Healthcare Attorney • Partner at PFS Law

HEALTHCARE ATTORNEY

Neal T. Goldstein

Partner, Business Practice Group

HEALTHCARE ATTORNEY

Neal T. Goldstein

Partner, Business Practice Group

HEALTHCARE ATTORNEY

Neal T. Goldstein

Partner, Business Practice Group

About Neal

Neal T. Goldstein is a partner in the firm’s Business Practice Group, where he heads up the firm’s healthcare practice. Prior to becoming a lawyer, Neal worked for two years as a Certified Public Accountant in the audit department of a Chicago accounting firm.

In his corporate practice, Neal represents companies doing business in health care, manufacturing, distribution and real estate. For those companies, Neal provides counsel on mergers and acquisitions, succession planning, ownership structuring, and general corporate law and business matters.

As a healthcare practitioner, Neal’s niche is representing physician groups as their corporate and transactional counsel. In his career, Neal has handled over 100 transactions involving physician practice mergers, acquisitions, dispositions and formations. He is recognized nationally as a go-to lawyer for physician related matters. This is due in no small part to Neal’s expertise on healthcare fraud and abuse laws. How Neal developed that expertise is a story that speaks to Neal’s approach to lawyering: break down the complex, and be thorough. Here is that story.

In the early 2000s, the government began enacting regulations under the Federal Physician Self-Referral Law, also known as the Stark Law. The published Stark rules were lengthy and complicated, covering the equivalent of over 500 pages. Neal studied those rules the way he studied for the CPA and law school exams – he outlined the content. Neal invested hundreds of hours over many months on this project. As the outline began taking shape, Neal realized that it read like a lesson plan for a law school course. This gave him an idea. Wanting to give back to the profession, Neal offered to teach a course on Stark at his alma mater, Loyola Law School of Chicago. It did not take Loyola long to accept the offer.

Neal taught his Stark course at Loyola Law’s Beazley Institute for Health Care Law and Policy for 9 years. At the time, Neal’s class was the only course, among law schools in the Midwest, devoted strictly to Stark. In the last few years of teaching the class, Neal expanded the course to cover the Anti-Kickback Statute and the False Claims Laws. The knowledge and insights Neal gained from developing and teaching his course has proven to be invaluable for his clients.

Neal strives to make a difference in the community. He has served on the Boards of numerous non-profit organizations, including Mt. Sinai Hospital, the Anti-Defamation League, and Jewish Child and Family Services.

Neal has been recognized by Nightingale’s Healthcare News as one of the country’s “Outstanding Physician Practice Lawyers.” He has spoken and written on a variety issues relating to health law and the business of healthcare.

Having grown up on the north side of Chicago, Neal is and forever will be a die-hard Cubs fan. He and his loving and patient wife Nancy have 4 children (who are also Cubs fans) and are the doting owners of two Goldendoodles.

Practice Areas

  • Healthcare
  • Business
  • Mergers & Acquisitions
  • Stark Law & Compliance
  • Practice Formations
  • Succession Planning

Education

Loyola University Chicago School of Law
J.D., 1989

University of Illinois Urbana-Champaign
B.S. Accountancy, 1984

Bar Admissions

Illinois (1989)

Affiliations & Boards

  • Mt. Sinai Hospital, Board Member
  • Anti-Defamation League, Board Member
  • Jewish Child and Family Services, Board Member
  • Loyola Law School Beazley Institute, Former Faculty (9 years)

Experience

Serves or has served as outside corporate counsel for physician groups practicing in orthopaedics, urology, podiatry, rheumatology, cardiology, general surgery, dermatology, ophthalmology, otolaryngology, pediatrics, concierge medicine, internal medicine, radiology, and OB/gyne.

For those physician groups, developed Stark compliant structures for ancillary services in physical therapy, MRI and other diagnostic imaging, pathology lab, radiation oncology, drug dispensary and durable medical equipment. 

Formed Illinois Bone and Joint Institute and Uropartners, and other large groups practicing in OB/gyne, dermatology, and radiology.

Structured groups practicing in pediatrics, concierge medicine, internal medicine, concierge medicine, general surgery, pediatrics, OB/gyne, otolaryngology, rheumatology, and cardiology.

Handled close to 100 practice acquisitions, dispositions and mergers in the medical field as well as dentistry.

Represented provider groups in the sale to private equity backed practices, including Midwest Imaging Partners sale to Radiology Partners, Uropartners sale to Solaris Health Partners, Weil Foot & Ankle sale to Balance Health, Occu-Sport Physical Therapy sale to Accelerated Rehabilitation, Acadia Women’s Health sale to Olympus Cosmetic, and Advanced Consultants in Pain Care sale to Tricity Pain Associates.

Represented many surgeons investing in or being bought out of surgery centers.  Also served as outside corporate counsel to surgery centers.

Regulatory and other healthcare experience:

  • Developed and taught a course on Stark and healthcare fraud and abuse at Loyola Law School of Chicago’s Beazley Institute for Health Law and Policy.
  • Served on the Board of Directors of Sinai Health System in Chicago, and served as Chairman of its Quality Committee.
  • Participated in successful application for an OIG Advisory Opinion.
  • Prepared or advised physician groups on Stark Self-Referral Disclosure Protocol submissions.
  • Advised clients on overpayment issues.

Labor & employment experience:

  • Drafted or reviewed hundreds of physician employment agreements.
  • With labor & employment and litigation colleagues, represented physician groups in non-compete disputes and other employment related matters.
  • With labor & employment colleagues, regularly advise physician groups on physician and other personnel employment issues.
  • Served as expert witness for defense in Atkins v. Robbins, Salomon & Patt, a case involving physician employment agreements. Following a bench trial, the court rendered a defense verdict, citing Neal’s testimony as a factor in the decision.

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Practice Areas

  • Healthcare
  • Business
  • Mergers & Acquisitions
  • Stark Law & Compliance
  • Practice Formations
  • Succession Planning

Education

Loyola University Chicago School of Law
J.D., 1989

University of Illinois Urbana-Champaign
B.S. Accountancy, 1984

Bar Admissions

Illinois (1989)

Affiliations & Boards

  • Mt. Sinai Hospital, Board Member
  • Anti-Defamation League, Board Member
  • Jewish Child and Family Services, Board Member
  • Loyola Law School Beazley Institute, Former Faculty (9 years)

Thought Leadership

Publications

Author, “Getting Started with Succession Planning,” Lake County Business Journal, February 2000
Co-Author, “Physicians Diversify Through Ancillary Services,” Chicago Hospital News, July 2003
Co-Author, “On Call Requirements under New EMTALA Rule,” Chicago Hospital News, October 2003
Co-Author, “Stark II Phase III Final Rule: No End in Sight,” American Health Lawyers Association Member Briefing, September 2007
Peer Reviewer, “The Law of Medical Practice in Illinois,” Illinois Practice Library Series, 3d Edition 2007
Co-Author, “Healthcare Reform – the Impact on Physicians and Hospitals,” American Health Lawyers Association Healthcare Reform Law Resource guide, June 2010
Contributing Author, “Illinois Corporate Practice and Forms: The Seyfarth Shaw Manual,” Data Trace Publishing Company, 2010 Edition
Co-Author, “Healthcare Finance: The Current Environment and a Primer on Business and Legal Issues,” American Health Lawyers Association Executive Summary, August 2011
Co-Author, “Good Governance and the Private Physician Group,” AAOS Now, July 2013
Co-Author, “Health Care M&A: Legal and Business Trends and Issues,” Inside the Minds, Navigating Health Care M&A Transactions, Thompson-Reuters/Aspatore Publications, 2013
Author, “Healthcare Fraud and Abuse Laws and Enforcement Trends,” OMSNIC Monitor, August 2013

Speaking Engagements

Speaker, “Practice Management Companies; Exit Strategies and Related Issues,” University of Illinois College of Medicine and Illinois Association of Ophthalmology Annual Meeting, March 1998
Speaker, “Transferring the Family Business – Non-Tax Considerations,” American Association of Attorney-Certified Public Accountants, November 1999
Speaker, “Vertical Integration of Medical Groups – Legal and Operational Issues,” National Association of Healthcare Consultants, October 2000
Speaker, “Developing Relationships Between Hospitals and Single Specialty Group Practices,” Lorman Education Services, May 2001
Panelist, “Forecast for Law Firm and Client Development,” Law Bulletin Seminars, February 2004
Speaker, “Legal and Business Issues Related to Orthopaedic Group Mergers,” Milwaukee Orthopaedic Society, October 2008
Speaker, “Addressing a Major Concern of the Physician Liaison: What Am I Allowed to do Under Stark?,” Illinois Association of Physician Liaisons, July 2009
Panelist, “Physician and Patient Perspectives on Health Law,” Beazley Institute for Health Law and Policy 25th Anniversary, March 2010
Speaker, “Health Care Reform and Its Impact on Health Care Providers,” Seyfarth Shaw Webinar, May 2010
Speaker, “Government Compliance Enforcement – The Current Environment for Pain Management,” American Society of Interventional Pain Physicians Coding, Compliance and Practice Management Course, August 2010
Speaker, “What does the Future Hold for the Private Practice of Medicine?,” Illinois Association of Physician Liaisons, December 2010
Panelist, “Health Care Reform – Its Impact on Physicians,” American Health Lawyers Association and PNC Bank Webinar, December 2010
Speaker, “New Approaches to Physician Transactions,” Illinois Association of Healthcare Attorneys 2011 Annual Symposium, October 2011
Panelist, “State of the Healthcare Industry,” Illinois Real Estate Journal Healthcare Real Estate Conference, May 2012
Speaker, “Health Care Reform for the Health Care Provider – Physician Payment Sunshine Law,” Seyfarth Shaw Webinar, March 2013
Speaker, “Healthcare Fraud and Abuse Investigations,” OMS National Insurance Company, May 2013
Speaker, “Physician Conflicts of Interest,” Seyfarth Shaw Breakfast Briefing: Physician/Health Care Organization Relationships: Issues and Trends, July 2013
Speaker, “Essentials of Stark,” Chicago Bar Association Health Law Subcommittee Monthly Meeting, March 2015
Speaker, “Business Growth and Development,” Becker Group Business Strategy Roundtable, July 2018
Speaker, “Becoming and Being a Lawyer,” Kappa Alpha Pi, University of Illinois, March 2020
Speaker, “Recent Stark Law Changes Affecting Urology,” Chicago Urological Society, February 2021
Speaker, “ASC Industry Trends,” Illinois Ambulatory Surgery Center Association 2022 Annual Meeting, September 2022
Speaker, “Practice Models – How Does Urology Stack Up Against Other Specialties and Successful ASC Models,” Large Urology Group Practice Association 2024 Ambulatory Surgery Center Academy, March 2024

Interviews

“Final Medicare Anti-Markup Rules,” ReachMD Satellite Radio, November 2008
“Around the Water Cooler: Q&A With Neal Goldstein,” Chicago Lawyer, January 2009
“Five Critical Business and Legal Issues Facing Orthopedic and Spine Practices,” Becker’s ASC Review, September 2009
Alumni Profile, Beazley Institute for Health Law and Policy Newsletter, November 2009
“Why I Serve on the Board: Q&A With Neal Goldstein of Chicago’s Sinai Health,” Becker’s Hospital Review, August 2011
Snapshot: Involved Grad, Loyola University of Chicago School of Law 2011-12 Dean’s Annual Report
“New CMS Opinion Hints That Buying ‘Subsidiary’ Practices OK Under Stark Exception,” Part B News, August 2021
“For Space Rental Deals, Safe Harbor Not Necessary – But a Good Idea,” Part B News, October 2023
“Thoughts on Healthcare Private Equity Transactions,” Becker Private Equity & Business Podcast, November 2023

Practice Areas

  • Healthcare
  • Business
  • Mergers & Acquisitions
  • Stark Law & Compliance
  • Practice Formations
  • Succession Planning

Education

Loyola University Chicago School of Law
J.D., 1989

University of Illinois Urbana-Champaign
B.S. Accountancy, 1984

Bar Admissions

Illinois (1989)

Affiliations & Boards

  • Mt. Sinai Hospital, Board Member
  • Anti-Defamation League, Board Member
  • Jewish Child and Family Services, Board Member
  • Loyola Law School Beazley Institute, Former Faculty (9 years)

Group Practice with Neal Goldstein

Real conversations with physicians, advisors, and operators on what it actually takes to run a thriving group practice. New episodes weekly.

Stark Law Explained

Neal breaks down the federal Stark Law — the prohibition on physician self-referrals — using the same framework he taught for nine years at Loyola Law School. A clear, structured walkthrough of one of the most consequential statutes in healthcare.

Listen on Spotify ›

Sale to PE: The Two Hats a Selling Physician Wears

Most physicians selling to PE focus on the upfront cash, indemnities, and non-competes. They miss what often matters more: the rollover equity and employment terms. Neal walks through what to scrutinize in both — and why physicians’ interests diverge based on career stage.

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Discussion with Dr. Richard Harris, CEO of Uropartners

Neal interviews Dr. Richard Harris, founding member and longtime CEO of Uropartners, on building one of the nation’s premier independent urology groups. The challenges of merging 11 competing practices into one, the ancillary strategy, and the leadership principles behind the success.

Listen on Spotify ›

Practice Areas

  • Healthcare
  • Business
  • Mergers & Acquisitions
  • Stark Law & Compliance
  • Practice Formations
  • Succession Planning

Education

Loyola University Chicago School of Law
J.D., 1989

University of Illinois Urbana-Champaign
B.S. Accountancy, 1984

Bar Admissions

Illinois (1989)

Affiliations & Boards

  • Mt. Sinai Hospital, Board Member
  • Anti-Defamation League, Board Member
  • Jewish Child and Family Services, Board Member
  • Loyola Law School Beazley Institute, Former Faculty (9 years)

Accolades & Recognition

“Outstanding Physician Practice Lawyer”

— Nightingale’s Healthcare News

“AV® Peer Review Rated”

— Martindale-Hubbell

“Designated Super Lawyer®”

— 2007, 2010 – 2021, 2025

Additional accolades and recognitions will be added as Neal continues his work in healthcare law.

Practice Areas

  • Healthcare
  • Business
  • Mergers & Acquisitions
  • Stark Law & Compliance
  • Practice Formations
  • Succession Planning

Education

Loyola University Chicago School of Law
J.D., 1989

University of Illinois Urbana-Champaign
B.S. Accountancy, 1984

Bar Admissions

Illinois (1989)

Affiliations & Boards

  • Mt. Sinai Hospital, Board Member
  • Anti-Defamation League, Board Member
  • Jewish Child and Family Services, Board Member
  • Loyola Law School Beazley Institute, Former Faculty (9 years)

The Strength of an Established Firm Behind Every Engagement

Neal practices as a partner at Patzik, Frank & Samotny Ltd. — a Chicago-based business law firm founded in 1991, known for sophisticated counsel and a straightforward, common-sense approach. The full bench of PFS attorneys — across business, finance, real estate, employment, IP, litigation, and tax — supports every Neal Goldstein engagement, providing depth that solo practitioners simply cannot match.

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