. His lifetime of experience as a Certified Public Accountant includes partnership in one of the “Final Four” U.S. public accounting firms where he specialized in accounting and tax solutions for mid-sized businesses. He also has extensive industry experience as a financial and tax executive and business owner.

Edward holds a BA degree in business administration from Texas Christian University.

Angela Adams oversees administration and manages the day-to-day office operations at Juniper. In this role, she supports Juniper’s hospital clients at all phases of the advisory process. Additionally, she provides logistical assistance to the full Juniper team. Prior to joining the firm, Angela managed the office operations for a software development company. She also has additional experience supporting C-suite professionals.

Angela holds a BA from Northern Illinois University.

Setina Hinojosa manages marketing and communications strategies at Juniper.  She has an extensive background in digital and creative fields specializing in enhancing brand visibility and engagement.  Prior to Juniper, Setina worked for Girl Scouts promoting growth, equity, and inclusion.

Setina holds a BA in Marketing and Management from Oklahoma State University.

Strategic planning has been at the forefront of Scott Becker’s leadership since taking over as Conemaugh Health System Chief Executive Officer in 2005.

A 30-year veteran of the healthcare field, Mr. Becker recently led the Conemaugh Health System through a strategic partnership with Duke LifePoint Healthcare. The acquisition resulted in an over $500 million dollar investment in the Conemaugh Health System to strengthen Conemaugh’s operations and enhance its ability to thrive in the future.

Mr. Becker previously served as Vice President, Hospital and Mid-Market Sales with Highmark Blue Cross Blue Shield in Pittsburgh. Prior to that, he held top leadership positions at the University of Pittsburgh Medical Center (UPMC) Health System, where he served as Chief Operating Officer of the Hospital Division. Career highlights also include his role as President and Chief Executive Officer of Butler Regional Health System and Chief Operating Officer of Monongahela Valley Hospital.

Mr. Becker is active at the local, regional and national level serving on numerous advisory boards including The Hospital & Healthsystem Association of Pennsylvania (HAP) where he was recently elected Chair-Elect. In addition to his community service, Mr. Becker is a frequent speaker at the national level on healthcare strategic planning and quality.

Recently honored with the Boy Scouts of America’s Laurel Highlands Council Distinguished Citizen Award for outstanding service to the community, Mr. Becker has served as Junior Achievement Hall of Fame Dinner Committee Chair, Chairman of the Fund-Raising Campaigns for the United Way of the Laurel Highlands and the Pennsylvania Special Olympics Winter Games. He has also served on numerous community boards including the Community Foundation for the Alleghenies, the Pennsylvania Trauma Systems Foundation, Hospital Council of Western Pennsylvania, the Board of the United Way of the Laurel Highlands, the University of Pittsburgh at Johnstown Advisory Board and the March of Dimes.

Mr. Becker holds master’s degrees in public health and business administration from the University of Pittsburgh and a bachelor’s degree in economics from Washington and Jefferson College. He served as an academic preceptor for a variety of Graduate Public Health Programs including programs at the University of Pittsburgh, Robert Morris University, West Virginia University and the University of Minnesota. He is currently a Fellow in the American College of Healthcare Executives.

Ernest Braxton is a clinical leader in the areas of medical quality and health care administration. He is currently Partner and Board Member at Vail Summit Orthopedics and Neurosurgery and serves as a team physician for both the US Ski and Snowboard Team and the USA Nordic Team. Prior to this he was the Chief of Neurosurgery at San Antonio Military Medical Center (SAMMC). SAMMC is the Department of Defense’s largest medical treatment facility and has the highest acuity and volume of any hospital in our military health system.

Dr. Braxton is a graduate of the United States Air Force Academy and an Afghanistan war veteran with extensive experience caring for complex combat injuries during Operation Enduring Freedom. During his military service he was the Theater Neurosurgeon In Charge while deployed in Afghanistan where he contributed to the 96% survivability rate for incoming wounded.  While working in a combat zone he acquired extensive experience with blast and traumatic brain injuries, complex spinal fractures resulting from high-energy improvised explosive devices (IEDs), as well as the logistical responsibility for managing neurotrauma patients in medically austere environments.

He completed medical school at the University of Pennsylvania and neurosurgical residency at Allegheny Health Network in Pittsburgh. While in Pittsburgh, he earned his MBA from the Tepper School of Business at Carnegie Mellon University (MBA) and rang the opening bell at the NASDAQ for his accomplishments in the field of entrepreneurship. Dr. Braxton currently serves as a consultant to several leading medical device companies in the field of surgeon education and technology innovation.

Ernest is an actively practicing board certified neurosurgeon and serves on the medical quality assurance board at the Vail Valley Surgery Center. He is a regular contributor and panelist for Becker’s Healthcare and has authored numerous peer-reviewed publications. Use this link to view publications by Dr Braxton.

When out of the OR, he is a champion for the prevention and management of brain injury and for improving medical quality in rural health care systems.

George Brown led Portland’s eight-hospital Legacy Health for nine years where he oversaw record growth, increasing net revenue by $1 billion during his tenure.  As CEO, Brown expanded into health insurance, developed the system’s urgent care offerings, led the addition of Randall Children’s Hospital and partnered with other Portland health systems to create the Unity Center for Behavioral Health.  Additionally, Brown oversaw Legacy’s efforts to address homelessness, leading a group of five other Portland health organizations to fund a new clinic, mental health and addiction services, employment assistance and build 379 units of housing.

During his time at Legacy, the system grew to eight hospitals from six, achieved the largest market share in northwest Oregon and expanded its workforce by 40 percent to 12,000 employees, including significant medical staff growth. Brown’s tenure at Legacy was marked by high physician satisfaction and patient quality outcomes. Legacy also added 20 urgent care clinics under the Legacy-GoHealth banner.

Brown came to Legacy from MultiCare Health System in Tacoma, where he served as COO, after a long career as a gastroenterologist and service in the military. He received his medical degree from Boston University School of Medicine, a year after he became a First Lieutenant in the U.S. Army. He retired from active-duty service as Brigadier General.

Brown serves on the Boards of the Marshfield Clinic Health System, one of the largest private, multispecialty group practices in the United States, and PacificSource Health Plans, serving members in Montana, Idaho, Washington and Oregon.  He is a Fellow of the American College of Physicians and a member of the Alpha Omega Alpha Honor Medical Society and the American College of Healthcare Executives.

Dr. Fanton is an American historian and President Emeritus of the American Academy of Arts & Sciences. Before coming to the Academy, he served as Interim Director of the Roosevelt House Public Policy Institute at Hunter College. From 1999 to 2009, Dr. Fanton was President of the John D. and Catherine T. MacArthur Foundation, and for seventeen years was President of The New School for Social Research. Earlier in his career, Dr. Fanton was affiliated with the University of Chicago and Yale University, where he was Special Assistant to President Kingman Brewster.

Dr. Fanton has long been associated with charitable and development organizations and has chaired the Human Rights Watch, Security Council Report, the Union Square Local Development Corporation, and the Commission of Independent Colleges and Universities in New York. Dr. Fanton is currently on the boards of Scholars At Risk, World Refugee and Migration Council, American University Afghanistan, European Humanities University and the American Exchange Project. He is currently a Senior Fellow at Hunter College.

Ray Grady is an accomplished administrator experienced in the governance,  management and education of healthcare professionals.  He is a strategic and operations-oriented leader who served most of his career with NorthShore University HealthSystem where he was CEO of the flagship Evanston Hospital. He has also served as Chief Administrative Officer at Aurora Health Care located in Milwaukee, Wisconsin. Most recently, he served as the CEO of Methodist Hospitals which serves the Gary/Merrillville market in Northwest Indiana. In these roles, Ray built a track record of leading change, building alliances, and driving results.

His experience in integrated health systems, community hospitals and safety net hospitals has earned him recognition for partnering with community stakeholders, clinical professionals and regulatory agencies. He has experience in building quality and diversity into the strategic plans of healthcare organizations.

Ray has served on the boards of the American Hospital Association, the Illinois and Indiana Hospital Associations and the Commission on Accreditation of Healthcare Management Education.  He has also served on hospital boards in Illinois and Ohio while those organizations were undertaking merger and acquisition discussions.

Mike Hemsley was most recently Deputy General Counsel for Trinity Health, one of the largest health systems in the US; consisting of 20 non-profit Regional Health Ministries operating more than 90 hospitals as well as sub-acute health care facilities and businesses across the continuum of care in 21states. Prior to its 2014 merger into Trinity, Mr. Hemsley served as Executive Vice President and General Counsel for Catholic Health East, a similarly structured multi-state health care system. His practice involved him deeply in the structuring and execution of over 20 corporate health system strategic corporate acquisitions and divestitures as well as in system governance authorities and relationships.

For several years he also served as CHE’s Corporate Compliance Officer providing oversight and guidance to Regional Compliance Officers and Boards across its regional subsidiaries. Prior to joining CHE, Mr. Hemsley spent more than 20 years in private practice, last as a partner and Chair of the Health Law Department at Wolf, Block, LLP.

Hemsley serves on the board of Saint Joseph’s University  (SJU) in Philadelphia, PA.   Prior to  its 2022 merger into SJU he served on the Board of the University of the Sciences as its Vice Chair, Chair of its Governance and Trustee Committee, and of its Strategic Partnering Steering Committee.

Mr. Hemsley is a member of the American Health Lawyers Association, the Pennsylvania Bar Association and the District of Columbia Bar Association. A certified healthcare compliance professional, Mr. Hemsley is a member of the Health Care Compliance Association where he served as a board member and officer. A lecturer and author, he was a principal drafter of Corporate Responsibility and Corporate Compliance: A Resource for Health Care Boards of Directors, and two subsequent companion Healthcare Board Educational Resource publications, each sponsored by the American Health Lawyers Association and the Office of Inspector General of the U.S. Department of Health and Human Services.

Mr. Hemsley has also served as a member of the adjunct faculty at his alma mater St. Joseph’s University, Philadelphia, PA., received a Master of Arts in Legislative Affairs from The George Washington University, Washington, D.C., and his law degree from Villanova University School of Law.

With expertise in business development, strategy, and turnaround work, Karen Teitelbaum is a nationally recognized leader focused on ensuring corporate viability and growth through driving operational excellence and transformation of care.

As the immediate past President/Chief Executive Officer of Sinai Chicago, the city’s largest private safety net healthcare system with over $1 billion in revenues, Karen oversaw a successful turnaround of financial, philanthropic, and operational performance. Results to date show a year-over-year improvement profitability, taking the organization from a loss of $42 million to a profit of $32.6 million, improved EBIDA from a negative $14.8 million to a positive $55.6 million and increased philanthropy from $2.3 million annually to $13.5 million. Karen previously served as the Executive Vice President/Chief Operating Officer, overseeing the integration into the System of a private hospital. During her time at Sinai Chicago, she formed strategic relationships with non-healthcare partners, creating assets in underdeveloped urban areas.

Karen is a board member of Advantia Health, serving as Chair, Compensation Committee and as a member of the Quality Committee.  Advantia is a privately held, growth-oriented company committed to transforming women’s health services facilitated by technology and best practices in quality and operations.  Karen serves on the Commercial and Operating Committee as a board member for Surgical Solutions, a portfolio company of Grupo Vitalmex, S.A., providing sterile processing solutions to enhance operating room efficiency, quality, and physician satisfaction.  She also is on the board of Ingenovis Health, a family of forward-thinking healthcare companies with expertise in staffing. She served as Board member/Global Health Advisor for Blink Science, a biotechnology and digital startup providing instantaneous diagnosis of Covid-19.   Karen is a Senior Adviser to TVM Capital Healthcare Partners, an emerging markets-focused healthcare private equity investment firm focused in Southeast Asia and Middle East/North Africa.  She joined Creative Destruction Lab (CDL) as a mentor.  A nonprofit organization, CDL delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. CDL mentors include accomplished entrepreneurs, operators, and investors.

Karen serves on civic, state, and national boards. She was the 2021 Chair of the Illinois Health and Hospital Association Board, having served as Chair of the Finance Committee and a member of the Executive, Governance and Health Equity Committees. Karen is a board member of America’s Essential Hospitals, serving on the Governance Committee and having chaired the Board Equity work group.  Previous work includes American Hospital Association task force participation in maternal-fetal health. She is a Visiting Lecturer at Kenya Methodist University in Nairobi.

Awards include “One of 10 Business Leaders to Watch in 2020” by the Chicago Tribune, twice named to Crain’s Chicago Business “Notable Women in Chicago Healthcare” list, the Weizmann Institute “Women of Science” award, a recipient of the National Medical Fellowship “Leadership in Healthcare” award, and the 2021 awardee of “Leadership in Healthcare” for the Chicago Health Executives Forum.   She is a member of the Chicago Network, the Commercial Club of Chicago, the Economic Club of Chicago, and Kellogg Executive Women’s Network.

Karen holds an MBA from Northwestern University, J.L. Kellogg School of Management.  She is a frequently requested national speaker, world traveler, avid bicyclist, and cook.  She resides in Chicago.

John Kosanovich is a healthcare CEO with over 40 years of leadership and consulting experience. He spent 20 years (1995-2015) as CEO of Watertown Regional Medical Center in Watertown WI leading it thru an organizational transformation. John has focused his career on developing strategies and innovative ways to enhance the value of the organizations and communities he serves. He has served on the Boards of the Wisconsin Hospital Association (WHA), Rural Wisconsin Hospital Cooperative and Voluntary Hospitals of America (VHA).

John holds an MBA from the University of Wisconsin and is a Life Fellow of the American College of Healthcare Executives (ACHE). Born and raised in WI, he currently resides in FL.