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Timothy Fry

Timothy J. Fry Partner

Chicago T +1 312 750 8659 F fax +1 312 698 4596
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Tim resolves clients’ thorny compliance and regulatory issues that make or break healthcare transactions and operations. He delivers practical, business-oriented solutions that clear obstacles, close deals, and protect enterprise value.

Recognized in Chambers USA for healthcare law, Tim advises private equity funds, physician organizations, and other providers on deals and day-to-day matters where regulatory risk often is the defining challenge.

Much of Tim’s work centers on physician practices and investors in physician platforms. He also advises health systems, dental organizations, post-acute care providers, and other facility operators on regulatory and transactional concerns. Tim has filed and settled dozens of Stark Law self-disclosures with the Centers for Medicare & Medicaid Services (CMS), designed physician compensation plans, and counseled on billing and coding issues critical to closing deals. He has also structured joint ventures among hospitals, ancillary providers, and physician organizations, and his guidance has supported billions of dollars in healthcare M&A. He frequently serves as outside counsel to national provider platforms, advising on compliance, reimbursement, and growth strategies.

A prolific author and speaker, Tim has published nearly 300 articles and spoken or moderated at more than 90 conferences and webinars. His work and thought leadership have been recognized by Chambers USA, Best Lawyers in America, Lexology, JD Supra, and Law360, where he serves on the 2025 Healthcare Editorial Advisory Board. Tim also edits and contributes to McGuireWoods’ False Claims Act blog, The FCA Insider; teaches healthcare law at Northwestern Pritzker School of Law; and serves on the Illinois Association of Healthcare Attorneys’ board of directors.

His clients also ­­­benefit from his prior healthcare policy experience in Washington, D.C., at the National Rural Health Association and CMS, where he supported Medicare payment policy and the enactment of the Affordable Care Act, insights that now inform his practical, business-oriented solutions to complex regulatory challenges. He graduated with honors from Northwestern Pritzker School of Law, earning Order of the Coif and the Wigmore Key Award, a peer-selected honor for upholding the law school’s traditions.

Tim co-chairs McGuireWoods’ Healthcare Compliance, Regulatory & Policy Practice Group, chairs McGuireWoods’ Finance Committee, and serves as a liaison to the firm’s Associates Committee.

Experience
  • Led the representation of eight physician groups in northern New Jersey in a collective sale to the private equity-backed ReFocus Eye Health, aligning certain of the region’s leading independent ophthalmology practices.
  • Obtained the twenty-first CMS Stark Law advisory opinion for a physician-owned hospital, securing guidance on relocation under complex federal restrictions.
  • Advised a national ambulatory surgical center (ASC) operator and a private equity-backed cardiology platform on developing and restructuring cardiac catheterization service lines in ASC and office-based labs, navigating licensure, certificate of need, and fraud and abuse laws to support the platforms’ growth.
  • Secured a favorable administrative law judge ruling for a private equity-backed ophthalmology practice in Florida, overturning a Medicare reimbursement recoupment for diagnostic testing furnished in partnership with a third-party vendor.
  • Assisted a health system buyer in unwinding a corporate integrity agreement for a target healthcare platform during a strategic acquisition, preparing and submitting the release request package that enabled the deal to move forward.
  • Represented Revelstoke Capital Partners in its 2018 strategic partnership with Cincinnati Eye Institute to form CEI Vision Partners, one of the largest ophthalmology practices in the country — a deal M&A Advisor recognized as a Healthcare & Life Sciences Deal of the Year finalist.
  • Routinely advises on key healthcare laws and regulations, including the Anti-Kickback Statute, the Stark Law, the False Claims Act, state fraud and abuse laws, state licensure and certificate of need rules, state premerger notification and consent laws, corporate practice of medicine and fee-splitting laws, Medicare and Medicaid policy, billing, and reimbursement rules, the No Surprises Act, Section 1557 nondiscrimination prohibitions, and state-specific regulatory issues

Events

Podcasts

  • Guest, "State Regulatory Interventions in Healthcare, With Tim Fry," The Corner Series, September 2, 2025
  • Guest, "Macroeconomic Market Trends Affecting the Healthcare Industry, With Tim Fry and Alex Chausovsky," The Corner Series, March 11, 2024
  • Guest, "Indemnity or Self-Disclosure? How to Deal With Policy Compliance Issues," The Professor’s Corner, May 16, 2022

Insights

Spotlight

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