Compliance Risk Analyzer business unit of DoctorsManagement has been sold to VMG Health

Chicago, Illinois – January 16, 2024; City Capital Advisors, a Chicago-based middle market investment bank, is pleased to announce that it acted as the exclusive financial advisor to DoctorsManagement in the sale of its Compliance Risk Analyzer (CRA) software division to VMG Health.

About the Transaction

Compliance Risk Analyzer (CRA) is a suite of software-based auditing and predictive analytics tools developed by industry experts Frank Cohen and Scott Buchanan. These tools help healthcare organizations enhance coding compliance and mitigate the risk of potential recoupments and penalties.

“We are excited to have Frank, Scott, and the CRA team join VMG Health,” said Greg Koonsman,

Founder and CEO of VMG Health. “Addressing recoupments is both costly and time-consuming. CRA will further help our clients proactively identify and address areas of risk. The combination of the CRA technology with our existing expertise in billing and coding audits, training, and compliance program development will ensure VMG Health can meet the ever-changing needs of our clients.”

The software supports risk-based auditing by analyzing billing and coding patterns in healthcare organizations. CRA offers clients a comprehensive solution for assessing risk in both outpatient and inpatient billing to establish best-in-class compliance programs tailored to their needs.

“DoctorsManagement supported the initial build of the CRA platform, and that partnership was both positive and transformative,” said CRA Founder Frank Cohen. “VMG Health is the right next partner for us as we seek to expand into more health systems and accelerate our product development. This combination will empower us to deliver even greater value to our clients.”

About DoctorsManagement

DoctorsManagement is a full-service consulting firm that helps physicians and healthcare professionals increase profits and productivity, mitigate compliance risk, and reduce stress for providers and staff.

About VMG Health

VMG Health is a leading full-service healthcare compliance, strategy, and transaction advisory firm. VMG Health is owned by VMG Health employees and Northlane Capital Partners (NCP). NCP invested in VMG Health in March 2020.

About North Lane Capital Partners

Based in Bethesda, MD, NCP is a middle market private equity firm focused on key segments within the healthcare and business services sectors, where its principals have invested more than $1.6 billion of equity capital. NCP’s strategy is to partner with industry leading companies and great management teams, aligning incentives to accelerate growth and build value. For more information, please visit

About City Capital Advisors

City Capital Advisors, a FINRA registered broker-dealer, is a results-oriented investment banking advisory firm. Each of City Capital’s Managing Directors has more than 20 years of investment banking experience, offering clients the judgment and transaction management expertise honed from successfully executing more than $60 billion of collective merger and capital market transactions. Client engagements are managed exclusively by experienced senior investment bankers, allowing business owners to capture maximum value for their companies and to exceed shareholder objectives.