Fred Lara, CFA, ASA, CVA


Address: 1265 Drummers Lane | Suite 201
Wayne, PA 19807

Phone: (484) 588-0288

Fax: (484) 582-0400



Fred Lara is a Partner in the Philadelphia office.

Lara’s practice focuses on compensation valuation for compliance with Federal and State regulations. His specialized expertise encompasses several compensation valuation practice areas including: management – burn care, wound care, sleep medicine, collections guarantee/subsidies, call coverage, medical director, employment/PSA, MSO, dialysis, lithotripsy, pathology, perfusion and intraoperative monitoring, in addition to life sciences/HCP valuation, not-for-profit executive compensation, and healthcare facility business valuation.

Prior to joining HealthCare Appraisers, Lara worked for a private equity consulting firm where he was responsible for facilitating capital-raising efforts by providing financial modeling and transaction due diligence functions. Before that he worked for a buy-side mergers and acquisitions, and corporate development advisory firm where he was responsible for conducting valuation and on-site due diligence related to physician practice and service company acquisitions. Lara began his career as a Securities Compliance Examiner with the United States Securities and Exchange Commissions.

Lara is a member of the American Health Lawyers Association (AHLA), where he formerly served as the Chair of FMV Affinity Group, a CFA charterholder, an Accredited Senior Appraiser (ASA) and a Certified Valuation Analyst (CVA).


  • Compensation Valuation


  • FMV Documentation and Real Estate Compliance – Often Overlooked, but Never Undervaluedco-authored with David W. Sands, CVA and Kristina Kheyfets, October 2019
  • On-Call Coverage Compensations & Structures: Know the Options (co-author Adam S. Polsky, MBA, CVA) September 23, 2019
  • Presentation – Healthcare Facilities Valuation, American Society of Appraisers – Philadelphia Chapter, 2019 Business Valuation Seminar, Plymouth Meeting, PA, Friday, April 26, 2019
  • Excise Tax on Executive Compensation and How Much You End Up Paying, co-authored with David Sands, CVA, Director, and Will Kaufmann, JD, MBA, Senior Associate, HealthCare Appraisers, Inc., Insights, HealthCare Appraisers, Inc., February 2019.
  • Understanding Reasonable Executive Compensation for Nonprofit Organizations, co-authored with David Sands, CVA, Director, and Will Kaufmann, JD, MBA, Senior Associate, HealthCare Appraisers, Inc., Insights, HealthCare Appraisers, Inc., February 2019.
  • Webinar – Breathe New Life Into Your Healthcare Valuations, hosted by Business Valuation Resources, co-presented with Nicholas J. Janiga, ASA, Partner, HealthCare Appraisers, Inc., June 13, 2018.
  • Valuing Electronic Health Record System (“EHR”) Donation Arrangements, co-authored with David Sands, CVA, Manager, HealthCare Appraisers, Inc., FMVantage Point, HealthCare Appraisers, Inc., November 2016.
  • Webinar – Medicare’s New and Clarified Rules: Per Click and Lithotripsy, Why Does FMV Matter, co-presented with Ann Bittinger, Esq., Attorney, The Bittinger Law Firm, and Tizgel High, Esq., VP, Associate General Counsel, LifePoint Health, hosted by the FMV Affinity Group of the American Health Lawyers Association (AHLA), November 2, 2016.
  • What to Look for Beyond EBITDA, featured expert, The Ambulatory M&A Advisor, September 16, 2015.
  • Presentation –   Healthcare   Valuation:   Fundamentals   &   Common   Pitfalls,   Philadelphia   Bar Association-Health Law Committee Meeting, Philadelphia, PA, October 10, 2014.
  • Webinar –   Structuring   Healthcare   Practice   Leasing,   PSA   and   Other   Practice   Alignment Arrangements, co-presented with Michael Blau, Esq., Partner, Foley & Lardner, LLP, hosted by Strafford Legal Webinars, August 28, 2014.
  • Presentation – Straightening Out Your Alignment: An Overview of Hospital/Physician Practice Alignment Transactions, co-presented with John R. Washlick, Esq., Buchanan Ingersoll & Rooney, Pennsylvania Bar Institute – 20th Annual Health Law Institute, Philadelphia, PA, March 13-14, 2014. Chapter  D:    Straightening  Out  Your  Alignment:  An  Overview  of  Hospital/Physician  Practice
  • Alignment Transactions, co-authored with John R. Washlick, Esq., Buchanan Ingersoll & Rooney, PC, 20th Health Law Institute Volume 1, March 2014.
  • Impact of Ownership Details for Fixed Asset Appraisal, co-authored with Cary C. Kao, ASA, MRICS, Manager, HealthCare Appraisers, Inc., FMVantage Point, HealthCare Appraisers, Inc., March 2014.
  • 7 Key Components of Employee Leasing Arrangements, featured expert, Becker’s Hospital Review (Web edition), November 13, 2013
  • Presentation – Healthcare FMV Issues, co-presented with Scott Safriet, MBA, CVA, Partner, HealthCare Appraisers, Inc.  Corporate Responsibility: Imagine the Possibilities Conference, hosted by Catholic Healthcare Initiatives, June 3, 2015, Lone Tree (Denver), CO.
  • Expiration of the “Grandfather Provision” for Anatomic Pathology, co-authored with Richard Chasinoff,  MBA,  MHA,  CVA,  HealthCare  Appraisers,  Inc.,  Hospitals  &  Health  Systems  RX, (a publication of the AHLA Hospitals and Health Systems Practice Group), Vol. 15, No. 1, April 2013.
  • Webinar – Addressing Fair Market Value in hospital and physician integration, co-presenter with Barry D. Alexander, JD, Partner, Nelson Mullins Riley & Scarborough, LLP. Hosted by Health Care Compliance Association, January 30, 2013.
  • Hospitals Navigate Fair Market Value Under Stark, contributing expert, Report on Medicare Compliance, Published by Atlantic Information Services, Inc., Washington, DC, Volume 20, Number 29, August 15, 2011.
  • AHLA Teleconference – Featured speaker, Fred M. Lara, Healthcare Compensation Valuation: In-Depth Case Studies Highlighting Common Healthcare Compensation Valuation Considerations, March 4, 2008
  • AHLA Teleconference – Featured speaker, Fred M. Lara, What Counsel Should Be Alert To During The Valuation Process, December 5, 2007
  • Stipends  for  Stroke  Call  Create  New  Pressures,  Demands  and  Neurologists,  Fred  M.  Lara, contributing expert.  Neurology Today, April 4, 2006

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  • Villanova University, BS, Finance (with honors)


  • Chartered Financial Analyst, CFA Institute
  • Accredited Senior Appraiser (ASA); American Society of Appraisers (2009)
    Designation: Business Valuation
  • Certified Valuation Analyst (CVA), National Association of Certified Valuators & Analyst



  • National Association of Certified Valuators & Analysts (NACVA)
  • American Society of Appraisers (ASA)
  • American Health Lawyers Association
  • CFA Society of Philadelphia


  • CD Ventures, Berwyn, PA
  • Acquisition Management Services, King of Prussia, PA
  • United States Securities and Exchange Commission (SEC), Philadelphia, PA 

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ASC Valuation Multiples | Collaboration on the Rise

Author: Robert Kurtz with Commentary from Matthew J. Muller, ASA.  Published by The ASCA Journal October 2019. The ASC industry is a hotbed of transaction activity. That activity is helping to drive up the value of facilities and likely spurring the development...

A Glimpse at the Future of Healthcare Regulation

Authors: C.J. Laird, MEd and Brandon J. Billeaudeau, MPA Download the PDF  On October 9, 2019, the Department of Health and Human Services (“HHS”) issued preliminary proposed changes to the Physician Self-Referral Law (“Stark Law”) and the Federal Anti-Kickback...

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