Duets Done Right: Health Care Joint Ventures in 2026 and Beyond
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Why are joint ventures becoming the dominant deal structure in health care today?
This episode of AHLA Speaking of Health Law is brought to you by AHLA members and donors like you. For more information, visit AmericanHealthLaw.org.
Hello everyone, and welcome to the AHLA Speaking of Health podcast. I am Jennifer Hutchins, your co-host for today. I am a proud longtime AHLA volunteer and board member, and it's been truly my professional home here at AHLA in the healthcare law community for nearly 20 years. In my practice at Deckard LLP, I lead our healthcare regulated group, working frequently with investors, providers, MSOs, and other ancillary service organizations. A big part of my day-to-day practice is working on transactional work, joint ventures, and anywhere in between. First from concept all the way through formation, growth, and sometimes wind down. And a lot of that practice is actually on the advisor side with these transactions. And I hope that that perspective will come through today in what we discuss.
I am happy to report that I am joined by my co-host and longtime friend and collaborator, Tom Spellman. Tom and I have worked together for about a decade or more at this point across pretty much every type of structure and deal type that you can imagine in the healthcare world. And I hope that today's conversation is gonna reflect a lot of the fun that we've had and some things that we've learned along the way as well.
Thanks, Jennifer. It's great to be here with you on the podcast. My name is Tom Spellman. I am Associate General Counsel and Vice President at Fresenius Medical Care, which is a publicly traded healthcare company with a particular focus in renal care. My day-to-day is acquisitions, divestitures, and joint ventures, especially across our kidney dialysis business. So joint ventures are very much my bread and butter, my day-to-day. Looking forward to today's conversation.
Absolutely. And so just to refresh for everyone listening in, Tom and I actually gave a presentation at the AHLA Transactions Conference in Nashville this past spring. We delivered a presentation around this topic earlier this year, as I mentioned, and that topic was called Duets Done Right. healthcare joint ventures in 2026 and beyond. And today, what we're looking to do is actually bring that conversation to this podcast. We are going to kind of skip over the 101 basics, assuming that the audience has got that down. And before I forget, I want to give the biggest shout out. We have a fantastic summer associate on our team here at Decker. named Anna Bamber. She is a rising, first of all, she's a superstar. She is a rising 3L at Wake Forest and has helped Tom and I convert the magic of that presentation that we did at the Transaction Conference into our podcast today. So thank you, Anna.
Yeah, and a huge help. Couldn't have done it without you. Like Jennifer mentioned, we're kind of glossing over the 101 of joint ventures and deals in general. And we're really hoping to drive into, you know, kind of the more veteran lessons that Jennifer and I have learned over the years. Things from deals where things didn't go exactly as planned or, you know, maybe things took a turn and just kind of, you know, provide that extra level of experience that we have today in the podcast.
Absolutely. So looking forward to going deep today on issues that actually drive outcomes in practice, regulatory pressure points, governance issues under stress, and really designing deals that hold together five years in, 10 years in. I think that's really going to be the focus of our conversation today. So with that, let's kick it over to a structured conversation. Tom, always good to start there.
Yeah, absolutely. And we'll keep it pretty high level given our time constraints. The first question we often get in these conferences or more generally is, you know, why have a focus about joint ventures? You know, I'm sure most of you listening into the podcast have experienced them in some form or another, because really they're everywhere in health care right now, offering real opportunities for both business side, you know,
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Chapters
5 chapters
1
Why are joint ventures becoming the dominant deal structure in health care today?
0:05–8:38
2
What are the three main types of health‑care joint venture structures and when to use each?
8:38–17:21
3
Which core legal documents anchor a health‑care joint venture and what do they cover?
17:21–32:15
4
How do corporate practice of medicine, Stark Law, and the Anti‑Kickback Statute affect JV design?
32:15–43:35
5
What risk‑allocation and market‑access drivers make JV deals attractive in 2026?
43:35–49:40
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