Timothy J. Fry Partner

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Tim helps clients navigate the thorny compliance and regulatory issues prevalent in the healthcare industry. He advises on the federal Anti-Kickback Statute and Stark Law, Medicare policy, state fraud and abuse laws, and state licensure and certificate of need rules, among other regulatory schemes. His significant healthcare industry knowledge also allows him to counsel efficiently on regulatory aspects of strategic transactions, including structuring guidance, healthcare due diligence and compliance matters.

Tim advises healthcare providers, including physician practices, dental support organizations, physical therapy groups, hospitals, dialysis clinics and ambulatory surgery centers, as well as private equity sponsors and other investors in such healthcare providers. He assists clients with structuring physician compensation programs, revising and developing compliance policies and procedures, and disclosing noncompliant conduct to the government. His clients benefit from his practical guidance to achieve their business goals reflecting their own risk concerns. This approach has allowed clients to successfully address difficult billing and coding issues in transactions, develop associate physician equity programs, and address nondiscrimination rulemaking, among other areas.

Tim has been named as “One to Watch” (Healthcare Law) by Best Lawyers and has received multiple recognitions for his thought leadership, including as a Lexology “Legal Influencer” during the COVID-19 pandemic. He serves the firm as part of the Chicago Recruiting Committee, as well as a trainer for our junior associates. He is also an editor and contributing author to McGuireWoods’ False Claims Act blog, The FCA Insider.

His clients also benefit from his prior healthcare policy experience. Focused on Medicare payment policy, Tim served as chief regulatory staffer and a lobbyist for the National Rural Health Association. He then joined the Centers for Medicare & Medicaid Services within the Department of Health and Human Services. In this latter role, he prepared congressional testimony and aided the agency’s efforts to support the Affordable Care Act’s enactment.

As a student at the Northwestern University School of Law, his classmates honored Tim with the Wigmore Key Award, given to the student who did the most to uphold the traditions of the law school. He received two writing awards — a national Burton Award for Distinguished Legal Writing and the Leigh B. Bienen Prize. Tim also served as an extern to U.S. District Judge Marvin E. Aspen of the Northern District of Illinois and contributed to an effort to rewrite the evidence code of Tanzania.


  • Represented Revelstoke Capital Partners in its strategic partnership with Cincinnati Eye Institute, one of the largest and most reputable ophthalmology practices in the country, to form CEI Vision Partners in a deal recognized by M&A Advisor as a finalist for Healthcare & Life Science Deal of 2018.
  • Assisted a private equity fund through regulatory diligence and structuring, and as outside counsel for its dermatology-focused administrative services organization helping the strategic partnership grow from an initial state to an organization serving practices in seven states.
  • Guided numerous clients through the federal physician self-referral disclosure protocol and drafted filings addressing violations of the Stark Law in various care settings from hospital/health systems to ophthalmology groups and physical therapy clinics.
  • Advised multiple surgery center and physician clients on their cardiovascular and catheterization service lines addressing state licensure, certificate of need and physician scope of practice laws to achieve strategic business plans.
  • Counseled two founder dentists in establishing a dental practice platform, acquiring additional locations and then a multimillion-dollar sale to a private equity fund.
  • Represented a private equity fund in its multimillion-dollar acquisition of an administrative services organization to a multisite ophthalmology practice in New York, providing key regulatory support for the transaction and post-deal integration efforts.