Client was contracted to operate 400+ emergency rooms. In addition, the company had three HMO’s, a billing company, 14 primary care clinics, and a government contracting division providing healthcare at certain military installations.
A religiously affiliated organization developed and built a 53-story high-rise continuing care retirement facility with 248 living units in an urban location. However, due to market economics, it was only able to fill 82 units resulting in a default on the bonds and a draw on the letter of credit. The facility was built on land leased from an affiliate of the religious organization that complicated alternative use options.
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. Integrating the practices to the billing, payroll, and payable system as well as closing the financials on a timely basis and providing forecasted cash flow to the private equity owner were key responsibilities of the CFO.
An operator of 80 SNFs faced negotiations with HHS over fraudulent billing; negotiations with its revolver lender; and senior subordinated credit holders. Management was looking for a CRO that would work with the management team/owners to solve significant financial problems. Issues included excessive operating costs and employee retention, as well as care issues impacting Star Ratings.