Home Results Case Studies Physician Practice Management
Supported one of nation's largest single specialty PPM companies through Chapter 11

One of the nation’s largest single-specialty physician practice management (“PPM”) companies expanded by acquiring operating assets of ophthalmic practices across the U.S.   The company developed comprehensive eye care networks by providing management expertise, marketing, information systems, capital resources and ancillary. Ultimately they were affiliated with 130 eye care with 407 ophthalmologists and 185 optometrists at 347 locations in 22 states, and owned or operated 48 ASCs, and 167 optical dispensaries. In January 2000, the Company filed for Chapter 11 protection in the Northern District of Texas, Dallas Division.

The Solution
Acted as Chief Accounting Officer responsible for all finance, treasury, and SEC reporting functions
Designed and implemented internal audit function across all practices and ASC’s
Negotiated sale of ASCs to Nashville based surgical center operator
Worked with investment banker to develop a pricing model for sale of practice assets
Led direct negotiations with physician practice owners and their counsel
The Results
Successfully completed GAAP audit for all years and completed SEC filings avoiding officer sanctions
Generated sufficient cash flow through sale of practice assets to administer the case and pay: 100% of secured creditor claims (~$200MM) and 100% of unsecured creditor claims (~$135MM)
Services & Roles
Bankruptcy Advisory
Chief Account Officer
Internal Audit
*Some engagements may have been performed by team prior to joining Harney Partners.