Case Study:
Physician Practice (OB/GYN)
Led successful out of court restructuring of large, multi-office OB-GYN physician practice
The 50 year old Practice comprised forty physicians, seventeen separate legal entities, eight locations in Houston and surrounds and generated in excess of $40Mil in revenue per annum. In it’s history, the Practice’s physicians delivered ~450k babies. Confronted with a pending judgement of ~$11mil for vicarious liability due to the acts of one of its physicians and insufficient insurance to cover the claim, the Practice faced liquidation.
The Solution
Chief Financial Officer responsible for all finance, treasury, and accounting functions
Design and implementation of accounting systems for practices, laboratories and imaging center
Establish finance infrastructure for de-novo physician-owned practice management company
Disaggregated and restructured legal entities to mitigate litigation risk
Sell side due diligence for the practice and management company
Integration of nineteen (19) physician practices
The Results
Out of court restructure of practice entities including implementing new banking relationship; payment of trade creditors; market valuation and sale of practice assets
Established equipment leasing facility
Implemented corporate structure providing asset protection for physician owners
Services & Roles
Turnaround and Restructuring
CFO
*Some engagements may have been performed by team prior to joining Harney Partners.
