Case Study:
Physician Practices
Interim CFO to successfully develop processes and integrate multiple acquisition companies
An operator of 180 physician practices across seven states needed an interim CFO while it searched for a permanent CFO. The Company had made fifteen acquisitions of practices over the prior 18-month period and was looking to add additional practices. Harney was responsible for integrating the practices including: billing, payroll, and payable system, as well as monthly financials and cash flow forecasting.
The Solution
Oversaw the financial and treasury functions
Supervised seven (7) direct reports and 60 indirect reports, including financial reporting, billing and collections, accounts payable, physician contracts, budget and analysis
Interfaced with senior management on strategic issues and acquisitions
Provided monthly reporting / forecasting to private equity firm
Responsible for weekly borrowing base reporting and cash flow management
The Results
Successfully completed two acquisitions
Implemented an expense approval process
Worked with outside counsel on resolution of billing issues
Negotiated amendments to leases reducing monthly lease costs
Transitioned CFO role to full time replacement
Services & Roles
Interim Management
Interim CFO for operator of 180 physician practices
*Some engagements may have been performed by team prior to joining Harney Partners.
