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Gary W. Herschman

Member of the Firm, Health Care and Life Sciences practice (healthcare transactions and M&A) at Epstein Becker & Green, P.C.

Iselin (Metropark), New Jersey, USA

GW
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Why they matter

Band 1 New Jersey healthcare M&A counsel who has papered 30 years of physician-group PE partnerships, MSO formations and ASC roll-ups; he sees deal terms before the market does.

Background

Gary W. Herschman is a health care transactional lawyer with more than 30 years of deal experience (J.D., George Washington University, 1989; B.A., Lafayette College, summa cum laude). He spent most of his career at Epstein Becker & Green, where he was a Member of the Firm, sat on the board of directors, and co-led the healthcare transactions/M&A group from Newark; in April 2025 he led a 26-attorney health care, litigation and real estate team to Baker Donelson, opening that firm's first Northeast offices in Princeton and Metropark (Iselin), NJ. He is now a shareholder and co-chair of Baker Donelson's Health Care Transactions Team and has been ranked Band 1 for Healthcare in New Jersey by Chambers USA for 20 years. NOTE: the seed's firm (Epstein Becker & Green) is out of date as of April 2025.

Notable deals

  • 2025
    Led the 26-attorney health care, litigation and real estate group that moved from Epstein Becker Green to Baker Donelson, opening the firm's first Northeast offices (Princeton and Metropark, NJ); became co-chair of its Health Care Transactions group.
  • 2026
    Ranked Band 1 for Healthcare in New Jersey by Chambers USA, with 20 years of consecutive rankings and client commentary citing his command of market terms in negotiated transactions.
  • 2026
    Representative matters on his firm bio include a Colorado orthopedic/sports-medicine group's private equity partnership, PE transactions for large cardiology groups in Missouri and Colorado, MSO formation for one of the largest ENT practices, and a 12-center ASC company's acquisitions across New York and New Jersey (clients are not publicly named, per firm practice).
  • 2025
    Co-authored 'The Future of Private Equity in Orthopaedics' with orthopedic surgeon Sudheer C. Reddy in The Journal of Bone and Joint Surgery (Vol. 107, Issue 13), a peer-reviewed read on PE deal structures and physician outcomes.

Call-prep brief

Background

  • 30+ years in health care transactions (J.D. George Washington, 1989; B.A. Lafayette, summa cum laude).
  • Built his career at Epstein Becker Green (Member of the Firm, board of directors, Newark) before leading a 26-lawyer team to Baker Donelson in April 2025.
  • Chambers USA Band 1, Healthcare, New Jersey (20 years ranked); NJ Law Journal "Dealmakers" award (2020); NJBiz "Leader in Law" (2024).

Current focus

  • Co-chairs Baker Donelson's Health Care Transactions Team from Metropark (Iselin), NJ.
  • Sell-side and platform-side counsel on PE partnerships with orthopedic, cardiology, ENT, neurosurgery and anesthesia groups; MSO formations; ASC roll-ups; hospital-physician affiliations; home health and imaging add-ons.

What he cares about

  • Structures that survive regulatory review: corporate practice of medicine, Stark/anti-kickback, state health care transaction-notice regimes.
  • Physician economics — rollover equity (typically 20-30%), second-bite value at sponsor exit, and founder succession via profit interests as fewer young physicians buy in.

Recent moves

  • Firm move April 2025; JBJS article on the future of PE in orthopaedics (July 2025); steady speaking slate through 2026 (AAOS annual meeting, MedAxiom cardiology webinars).

Potential sensitivities

  • His matters are publicly anonymized; expect a conflicts check and no client names.
  • Predominantly physician/seller-side, so buy-side mandates can conflict.
  • Content from his Epstein Becker years has been taken down — don't cite those links back to him.

Ask him

  1. Which revenue-cycle or billing/coding diligence findings most often reprice or kill a physician-platform deal right now?
  2. How are state transaction-review and CPOM rules reshaping MSO structures for 2026 deals?
  3. Where do second-bite outcomes disappoint, and how does he protect rollover holders in the documents?

Outreach draft

Subject
Question on MSO structures in RCM deals
Gary — I lead diligence on physician-platform deals at [Firm], and your JBJS piece on the future of private equity in orthopaedics was the clearest thing I've read on where these structures are heading. We're spending most of our time on revenue-cycle risk in multi-site specialty groups: billing and coding exposure that surfaces late, and MSO structures that have to hold up under state transaction review. Would you have 20-30 minutes for a market read? No client specifics needed. Happy to work around your schedule, and glad to trade what we're seeing on valuations and rollover terms. Best, [Your name], [Your firm]

Linked companies

Sources