Adam Herbst is a nationally regarded leader at the intersection of law, policy and healthcare delivery. His career spans nearly three decades across government, health systems, nonprofits and the private sector, giving him a unique ability to advise clients not only as legal counsel but also as a strategist, operator and policy architect.
Adam is recognized as a leading authority on healthcare policy, Medicaid innovation and system transformation. He has deep expertise in the corporate and transactional dimensions of healthcare, advising on mergers, acquisitions, affiliations, financings and joint ventures involving hospitals, long-term care facilities, managed care organizations, private equity funds and mission-driven nonprofits. He regularly structures governance arrangements, negotiates complex management and administrative services agreements and guides providers and investors through multi-state regulatory approvals and compliance regimes.
Widely regarded for his mastery of Medicaid law, financing and policy, Adam advises on 1115 waivers, state-directed payments, managed care contracting and Medicaid reimbursement strategies across multiple states. His work includes HCBS waiver design, PACE program expansion, long-term and post-acute care reimbursement and disability-focused services. He integrates financing rules with corporate structuring, helping clients build sustainable, compliant growth models while advancing care for vulnerable populations.
Before joining Sheppard, Adam served as deputy commissioner of the New York State Department of Health and special advisor to two governors. In those roles, he led sweeping initiatives in Medicaid transformation, long-term care reform and managed care modernization and he chaired New York’s Master Plan for Aging. During the COVID-19 pandemic, Adam played a critical leadership role in the state’s emergency response—coordinating with federal partners, creating COVID-only nursing homes, ensuring hospital surge capacity, stabilizing long-term care and supporting one of the largest vaccine distribution efforts in the country.
Adam’s career is deeply rooted in the nonprofit and mission-driven sector. He has run a children’s hospital, led a major community health center and worked with faith-based organizations and disability service agencies to sustain programs through periods of growth, transformation and financial stress. He has also advised nonprofits on governance, financing and regulatory oversight, often stepping in to stabilize and preserve critical community services when other providers could not.
Client’s value Adam’s ability to combine inside knowledge of government processes with sophisticated corporate deal experience and a deep understanding of mission-driven care. Whether guiding a multi-state transaction, structuring a PACE or HCBS program, advising on Medicaid waivers or supporting aging and disability service organizations, he brings a holistic approach that integrates law, policy, operations and strategy.