Fred Lara, CFA, ASA, CVA


Office: Philadelphia

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


  • A Comprehensive Guide to Pathology Arrangementsco-authored with David W. Sands, CVA, August 6, 2020
  • Management Services Arrangements – What’s in a Name?, co-authored with William G. Kaufmann, JD/MBA and David Sands, ASA, July 2020
  • Nonprofit Status Challenges, co-authored with Sydney Hilzenrath, CEP, CECP and William G. Kaufmann, JD/MBA, Feb 12, 2020
  • 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 Optionsco-author Adam S. Polsky, MBA, CVA) September 23, 2019
  • The Long Arm of the Law – Healthcare Fraud and the Travel Act, co-authored with William G. Kaufmann, JD/MBA and David W. Sands, CVA, Aug 15, 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 

Recent Insights

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Authors: Erica Jacobovits, JD and Kevin Obletz, JD Download the PDF In the aftermath of the determination by the Secretary of Health and Human Services, Alex M. Azar II (the “Secretary”), that COVID-19 represents a public health emergency[1], the Centers for Medicare...

Management Services Arrangements – What’s in a Name?

Authors: William G. Kaufmann, JD/MBA, David Sands, ASA and Fred Lara, CFA, ASA, CVA  Download the PDFIn forming and evaluating management agreements, hospital operators and counsels alike can have varying expectations as to the nature, structure and value of these...

Upcoming Events

Sep 30-Oct 2 | AHLA Virtual Fraud and Compliance Forum

Healthcare Appraisers is proud to serve as the Program Sponsor for the AHLA Fraud and Compliance Forum. This program brings together legal counsel, compliance officers, and government representatives for an invaluable learning and networking opportunity. This program...

Oct 8-9 | Tennessee Bar Association 2020 Virtual Health Law Forum

HealthCare Appraisers will serve as a Platinum Sponsor for the 32nd Annual Health Law Forum. This forum will take place virtually via live webcast. Recognized as one of the premier health law programs in the country, this annual forum addresses key issues impacting...