Private Equity/Venture Capital

Garfunkel Wild’s Private Equity/Venture Capital Practice Group represents private equity clients and their portfolio companies in connection with acquisitive transactions, health care diligence, and post-closing integration. We typically serve as transaction counsel responsible for all aspects of the transaction from the pre-letter of intent/term sheet stage through closing. We have also assisted our private equity clients and their founders/owners in connection with structuring and funding platform practices.

Our Private Equity/Venture Capital team also acts as health care counsel to conduct diligence and review transaction documents in connection with:

  • Fraud and abuse
  • Billing and coding
  • Privacy and data
  • Corporate practice of medicine
  • False claims
  • Other regulatory and compliance issues

In connection with transaction diligence, our affiliate Garfunkel Health Advisors, has proven to be instrumental in conducting coding and billing compliance reviews of sellers, often uncovering and navigating significant compliance issues.

Post-closing, Garfunkel Wild and Garfunkel Health Advisors advise on integration matters, including credentialing and payor consolidation. We  often conduct compliance diligence on providers, practices, and other health care ventures seeking to sell, to facilitate an efficient sale transaction.

Practice Group Contacts

Featured Image

Alex C. Santee

Partner
201-518-3433

Team

Featured Image

Adrian Altunkara

Associate
201-518-3443
Featured Image

Andrew E. Blustein

Chairman
516-393-2218
Featured Image

Greg E. Bloom

Partner/Director
516-393-2273
Featured Image

Kathleen M. Brown

Senior Attorney
518-560-4023
Featured Image

Barry B. Cepelewicz M.D. Esq.

Partner/Director
203-316-0483
Featured Image

Judith A. Eisen

Partner/Director
516-393-2220
Featured Image

David Gold

Of Counsel
516-393-2249
Featured Image

Merton G. Gollaher

Partner
203-399-0504
Featured Image

Stacey L. Gulick

Partner
516-393-2264
Featured Image

Weston P. Harty

Associate
516-393-2242
Featured Image

B. Scott Higgins

Partner/Director
516-393-2254
Featured Image

John P. Kraljic

Partner
516-393-2227
Featured Image

Kimberly Kempton-Serra

Partner
201-518-3403
Featured Image

Raymond P. Mulry

Partner
201-518-3411
Featured Image

Hayden S. Wool

Partner/Director
516-393-2232

December 11, 2024|Alerts

New DOJ Report: Providers Beware

Last week, the U.S. Department of Justice (DOJ) and the U.S. Department of Health and Human Services (HHS) released its annual, jointly authored Health Care Fraud and Abuse Control Program Report (the Report) for Fiscal Year 2023. 

December 5, 2024|Alerts

Federal Court Enjoins the Corporate Transparency Act

On December 3, 2024, a federal district court in Texas issued a nationwide injunction that prohibits the federal government from enforcing the Corporate Transparency Act (CTA) and the regulation that requires corporate entities registered under state law to report detailed information about ownership.

November 21, 2024|Alerts

OIG Highlights New Concerns

This week, the U.S. Department of Health and Human Services (“HHS”), Office of Inspector General (“OIG”) fulfilled its annual statutory obligation by releasing its 2024 Top Management and Performance Challenges Report (the “Report”). Historically, the Report has not attracted widespread interest in the provider community because it largely focuses on HHS operational challenges. Importantly for providers and other stakeholders, however, the Report reveals crucial insights about compliance priorities for the year ahead.

August 5, 2024|Alerts

OIG Approves Patient Travel, but Not Fertility Services

OIG posted a partially favorable Advisory Opinion (24-05) permitting a biotechnology company to provide transportation, lodging, and payment of associated expenses for certain patients receiving gene therapy treatments for two severe genetic diseases. In the same Advisory Opinion, however, OIG responded unfavorably to the Company’s proposal to subsidize some or all costs related to fertility preservation and storage procedures for these same patients. 

June 24, 2024|Alerts

OIG Greenlights Gene Therapy Assistance Program

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (24-03) permitting a pharmaceutical manufacturer (Manufacturer) to provide financial assistance  to qualified patients undergoing its gene therapy treatment for two severe genetic conditions.

April 25, 2024|Alerts

FTC Bans Non-Competes Across the Nation

On Tuesday, April 23, 2024, the Federal Trade Commission (FTC) promulgated a final rule banning most non-compete agreements, in any industry, and is set to become effective 120 days after its publication in the Federal Register (the “Final Rule”).

April 18, 2024|Alerts

OIG Allows Patient Assistance Programs Funded by Drug Manufacturers

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (24-02) permitting a non-profit organization (Non-Profit) to provide financial support to eligible patients with specific rare diseases through assistance programs (Programs) it operates.

March 11, 2024|Alerts

Federal District Court Declares Corporate Transparency Act Unconstitutional

On March 1, 2024, the United States District Court for the Northern District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional.

February 20, 2024|Events

Wolters Kluwer – The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership

Steven R. Antico and J. David Morrissy will break down the Beneficial Ownership Information Reporting Requirements and how the requirements will affect your business.

January 26, 2024|Alerts

FinCEN’s Beneficial Ownership Information Reporting Portal is Now Available

On January 1, 2024, the United States Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN") opened its Beneficial Ownership Secure System ("BOSS") portal to the public and began accepting Beneficial Ownership Information Reports ("BOI Reports") from Reporting Companies pursuant to the Corporate Transparency Act (“CTA”).  

January 17, 2024|Alerts

OIG Approves Use of Gift Cards for Referrals in Certification-Heavy Advisory Opinion

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-15) permitting a consulting company’s (Consultant) proposal to offer gift cards to its current physician practice customers for referring potential new physician practice customers to Consultant.  Notably, OIG determined that the proposed arrangement did not implicate the Anti-Kickback Statute (AKS). 

January 17, 2024|Alerts

OIG Approves Creative Approach to Restructuring Medical Practice Partnerships

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-12) that allows a limited liability partnership (the Partnership) consisting of two classes of physician partners to make a one-time, voluntary redemption offer (offer) to individual partners when they reach age 67.  

January 17, 2024|Alerts

Favorable OIG Advisory Opinion Allows Subsidies for FDA-Approved Clinical Studies

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-11) that allows a medical device manufacturer (Manufacturer) to subsidize Medicare cost-sharing obligations as part of a U.S. Food & Drug Administration (FDA)-approved clinical study involving a Category B Investigational Device Exemption.  

December 21, 2023|Alerts

OIG’s Favorable Advisory Opinions Allow Incentives to Medigap Plan Policyholders

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted two favorable Advisory Opinions (23-09 and 23-10) to allow a licensed offeror of Medicare Supplemental Health Insurance (Medigap Plan) policies and a preferred health organization (PHO) (collectively, “the requestors”) to incentivize Medigap Plan policyholders to seek inpatient care from a hospital within the PHO’s network.  Notably, OIG issued these favorable opinions even though the proposed incentives implicated the Anti-Kickback Statute (AKS) and the Beneficiary Inducement Civil Money Penalty (CMP), and there was no applicable exception or safe harbor.

December 12, 2023|Events

The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership Reporting Requirements

As of January 1, 2024, many companies in the United States will have to file a Beneficial Ownership Information Report with FinCEN pursuant to the implementing regulations of the Corporate Transparency Act passed in 2021. Join us for an in-depth review of the Corporate Transparency Act.

November 30, 2023|Events

New York State Society of Orthopaedic Surgeons District 6 Meeting and Networking Event

Garfunkel Wild's Barry Cepelewicz, M.D., will present at the New York State Society of Orthopaedic Surgeons District 6 Meeting and Networking Event.

November 30, 2023|Alerts

DOJ/HHS Jointly Release “Highlight Reel” Report

This week, the United States Department of Justice (DOJ) and the United States Department of Health and Human Services (HHS) fulfilled its annual statutory obligation by releasing its jointly-authored Health Care Fraud and Abuse Control Program (HCFAC) Report for Fiscal Year 2022.

September 20, 2023|Events

FCMA and HCMA Webinar – Is Private Equity Right for You?

Garfunkel Wild's Barry Cepelewicz, M.D., will present "Is Private Equity Right for You?" at the Fairfield County Medical Association and Hartford County Medical Association's Webinar on Wednesday, September 20, 2023.

September 9, 2023|Events

New York State Society of Orthopaedic Surgeons 2023 Annual Meeting & Symposium

Garfunkel Wild's Barry Cepelewicz, M.D., will present at the New York State Society of Orthopaedic Surgeons 2023 Annual Meeting & Symposium.

July 24, 2023|Alerts

Connecticut Signals Increased Scrutiny of Physician Practice Acquisitions

On July 21, 2023, the Executive Director of the Connecticut Office of Health Strategy (“OHS”), sent a letter to Connecticut physicians reminding them of the requirement for certain practice transactions to obtain Certificate of Need (“CON”) approval prior to closing. 

December 8, 2021|Events

Garfunkel Wild Webinar – Understanding and Avoiding Claims Under the Americans with Disabilities Act

Garfunkel Wild’s Andrew Zwerling and Kevin Donoghue will present the webinar “Understanding and Avoiding Claims Under the Americans With Disabilities Act? on December 8, 2021.

December 8, 2021|Events

Connecticut Orthopaedic Society Webinar “Is Private Equity Right for You?”

Garfunkel Wild’s Barry Cepelewicz and Kimberly Kempton-Serra will present at the Connecticut Orthopaedic Society/Massachusetts Orthopaedic Association Webinar “Is Private Equity Right For You?” on December 8, 2021 from 7-8pm.

February 2, 2021|Events

Boston University Faculty Entrepreneurship Workshop

Garfunkel Wild’s Merton Gollaher presented at the Boston University Faculty Entrepreneurship Workshop “Nuts & Bolts of Building a Venture” on February 2, 2021. Mr. Gollaher discussed legal basics for start-ups.

December 2, 2019|Firm News

Merton G. Gollaher Joins Garfunkel Wild’s Health Care & Corporate Groups

Merton G. Gollaher Joins Garfunkel Wild’s Health Care & Corporate Groups

October 21, 2019|Media Mentions

Kimberly Kempton-Serra Quoted In ASC Focus Article Entitled “Set Up A Compliant Patient Transportation Service” October 2019

Kimberly Kempton-Serra Quoted In ASC Focus Article Entitled “Set Up A Compliant Patient Transportation Service” October 2019

Garfunkel Wild’s Private Equity/Venture Capital Practice Group represents private equity clients and their portfolio companies in connection with acquisitive transactions, health care diligence, and post-closing integration. We typically serve as transaction counsel responsible for all aspects of the transaction from the pre-letter of intent/term sheet stage through closing. We have also assisted our private equity clients and their founders/owners in connection with structuring and funding platform practices.

Our Private Equity/Venture Capital team also acts as health care counsel to conduct diligence and review transaction documents in connection with:

  • Fraud and abuse
  • Billing and coding
  • Privacy and data
  • Corporate practice of medicine
  • False claims
  • Other regulatory and compliance issues

In connection with transaction diligence, our affiliate Garfunkel Health Advisors, has proven to be instrumental in conducting coding and billing compliance reviews of sellers, often uncovering and navigating significant compliance issues.

Post-closing, Garfunkel Wild and Garfunkel Health Advisors advise on integration matters, including credentialing and payor consolidation. We  often conduct compliance diligence on providers, practices, and other health care ventures seeking to sell, to facilitate an efficient sale transaction.

Practice Group Contacts

Featured Image

Alex C. Santee

Partner
201-518-3433

Team

Featured Image

Adrian Altunkara

Associate
201-518-3443
Featured Image

Andrew E. Blustein

Chairman
516-393-2218
Featured Image

Greg E. Bloom

Partner/Director
516-393-2273
Featured Image

Kathleen M. Brown

Senior Attorney
518-560-4023
Featured Image

Barry B. Cepelewicz M.D. Esq.

Partner/Director
203-316-0483
Featured Image

Judith A. Eisen

Partner/Director
516-393-2220
Featured Image

David Gold

Of Counsel
516-393-2249
Featured Image

Merton G. Gollaher

Partner
203-399-0504
Featured Image

Stacey L. Gulick

Partner
516-393-2264
Featured Image

Weston P. Harty

Associate
516-393-2242
Featured Image

B. Scott Higgins

Partner/Director
516-393-2254
Featured Image

John P. Kraljic

Partner
516-393-2227
Featured Image

Kimberly Kempton-Serra

Partner
201-518-3403
Featured Image

Raymond P. Mulry

Partner
201-518-3411
Featured Image

Hayden S. Wool

Partner/Director
516-393-2232

December 11, 2024|Alerts

New DOJ Report: Providers Beware

Last week, the U.S. Department of Justice (DOJ) and the U.S. Department of Health and Human Services (HHS) released its annual, jointly authored Health Care Fraud and Abuse Control Program Report (the Report) for Fiscal Year 2023. 

December 5, 2024|Alerts

Federal Court Enjoins the Corporate Transparency Act

On December 3, 2024, a federal district court in Texas issued a nationwide injunction that prohibits the federal government from enforcing the Corporate Transparency Act (CTA) and the regulation that requires corporate entities registered under state law to report detailed information about ownership.

November 21, 2024|Alerts

OIG Highlights New Concerns

This week, the U.S. Department of Health and Human Services (“HHS”), Office of Inspector General (“OIG”) fulfilled its annual statutory obligation by releasing its 2024 Top Management and Performance Challenges Report (the “Report”). Historically, the Report has not attracted widespread interest in the provider community because it largely focuses on HHS operational challenges. Importantly for providers and other stakeholders, however, the Report reveals crucial insights about compliance priorities for the year ahead.

August 5, 2024|Alerts

OIG Approves Patient Travel, but Not Fertility Services

OIG posted a partially favorable Advisory Opinion (24-05) permitting a biotechnology company to provide transportation, lodging, and payment of associated expenses for certain patients receiving gene therapy treatments for two severe genetic diseases. In the same Advisory Opinion, however, OIG responded unfavorably to the Company’s proposal to subsidize some or all costs related to fertility preservation and storage procedures for these same patients. 

June 24, 2024|Alerts

OIG Greenlights Gene Therapy Assistance Program

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (24-03) permitting a pharmaceutical manufacturer (Manufacturer) to provide financial assistance  to qualified patients undergoing its gene therapy treatment for two severe genetic conditions.

April 25, 2024|Alerts

FTC Bans Non-Competes Across the Nation

On Tuesday, April 23, 2024, the Federal Trade Commission (FTC) promulgated a final rule banning most non-compete agreements, in any industry, and is set to become effective 120 days after its publication in the Federal Register (the “Final Rule”).

April 18, 2024|Alerts

OIG Allows Patient Assistance Programs Funded by Drug Manufacturers

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (24-02) permitting a non-profit organization (Non-Profit) to provide financial support to eligible patients with specific rare diseases through assistance programs (Programs) it operates.

March 11, 2024|Alerts

Federal District Court Declares Corporate Transparency Act Unconstitutional

On March 1, 2024, the United States District Court for the Northern District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional.

February 20, 2024|Events

Wolters Kluwer – The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership

Steven R. Antico and J. David Morrissy will break down the Beneficial Ownership Information Reporting Requirements and how the requirements will affect your business.

January 26, 2024|Alerts

FinCEN’s Beneficial Ownership Information Reporting Portal is Now Available

On January 1, 2024, the United States Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN") opened its Beneficial Ownership Secure System ("BOSS") portal to the public and began accepting Beneficial Ownership Information Reports ("BOI Reports") from Reporting Companies pursuant to the Corporate Transparency Act (“CTA”).  

January 17, 2024|Alerts

OIG Approves Use of Gift Cards for Referrals in Certification-Heavy Advisory Opinion

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-15) permitting a consulting company’s (Consultant) proposal to offer gift cards to its current physician practice customers for referring potential new physician practice customers to Consultant.  Notably, OIG determined that the proposed arrangement did not implicate the Anti-Kickback Statute (AKS). 

January 17, 2024|Alerts

OIG Approves Creative Approach to Restructuring Medical Practice Partnerships

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-12) that allows a limited liability partnership (the Partnership) consisting of two classes of physician partners to make a one-time, voluntary redemption offer (offer) to individual partners when they reach age 67.  

January 17, 2024|Alerts

Favorable OIG Advisory Opinion Allows Subsidies for FDA-Approved Clinical Studies

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-11) that allows a medical device manufacturer (Manufacturer) to subsidize Medicare cost-sharing obligations as part of a U.S. Food & Drug Administration (FDA)-approved clinical study involving a Category B Investigational Device Exemption.  

December 21, 2023|Alerts

OIG’s Favorable Advisory Opinions Allow Incentives to Medigap Plan Policyholders

The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted two favorable Advisory Opinions (23-09 and 23-10) to allow a licensed offeror of Medicare Supplemental Health Insurance (Medigap Plan) policies and a preferred health organization (PHO) (collectively, “the requestors”) to incentivize Medigap Plan policyholders to seek inpatient care from a hospital within the PHO’s network.  Notably, OIG issued these favorable opinions even though the proposed incentives implicated the Anti-Kickback Statute (AKS) and the Beneficiary Inducement Civil Money Penalty (CMP), and there was no applicable exception or safe harbor.

December 12, 2023|Events

The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership Reporting Requirements

As of January 1, 2024, many companies in the United States will have to file a Beneficial Ownership Information Report with FinCEN pursuant to the implementing regulations of the Corporate Transparency Act passed in 2021. Join us for an in-depth review of the Corporate Transparency Act.

November 30, 2023|Events

New York State Society of Orthopaedic Surgeons District 6 Meeting and Networking Event

Garfunkel Wild's Barry Cepelewicz, M.D., will present at the New York State Society of Orthopaedic Surgeons District 6 Meeting and Networking Event.

November 30, 2023|Alerts

DOJ/HHS Jointly Release “Highlight Reel” Report

This week, the United States Department of Justice (DOJ) and the United States Department of Health and Human Services (HHS) fulfilled its annual statutory obligation by releasing its jointly-authored Health Care Fraud and Abuse Control Program (HCFAC) Report for Fiscal Year 2022.

September 20, 2023|Events

FCMA and HCMA Webinar – Is Private Equity Right for You?

Garfunkel Wild's Barry Cepelewicz, M.D., will present "Is Private Equity Right for You?" at the Fairfield County Medical Association and Hartford County Medical Association's Webinar on Wednesday, September 20, 2023.

September 9, 2023|Events

New York State Society of Orthopaedic Surgeons 2023 Annual Meeting & Symposium

Garfunkel Wild's Barry Cepelewicz, M.D., will present at the New York State Society of Orthopaedic Surgeons 2023 Annual Meeting & Symposium.

July 24, 2023|Alerts

Connecticut Signals Increased Scrutiny of Physician Practice Acquisitions

On July 21, 2023, the Executive Director of the Connecticut Office of Health Strategy (“OHS”), sent a letter to Connecticut physicians reminding them of the requirement for certain practice transactions to obtain Certificate of Need (“CON”) approval prior to closing. 

December 8, 2021|Events

Garfunkel Wild Webinar – Understanding and Avoiding Claims Under the Americans with Disabilities Act

Garfunkel Wild’s Andrew Zwerling and Kevin Donoghue will present the webinar “Understanding and Avoiding Claims Under the Americans With Disabilities Act? on December 8, 2021.

December 8, 2021|Events

Connecticut Orthopaedic Society Webinar “Is Private Equity Right for You?”

Garfunkel Wild’s Barry Cepelewicz and Kimberly Kempton-Serra will present at the Connecticut Orthopaedic Society/Massachusetts Orthopaedic Association Webinar “Is Private Equity Right For You?” on December 8, 2021 from 7-8pm.

February 2, 2021|Events

Boston University Faculty Entrepreneurship Workshop

Garfunkel Wild’s Merton Gollaher presented at the Boston University Faculty Entrepreneurship Workshop “Nuts & Bolts of Building a Venture” on February 2, 2021. Mr. Gollaher discussed legal basics for start-ups.

December 2, 2019 |Firm News

Merton G. Gollaher Joins Garfunkel Wild’s Health Care & Corporate Groups

Merton G. Gollaher Joins Garfunkel Wild’s Health Care & Corporate Groups

October 21, 2019 |Media Mentions

Kimberly Kempton-Serra Quoted In ASC Focus Article Entitled “Set Up A Compliant Patient Transportation Service” October 2019

Kimberly Kempton-Serra Quoted In ASC Focus Article Entitled “Set Up A Compliant Patient Transportation Service” October 2019