Leading Successful Transitions and Turnarounds

CASE #1: Urban hospital with negative $15 million annual cash flow. Supported financial analysis and provided strategic recommendations that helped the Board of Directors decide upon the best possible course of action that would preserve remaining assets and make the best possible use of the hospital building and property. Implemented the downsizing of staff and coordinated the closure of hospital patient services and departments while developing a medical mall business plan to use the building and property in a productive way. Working directly with the Chairman of the Board, I coordinated the negotiations that successfully leased four of the six inpatient floors to area hospital providers. I put in place a new Purchased Services Agreement arrangement with hospital tenants that provided common support and area maintenance services.

CASE #2: Following the acquisition of two rural hospitals by a national hospital corporation, I was placed in charge as the executive to lead the development and implementation of a transition and strategic business plan that would turnaround their financial results while improving and expanding their patient care services. To accomplish this assignment a new physician recruiting plan was designed that met community needs, new primary care and specialty physicians were recruited and relocated, and a medical office building was constructed for these and other physicians in the service area. In addition, customer service was improved as measured by independent surveys and a critical CMS quality survey was satisfactory resolved.

CASE#3: I led the interim team during the acquisition of a hospital with the inability to generate sufficient capital necessary to drive business development plans and sustain operations that successfully transitioned the hospital to its owner. Turnaround plans were implemented to maintain working capital and a physician recruiting strategy was initiated to broaden the patient services available to the community and to increase patient volumes. Following the acquisition, I oriented the Board of Directors to the goals the new owners had for the hospital.

CASE #4: As the Chief Executive Officer of a newly acquired former Catholic Hospital that had had limited profitability and financial reserve, and considerable debt due to earlier financial losses, I introduced operational changes that improved financial results while adhering to the Catholic Religious and Ethical Guidelines for hospitals. Pursuant to a new strategic plan, I recruited physicians and implemented both new and expanded hospital service lines that led to several years of increasing patient volumes. Together these actions resulted in an annual increase in profitability of $13 million annually that allowed the hospital to renovate its facility and buy new major medical equipment.

CASE#5: Responsible for managing a major scandal at rural hospital related to improper State rate regulatory reporting by the former administration and finance officers of the hospital. I led the efforts to identify and accurately report audit findings while handling public relations issues. In the end, acceptable repayment terms were agreed to with the State government agency that provided for the hospital to repay rate overage debt over a four year period. Subsequently, I developed and implemented turnaround strategies that resulted in an $8.0 million recovery and the hospital was able to repay its obligations.