Thomas M. Fahey

Tom Fahey advises hospitals, health systems and financial institutions on complex health care-related finance, strategy and compliance issues. He’s also a member of the firm’s management committee, which manages business affairs and day-to-day operations.

What do you focus on?

Strategic Transactions

I advise health care providers on strategic issues and guide them in executing their strategies. I also help them achieve growth through mergers, joint ventures and new facility development.

Health Care Finance

Health care providers and lenders turn to me for both borrower’s counsel and underwriter’s counsel in large bond financing transactions. I also advise on the bond-related issues that can arise from corporate restructurings, acquisitions and dispositions. Recently we represented the underwriters of a $500-million bond issue on behalf of a large academic medical center.

General Counsel

Acting as outside general counsel, I help health care providers manage their ongoing legal issues, from compliance to corporate tax and government advocacy.

What do you see on the horizon?

There’s a growing challenge to structure health care transactions within the complex regulatory environment in which health systems operate. These transactions require counsel skilled in both corporate and regulatory matters.

Publications & Presentations

  • “Adhering to Board Duties in an Affiliation Transaction,” trusteemag.com, June 30, 2017
  • Presenter, “Navigating Difficult Due Diligence Issues that Arise in Health Care Transactions,” Illinois Association of Healthcare Attorneys 34th Annual Healthcare Symposium, November 10, 2016
  • Panelist, “Regulatory Update,” Healthcare & Medical Office Conference, Illinois Real Estate Journal, October 30, 2015
  • Moderator and Presenter: “Compliance Potpourri,” First Illinois Healthcare Financial Management Association Spring Summit, April 10, 2014
  • Panelist, “In the Trenches: Hospital Trends and Outlook,” First Illinois Healthcare Financial Management Association Fall Summit , November 4, 2013
  • Panelist, “Hospital Trustee Breakfast,” Fourth Annual Governance Forum, Crain’s Chicago Business, February 28, 2013

Health systems' scale not linked to better revenue

Modern Healthcare | September 11, 2018

In this article on a study by Navigant Consulting that explores the size of health systems and their revenue, Chicago Project Finance and Public Finance partner Tom Fahey is quoted for his outlook on M&A activity.

Nursing shortage will continue to pinch hospital margins

Modern Healthcare | March 06, 2018

Chicago public finance partner Tom Fahey provides commentary in this article about the financial strain on hospital systems caused by the ongoing nursing shortage.


Thomas M. Fahey



Phone: 312-977-4376

Fax: 844-558-3821

DePaul University College of Law, J.D., Note and Comment Administrator, DePaul Law Review

University of Wisconsin, B.S.


  • Selected, through a peer-review survey, for inclusion in The Best Lawyers in America© 2021 in the fields of Health Care Law and Public Finance Law; listed since 1991
  • Chambers USA: America's Leading Lawyers for Business, 2005–2019 for Health Care Law (Illinois)
  • Recommended in The Legal 500 United States 2016 editorial for Industry focus—Health Care: Service providers
  • Top 10 Leading Health Law Lawyers in Illinois, Leading Lawyers, 2015
  • National Association of Bond Lawyers
  • American Health Lawyers Association
  • Illinois Association of Healthcare Attorneys
  • The Health Law Institute Advisory Board, DePaul College of Law
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