Hospitals and Health Systems

We partner with clients to lead and close healthcare transactions with speed, certainty and a comprehensive understanding of all related business and regulatory issues. Named a Top 10 healthcare M&A firm by Healthcare M&A News in 2025, we have completed more than 120 health plan affiliations, 140 hospital M&A and joint ventures, and dozens of private equity transactions in recent years for clients ranging from regional hospitals and plans to the largest health systems and private investors in the nation. 

Our regulatory work spans the full range of managed care and insurance regulations. We counsel on state and federal oversight, Centers for Medicare & Medicaid Services and state agency interaction, product design, provider and vendor contracting market conduct, coverage determinations, utilization management and claims administration. With deep experience in Medicare Advantage, Medicaid, Part D and the ACA, we help clients navigate regulatory complexities swiftly and confidently. We advise plans on risk adjustment, quality programs, audits, marketing compliance and enforcement matters that require practical judgment and responsiveness. Many of our lawyers previously served in government, allowing us to offer clients insight into how agencies interpret and enforce regulatory requirements. 

When the stakes are high, healthcare organizations trust us to protect their interests with bold advocacy and strategic problem-solving. Our team’s decades of courtroom and arbitration experience, combined with deep industry insight, enable us to resolve all types of disputes—from commercial disputes and business torts to regulatory enforcement actions to sensitive employment matters. We relentlessly pursue your goals, delivering creative, practical solutions that safeguard your future.

Accelerate transformation and capture value while minimizing risk. We are a proven leader regarding value-based arrangements, having completed more downstream global risk projects than any U.S. law firm. With our extensive real-world experience, clients can turn innovation into durable revenue and achieve better population health while minimizing enforcement risk.

We design, negotiate and implement alignment structures between health systems and physician groups that drive coordinated care while meeting strict regulatory requirements. Our experience spans California medical foundation models under Section 1206(l), integrated delivery systems (IDS), accountable care organizations (ACOs), clinically integrated networks (CINs), physician–hospital organizations (PHOs), co-management and professional services agreement (PSA) models, and service line joint ventures.

When government scrutiny intensifies, leading healthcare organizations turn to Sheppard for defense in complex False Claims Act (FCA) litigation. With experience in over 100 FCA matters and a team that includes more than a dozen former Assistant U.S. Attorneys, we deliver innovative strategies and proven results. We routinely secure declinations and favorable outcomes in cases involving kickbacks, upcoding, HCC coding, services not rendered, Stark Law and Medicare Part D fraud.

Sheppard advises health systems, providers and investors on complex healthcare and real estate transactions nationwide. We structure and execute joint ventures, acquisitions, financing (including sale-leasebacks), M&A and developments that navigate Stark, Anti-Kickback, tax and other regulatory constraints. Our integrated healthcare real estate team delivers efficient, compliant and commercially sound solutions that support growth, protect mission and drive long-term value.

Supporting one of the largest, fastest-growing multisector healthcare practices, we represent companies facing federal and state antitrust investigations and litigations. We provide pragmatic and strategic counseling to get transactions cleared and investigations closed quickly by antitrust enforcers. We help healthcare companies complete mergers, joint ventures, provider-network collaborations and other strategic initiatives while reducing antitrust exposure—structuring deals, managing HSR filing obligations and navigating clients through the antitrust review process, including the evolving landscape of state antitrust enforcement regimes. 

Our award-winning healthcare privacy team includes former DHS Deputy GC, HHS/OCR investigator, a data breach book author, a former FBI Special Agent, EU data protection experts, and IAPP certified lawyers. Our team provides end-to-end support for data privacy and cybersecurity needs, from proactive privacy and data security counselling to incident response, regulatory investigations and civil litigation.

We guide healthcare organizations and technology companies through the legal complexities of telemedicine, AI and data-driven care. Our team delivers practical counsel to help companies build, protect and scale technology-enabled solutions, ensuring compliance and confident growth in a rapidly changing healthcare landscape. 

Sheppard empowers medical groups to thrive in a complex healthcare landscape. With decades of experience, we provide practical, responsive counsel on corporate, regulatory, and operational challenges. From structuring compliant models to guiding mergers and growth, our integrated approach helps physician groups navigate change, align with regulations, and achieve business goals—ensuring success in a competitive market.