About Anthony M. Del Rio

Anthony Del Rio advises providers, payors, and other healthcare and life sciences entities on transactional, regulatory, restructuring and enforcement issues. Anthony's comprehensive understanding of the healthcare industry, combined with a strategic approach to legal challenges, has made him a trusted advisor to leading healthcare organizations and investors, ensuring successful outcomes in a dynamic and highly regulated environment.

First-hand healthcare industry knowledge

Anthony understands his clients' business goals, having served as the president of a clinically integrated network comprising an academic medical center, community hospitals and 2,300 providers. He genuinely recognizes the challenges his clients face when it comes to efforts to expand a company's reach and profitability. He also draws on his experience as senior counsel to a large health system when helping them navigate transactional and regulatory matters. Clients describe Anthony as “excellent” and “a rare healthcare attorney who has deep experience with and command of both the commercial and the regulatory,” making him “an exceptional resource for a wide range of [counsel] (Chambers USA 2025).”

Healthcare providers and investors turn to Anthony for strategic guidance on high-stakes transactions involving specialty medical practices, hospitals, and health systems. He is a trusted advisor to private equity and venture capital firms, portfolio companies, independent physician practices, and health systems, providing practical solutions for complex deals — including mergers, acquisitions, joint ventures, and strategic partnerships — with particular insight into valuation, structuring, financing, and integration. Anthony also regularly counsels clients navigating financial distress and restructuring, including Chapter 11 proceedings and multi-billion dollar deleveraging transactions for hospitals, physician practice management platforms and multi-state health systems. Anthony devotes a significant portion of his practice to regulatory matters, helping clients navigate federal and state fraud and abuse laws, antitrust concerns, and compliance obligations under the Anti-Kickback Statute, Stark Law, and False Claims Act. He also counsels on issues related to the corporate practice of medicine, offering clarity in a highly nuanced legal landscape.

Anthony also advises healthcare providers, data platforms and digital health companies on the rapidly evolving legal landscape surrounding artificial intelligence and health data. He counsels clients on structuring data driven collaborations, navigating HIPAA and state privacy laws, designing compliant AI development and deployment frameworks, and addressing emerging federal guidance on clinical decision support and algorithmic governance. Drawing on his experience with leading healthcare analytics and technology companies, Anthony helps clients translate complex regulatory requirements into practical strategies for responsible innovation, risk mitigation and scalable AI adoption.

Staying current on issues central to the intersection between healthcare and law, Anthony holds academic appointments at Rush University and the University of Illinois, serves on the board of a large nonprofit safety net healthcare system, and served on the board of one of the largest Medicaid Accountable Care Organizations in the country.

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"Anthony is super practical and thoughtful. Outside of his exceptional technical capabilities, his ability to be the face person of a large transaction is very valuable." "Anthony is knowledgeable and always knows answers to obscure questions. He knows how clients will think and what we are looking for."

Chambers USA 2026
(Illinois, Healthcare) survey response


Representative Experience

  • Hospitals, Healthcare Providers & Payors
  • Represented a leading healthcare services company and a specialty healthcare alliance in the pending $1.9 billion acquisition of a urology-focused healthcare platform from a private equity firm.
  • Represented General Catalyst and Health Assurance Transformation, LLC (HATCo) on the proposed combination of Summa Health with HATCo.
  • Represented Boston Medical Center, one of the oldest and most renowned nonprofit hospital systems in the US (BMC), in its successful acquisition of two Boston-area safety net hospitals, Good Samaritan and St. Elizabeth’s, from bankrupt Steward Healthcare System LLC. The transaction was approved by the US Bankruptcy Court for the Southern District of Texas and closed on October 1, 2024. *
  • Represented a private equity firm in its partnership with a healthcare system to expand a medical imaging company. *
  • Represented Oak Street Health (NYSE: OSH) in its $10.6 billion sale to CVS Health (NYSE: CVS). *
  • Advised a national behavioral health provider in connection with parallel investigations by the DOJ and SEC concerning admissions, billing practices, and patient treatment protocols. Conducted internal reviews and coordinated responses to federal subpoenas and media-reported allegations. Provided strategic regulatory counsel to support the client’s compliance posture and stakeholder communications during a high-profile inquiry. *
  • Healthcare Technology
  • Represented Inventurus Knowledge Solutions, Inc. (“IKS”) in its $557 million acquisition of publicly held TruBridge, Inc. (NASDAQ: TBRG), a prominent provider of healthcare technology solutions including an electronic health record (EHR) and revenue cycle management solutions for rural and community hospitals.
  • Represented a private equity firm in its acquisition of a provider of locum tenens staffing services to hospitals and healthcare providers. *
  • Represented an impact investing fund associated with a global alternative asset management firm in its investment in a provider of telenutrition services and a food benefits management platform. *
  • Represented a private equity firm in an investment in a healthcare analytics company. *
  • Represented a private equity-backed healthcare technology company in its acquisition of provider of intelligent automation solutions for hospitals. *
  • Represented a healthcare technology company in its acquisitions of two providers of healthcare electronic payment, reimbursement automation, claims pricing, administration, and processing solutions. *
  • Life Sciences
  • Represented a diversified pharmaceutical and life sciences services provider in its acquisition of a drug development consulting business. *
  • Represented a healthcare-focused private equity firm in its acquisition of a company providing autologous and allogeneic manufacturing services to pharmaceutical and biotechnology customers. *
  • Represented a global pharmaceutical company in its $1.4 billion acquisition of a radiopharmaceutical company. *
  • Represented a global pharmaceutical company in its divestiture of a specific treatment product to a specialty pharmaceutical company for up to $1.075 billion. *
  • Restructuring
  • Represented a cancer care provider and its affiliates in their Chapter 11 cases. *
  • Represented a leading national medical group and 216 of its affiliates in the commencement of pre-arranged Chapter 11 cases. The two restructuring support agreements contemplate a collective deleveraging of approximately $7.4 billion of secured and unsecured debt and the separation of physician services and ambulatory surgical center businesses. *
  • Represented a healthcare system and its affiliates during their Chapter 11 cases. The system operates several "safety net" hospitals, health clinics, and medical group centers across multiple states. *
* Experience prior to Katten

Publications

  • April 14, 2026
  • Winter 2026
  • May 2, 2025
    Emerging Regulatory and Market Trends for Accountable Care Organizations | AHLA Health Law Weekly
  • April 4, 2023
    How CMS Proposal Would Change PE Deal Transparency | Law360
  • October 2018
    Drafting and Negotiating Physician Employment Agreements | Health Care Law Monthly
  • November 15, 2016
    Evolving Regulation of Dental Service Organizations | Dental Economics
  • 2016
    Freestanding Emergency Departments: A Primer on Laws Impacting Development and Operating | Bender's Health Care Law , Vol 16, Issue 05
  • 2016
    Regulation Versus Overregulation of LDTs: Permitting Innovation While Ensuring Verification | Bender's Health Care Law , Vol 16, Issue 06

Podcasts

  • January 11, 2022
    The Schema | Insights on Demand
  • May 26, 2021
    Nota Bene Podcast | Charting a New Path in Healthcare

Quick Reads

Presentations and Events