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Daniel B. Frier

Co-Founder, Co-Managing Partner, Chair of Healthcare Department at Frier Levitt LLC

Pine Brook, New Jersey, USA

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Why they matter

Frier has structured dozens of PE-backed physician practice rollups (MSOs, CINs) across specialties and is now a vocal public critic of hospital-driven consolidation — a rare, dual-sided perspective for deal teams.

Background

Daniel B. Frier co-founded Frier Levitt in 2000 and has spent nearly 30 years as Co-Managing Partner and Chair of its Healthcare Department, based in Pine Brook, NJ (with a Manhattan office at One World Trade Center). He is one of the most decorated healthcare transactional attorneys in the Northeast, ranked in Chambers USA (Healthcare, New Jersey) every year since 2019 and Best Lawyers in America (Healthcare Law) since 2013, with a practice centered on MSO formation, clinically integrated networks, and private-equity-backed physician practice sales across OB/GYN, oncology, and medical aesthetics.

Notable deals

  • 2026
    Featured in Medical Economics discussing how hospital-vs-practice reimbursement disparities are driving healthcare consolidation and squeezing independent physicians
  • 2026
    Joined U.S. Women's Health Alliance leadership in Medical Economics to advocate for the Independent Medical Practice Sustainability and Patient Access Act
  • 2026
    Co-hosted Frier Levitt's first national Direct-to-Employer healthcare conference with NEBGH at One World Trade Center
  • 2023
    Named to NJBIZ's Leaders in Law honorees alongside co-founding partner Jonathan Levitt

Call-prep brief

Daniel B. Frier — Call Prep

Background: Co-founder and Chair of the Healthcare Department at Frier Levitt (est. 2000), a boutique national healthcare law firm. ~30 years advising physician practices, IPAs, MSOs, and PE investors on transactions and regulatory compliance. Chambers-ranked and Best Lawyers-listed continuously since 2013.

Current focus:

  • Physician practice M&A: MSO formation, clinically integrated networks (CINs), value-based enterprises (VBEs)
  • Direct-to-Employer (DTE) contracting — hosted Frier Levitt's inaugural national DTE conference with NEBGH in May 2026
  • Med spa / aesthetics and regenerative medicine practice consolidation

What he cares about: Preserving physician autonomy and independent practice viability against what he views as structurally advantaged hospital-system consolidation; fair-market-value and Stark/Anti-Kickback compliance in PE-backed rollups.

Recent moves: Increasingly public advocacy voice (Medical Economics, U.S. Women's Health Alliance) for federal reimbursement-parity legislation (Independent Medical Practice Sustainability and Patient Access Act) — signals he's tracking policy tailwinds/headwinds relevant to rollup economics.

Sensitivities: He represents both sell-side physician groups and PE-backed MSO buyers — may be conflicted out of specific counterparties; his public advocacy against consolidation-driven cost inflation could create friction if a target's growth thesis relies on aggressive site-of-service arbitrage.

Questions to ask:

  1. Which MSO/CIN structures are currently defensible under evolving Stark and state corporate-practice-of-medicine enforcement trends?
  2. What deal terms (rollover equity %, earnout structure) is he seeing hold up best in current OB/GYN, oncology, and med spa rollups?
  3. How is DTE contracting changing practice valuations and payor mix assumptions for rollup targets?

Outreach draft

Subject
Physician Practice Rollup Structuring — Quick Call?
Hi Daniel, I came across your recent Medical Economics commentary on reimbursement disparities and independent physician practices, and your work chairing Frier Levitt's Healthcare Department stood out given your depth across MSO formation, CINs, and PE-backed practice transactions. We're a private equity team evaluating physician practice rollup opportunities across a few specialties, and we'd value your perspective on current deal structures, compliance considerations (Stark/AKS), and how Direct-to-Employer contracting is shifting practice valuations. Would you have 20-30 minutes in the next couple of weeks for a call? Happy to work around your schedule. Best, [Placeholder Name]

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