Overview
Anthony Del Rio is a corporate healthcare partner in the Chicago office of Kirkland & Ellis LLP. His practice focuses on healthcare entities and advising on transactional, regulatory, restructuring and enforcement issues that impact those entities. Anthony has broad experience with federal and state laws/regulations as well as contractual considerations that impact healthcare entities.
Prior to joining Kirkland, Anthony was the president of a clinically integrated network comprising an academic medical center, community hospitals and 2,300 providers. In that capacity, he led substantial expansion in both the size and margin of the network. Anthony also served as senior counsel to a large health system, overseeing all transactional and regulatory matters.
Anthony holds academic appointments at Rush University and the University of Illinois and has guest lectured at Northwestern University School of Law. He serves on the board of one of the largest Medicaid ACOs in the country, is a member of the Economic Club of Chicago, and was recognized as a Law360 MVP and in Crain's Chicago Business' 40 Under 40.
Experience
Representative Matters
Hospitals & Healthcare Providers
- GTCR in its investment in Caravel Autism Health, a provider of applied behavior analysis therapy for children on the autism spectrum
- Boston Medical Center, one of the oldest and most renowned nonprofit hospital systems in the U.S. (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 U.S. Bankruptcy Court for the Southern District of Texas and closed on October 1, 2024
- Ascension, one of the largest private healthcare systems in the United States, in multiple strategic hospital transactions
- Buyer in acquisition of a controlling interest in $1.2 billion portfolio of net-leased hospitals located in Utah and $770 million financing
- General Catalyst and Health Assurance Transformation, LLC (HATCo) on the proposed combination of Summa Health with HATCo
- TPG Growth, LLC in its partnership with Novant Health to expand MedQuest
- Oak Street Health (NYSE: OSH) in its $10.6 billion sale to CVS Health (NYSE: CVS)
- TPG's The Rise Fund in its investment in Banyan Treatment Centers, a provider of substance use disorder and mental health services
Healthcare Technology
- GTCR, alongside Recognize, in the pending $632.4 million acquisition of TRANZACT from WTW (NASDAQ: WTW)
- Waud Capital Partners in its acquisition of Fusion Healthcare Staffing, a provider of locum tenens staffing services to hospitals and healthcare providers
- Bain Capital-backed QuVa Pharma in its acquisition of LogicStream
- TPG’s The Rise Fund in its over $200 million investment in Foodsmart, a provider of telenutrition services and a food benefits management platform
- KKR in its investment Cotiviti
- Bain Capital-backed LeanTaaS in its acquisition of Hospital IQ, a provider of intelligent automation solutions for hospitals
- Madison Dearborn Partners and Thoma Bravo in their $1.4 billion sale of Syntellis Performance Solutions to Roper Technologies (NASDAQ: ROP)
- Bain Capital Insurance in its investment in Aptia, a provider of employee benefits and pensions administration service
- EW Healthcare Partners in its acquisition of Enercon Technologies, a provider of electronic product development and manufacturing services
- Bain Capital-backed LeanTaaS in its acquisition of Hospital IQ, a provider of intelligent automation solutions for hospitals
- Madison Dearborn Partners-backed Kaufman, Hall & Associates in its acquisition of Claro Healthcare, a healthcare consulting firm
- Zelis in its acquisitions of PaySpan and Payer Compass
Life Sciences
- Vyaire Medical in the sale of the Vyaire Respiratory Diagnostics (RDx) business unit, a manufacturer of respiratory diagnostic products, to Trudell Medical Limited
- Waud Capital Partners-backed PharmAlliance in its acquisition of Biobridges, a drug development consulting business, from Soliant Health
- RLS Radiopharmacies, a radiopharmacy network, in its pending $230 million sale to Telix Pharmaceuticals (ASX: TLX)
- Altaris in its pending acquisition of Minaris Regenerative Medicine, a provider of autologous and allogeneic manufacturing services for pharmaceutical and biotech customers, from Resonac
- Eli Lilly and Company (NYSE: LLY) in its $1.4 billion acquisition of POINT Biopharma (NASDAQ: PNT), a radiopharmaceutical company
- TJC in its sale of Worldwide Clinical Trials to Kohlberg & Company
- Eli Lilly in its divestiture of BAQSIMI to Amphastar Pharmaceuticals for up to $1.075 billion
- Water Street Healthcare Partners LLC in its acquisition of Avantik
- Waters Corporation in its $1.36 billion acquisition of Wyatt Technology
Restructuring
- Invitae Corporation and certain of its affiliates in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Invitae is headquartered in San Francisco, California and is a leader in the genetic testing field. Prior to commencing Chapter 11, Invitae secured support to implement a go-forward sale process by signing a transaction support agreement with a significant majority of its secured noteholders. Invitae is a publicly traded company and listed approximately $1.5 billion in funded debt obligations as of the petition date
- Genesis Care Pty Ltd and its affiliates in their Chapter 11 cases. GenesisCare is a leading cancer care provider, offering personalized and accessible treatment across a network of highly-skilled healthcare professionals to patients globally. GenesisCare is one of the world’s largest integrated oncology organizations and the world’s largest provider of radiotherapy, operating more than 400 cancer centers in the U.S., Australia, Spain and the UK which treat more than 450,000 patients annually. As of its Chapter 11 filing, GenesisCare’s funded debt totaled approximately $1.7 billion, including approximately $1.55 billion in secured term loan indebtedness. GenesisCare commenced its Chapter 11 cases to obtain access to debtor-in-possession financing, to conduct a marketing and sale process for its U.S. assets, and to restructure its financial obligations
- Envision Healthcare Corp. and 216 of its affiliates in the commencement of pre-arranged Chapter 11 cases. Envision is a leading national medical group that employs or partners with more than 21,000 clinicians and provides care to patients across the U.S., with nearly 30 million patient visits each year. The two restructuring support agreements contemplate a collective deleveraging of approximately $7.4 billion of secured and unsecured debt and the separation of Envision’s physician services and ambulatory surgical center businesses
- Pipeline Health System, LLC and its affiliates during their Chapter 11 cases. Pipeline Health operates seven “safety net” hospitals, three health clinics and three medical group centers across California, Texas and Illinois, including Weiss Memorial Hospital and West Suburban Medical Center in Chicago
- Carestream Health, Inc. and its debtor affiliates during their prepackaged Chapter 11 cases. Carestream, a Rochester, New York based global provider of medical imaging systems and non-destructive testing products had more than $1.3 billion of prepetition funded debt obligations
Prior Experience
President, Rush Health
More
Thought Leadership
Publications
Author, "2024 Healthcare Private Equity Outlook and Considerations," Kirkland Alert, January 11, 2024
Author, "How CMS Proposal Would Change PE Deal Transparency," Law 360, April 4, 2023
Author, "Drafting and Negotiating Physician Employment Agreements," Health Care Law Monthly, October 2018
Author, "Regulation Versus Overregulation of LDTs: Permitting Innovation While Ensuring Verification," Bender's Health Care Law, Vol 16, Issue 06
Author, "Freestanding Emergency Departments: A Primer on Laws Impacting Development and Operating," Bender's Health Care Law, Vol 16, Issue 05
Author, "Evolving Regulation of Dental Service Organizations," Dental Economics, November 15, 2016
Speaking Engagements
Speaker, "Tech-Driven Healthcare Transformation: Navigating Innovation, Payment Reform, and Patient Care," HIMSS 2024, Orlando, Florida, March 13, 2024
Moderator, "Impact of PE on Managed Care," New York, New York, February 28, 2024
Speaker, "Health Plan Regulatory Updates," American Health Law Association, Health Plan Law & Compliance Institute, May 19, 2023
Speaker, "Evolution and Innovation in the Health Care Payment Landscape," Loyola University Beazley Health Law Symposium, November 11, 2022
Speaker, "Compliance Implications of Healthcare Industry Trends," WCP Compliance Symposium, October 4, 2022
Speaker, "Implementing an Effective Clinical Integration Program," American Hospital Association, March 22, 2022
Speaker, "Accelerate Value-Based Performance," HIMSS 2022, Orlando, Florida, March 14–18, 2022
Moderator, "What's Next for Health Policy?" Duke Alumni Association Forum, February 22, 2022
Guest, "Insights on Demand," The Schema, January 11, 2022
Speaker, "The Evolution of Risk Management," The Academy – Population Health and Medicare Advantage Collaborative, Dallas, Texas, September 27–29, 2021
Guest, "Charting a New Path in Healthcare," Nota Bene Podcast, Episode 127, May 2021
Speaker, "Regulations Impacting Advanced Practice Professionals," Annual APP Leadership Retreat, October 2018
Moderator, "Effective Compliance Planning for Surgery Centers," and "HIPAA and Privacy Issues for ASCs;" Becker's ASC 23rd Annual Meeting: The Business and Operations of ASCs, Chicago, Illinois, October 28, 2016
Speaker, "Mid-Level Provider Agreements," Chicago Bar Association, September 28, 2016
Speaker, "Key Issues Facing Urgent Care Providers," Becker's Healthcare webinar, January 28, 2016
Recognition
Law360 MVP (Healthcare), 2023
Crain’s Chicago Business 40 Under 40
Memberships & Affiliations
Member, Economic Club of Chicago
Past Chair, Chicago Duke Alumni Board
Chair, Duke Professional Healthcare Cohort
Credentials
Admissions & Qualifications
- 2014Illinois
- 2011Georgia
Education
- Duke UniversityJ.D.2011Duke Journal of Constitutional Law & Public Policy
- Georgia State UniversityB.B.A.summa cum laude2008