When health care facilities, physician groups, and other health care industry companies undergo a major strategic transactionthrough mergers, acquisitions, consolidations, private equity partnerships, joint ventures, buyouts, or affiliationshealth care transactional attorney Gary Herschman drives these important transactions to a successful closing while protecting the interests of his clients each step of the way.

A skilled negotiator in major deals of any size—small ($5-$25 million), middle market ($30-$200 million), and large ($250 million to billion-dollar deals)—Gary balances the concerns of all parties, including physician groups, hospitals and health systems, ambulatory surgery centers (ASCs), imaging centers, clinics and home health companies, lenders, investors, and state departments of health, to effectively structure and close complex deals.

Buyers and sellers benefit from Gary’s decades of experience on both the buy-side and sell-side of deals. His strategies for sellers maximize valuation, financial protections, and key clinical objectiveswith a focus on advising physicians on the intricacies of private equity partnership transactions. Gary helps physician practices, hospitals, and other health care clients sell or consolidate their businesses or enter new partnerships and affiliations, including dozens of private equity transactions over the past 10 years. He has handled these transactions in almost every state. Clients value Gary’s “real time” communications and his deep business, legal, and practical insights gained from more than 30 years of negotiating and closing deals.

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Because of his extensive knowledge of health care transactional law, Gary is frequently approached to opine on a variety of cutting-edge issues for respected industry publications, author articles, and present at association and industry conferences. He has been quoted on topics such as private equity transactions for physician groups, hospital transactions, and other health care consolidation and compliance issuesin such publications as Becker's, Bloomberg, Crain’s, Pitchbook, FierceHealthcare, Healio, Orthopedics Today, Modern Healthcare, The Medical Group Management Association (MGMA), and the New Jersey Law Journal. He also publishes articles in those publications and others, including HCCA’s Compliance Today, the Journal of Orthopaedic Experience & Innovation, Ophthalmology Management, Scale Platform Insights, the American Health Lawyers Association's (AHLA) Health Law Connections, the Large Urology Group Practice Association's (LUGPA) Practice Guidebook, and The Governance Institute's E-Briefings.

Gary has been a speaker at the following  recent industry conferences, mainly focusing on the increasing trend of physician groups entering into partnerships with private equity platforms and other large companies:

  • The American Academy of Orthopedic Surgeons (AAOS) Annual Meetings (2023 and 2024)
  • Becker's Annual Meeting on the Business and Operations of ASCS (2023 and 2024)
  • Becker’s Annual Spine, Orthopedic, and Pain Management-Driven ASC + the Future of Spine Conference (2023 and 2024)
  • The American Association of Hip & Knee Surgeons (AAHKS) Annual Meetings (2023 and 2024)
  • MedAxiom’s CV Transforum Fall 2023
  • The Outpatient Endovascular and Interventional Society (OEIS) Annual Meetings (2023 and 2024)
  • The OrthoSummit (2023 and 2024)
  • The International Orthopedic Education Network (IOEN) (formerly ICJR) Winter Meetings (2022, 2023, and 2024)
  • The American Orthopaedic Society for Sports Medicine (AOSSM) Annual Meeting (2023)
  • The Large Urology Group Association (LUGPA) Annual Meeting (2019)
  • The Denver Medical Study Group (20212023)
  • Medical Group Management Association (MGMA) (2018, 2021, and 2022)
  • American Health Care Lawyers (AHLA) (2015–2019)

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Focus Areas


Results may vary depending on your particular facts and legal circumstances.

Hospital Transactions

  • Negotiated and closed the major affiliation transaction for the Floyd Health System (in northwest Georgia) in joining Atrium Health.
  • Negotiated and closed a large New Jersey health care merger between client Kennedy Health System, located in southern New Jersey, and Thomas Jefferson University, a Pennsylvania university and health system.
  • Advised a national for-profit hospital chain on the separate acquisitions of hospitals in New Jersey, Rhode Island, and Connecticut.
  • Advised a hospital in Colorado in connection with various strategic transactions and partnerships.
  • Advised a hospital system in Missouri on multiple strategic partnerships.
  • Represented Saint Barnabas Healthcare System on the acquisition of multiple hospitals throughout New Jersey.
  • Currently representing an investor on the acquisition of hospitals in multiple states, including Florida, New York, and New Jersey.
  • Advised Coordinated Health system (specialty hospitals and clinics) in its sale to Lehigh Valley Health System.
  • Currently advising a multi-hospital health care system in the Northeast in a major affiliation transaction with one of the largest hospital systems in the region.
  • Currently advising a national anesthesia services company on a major joint venture with a large academic health system in the Northeast.

Physician Group Transactions

  • Represented The Steadman Clinic (Vail, Colorado) in its strategic partnership transaction with Orthopedic Care Partners, a private equity platform.
  • Currently advising a neurosurgery practice in the Midwest on a potential private equity partnership transaction.
  • Currently representing five orthopedic practices in the Northeast and Southwest in partnership deals with private equity-backed platforms.
  • Current advising a plastic and reconstructive surgery practice in the Northwest on a possible partnership with a private equity-backed company.
  • Currently advising two large orthopedic groups in the Midwest on MSO formation and other transactions and affiliations.
  • Advised two urology groups in the Southwest on becoming part of private equity backed platform.
  • Currently advising two separate orthopedic practices in the Mountain States region on strategic partnerships with a major private equity platform company.
  • Currently advising cardiology groups in both Missouri and Colorado on partnership deals with private equity platform companies.
  • Currently advising a large neurosurgical group in the West on MSO formation and strategic positioning for a private equity partnership.
  • Currently advising one of the largest cardiology groups in the Northeast on a potential private equity partnership transaction.
  • Currently representing medical spas in the Northeast and Southeast on potential transactions with large private equity platforms.
  • Currently advising one of the largest ENT practices on its MSO formation and negotiations with investor platforms and potential strategic acquirers.
  • Currently advising a small ENT practice in the Southeast on a partnership transaction with a private equity-backed platform company.
  • Currently representing a gastroenterology group in the West on a partnership with a private equity funded platform.
  • Currently representing different physician groups in six states on strategic affiliations with hospital systems, including PSAs, joint ventures, and clinical affiliations.
  • Advised several ophthalmology and retina groups on negotiating and closing transactions with private equity platforms.
  • Advised major dermatology groups in the Northeast on private equity transactions and other partnership transactions.
  • Counseled a gastroenterology group in the Northwest on a major private equity partnership transaction.
  • Advised a 150+ multispecialty practice in the Northeast on its strategic transaction with Optum.
  • Advised a midsize primary care group in New York City on its acquisition by the largest physician practice in the region.
  • Represented a midsize multi-specialty group in the Northeast on its strategic transaction with Optum.

Health Care Investor Transactions

  • Currently representing one of the largest regional ASC companies (with 12 centers) in its acquisitions of multiple additional surgery centers in New York and New Jersey.
  • Represented a major home health company in the Northeast on multiple acquisitions in several states over the years, which is now one of the largest providers in the region.
  • Currently advising one of the largest national anesthesiology companies in connection with acquisitions and strategic joint ventures in multiple states.
  • Currently advising a national radiology company investor in connection with several add-on acquisitions.
  • Represented an investor-based platform in connection with the consolidation of fertility practices across the country.


Listed in:

  • The Best Lawyers in America, Health Care Law (2010 to 2024); "Lawyer of the Year," Health Care Law—Newark (2019, 2022). This award is conferred by Best Lawyers. A description of the selection methodology is available here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.
  • Chambers USA: The World's Leading Lawyers for Business, New Jersey—Healthcare, Band 1 (2006 to 2023). This award is conferred by Chambers and Partners. A description of the selection methodology is available here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.
  • The Legal 500 United States, Healthcare: Service Providers (2017 to 2019); M&A: Middle Market (Sub-$500 Million) (2017 to 2023). This award is conferred by The Legal 500. A description of the selection methodology is available here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.
  • New Jersey Law Journal, Professional Excellence Award: Dealmakers (2020). This award is conferred by the New Jersey Law Journal. A description of the selection methodology is available here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.
  • New Jersey Super Lawyers, Health Care (2005 to 2023). This award is conferred by Thomson Reuters. A description of the selection methodology is available here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.
  • Martindale-Hubbell, “AV Preeminent” Rating. This award is conferred by Martindale-Hubbell. A description of the selection methodology is available here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.



  • The George Washington University Law School (J.D., 1989)
    • Order of the Coif
    • Editor, The George Washington Law Review
  • Lafayette College (B.A., summa cum laude, 1986)
    • Phi Beta Kappa

Bar Admissions

Board of Directors

  • Epstein Becker & Green, P.C. (2015 to Present)
  • Circle of Life Children’s Center, Inc. (2012 to 2013)
  • The Make-A-Wish Foundation of New Jersey (2005 to 2008)

Professional & Community Involvement

  • American Health Lawyers Association: — Fraud & Abuse Practice Group: Vice Chair (June 2011 to May 2017), Chair (June 2017 to Present) — Enforcement Committee (2010 to 2011)
  • Bloomberg Law’s Health Law & Business – Editorial Advisory Board Member
  • Compliance Today – Editorial Board Member
  • Center for Health & Pharmaceutical Law & Policy at Seton Hall Law School – Advisory Board Member
  • Healthcare Financial Management Association – New Jersey and New York Chapters
  • American Bar Association – Health Law Forum
  • American College of Healthcare Executives
  • New Jersey State Bar Association – Health & Hospital Law Section — Health Law Section Delegate, NJSBA General Council
  • New York State Bar Association – Health Law Forum

Docs Doing Deals - Webcast Series

In the Docs Doing Deals webcast series, Gary and his guests break down the basic elements of a health care deal for physicians interested in exploring strategic transactions. Access the on-demand recordings here.





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