Situation ToneyKorf Partners LLC was hired to lead Milford Health and Medical, Inc. (“Milford”), a not-for-profit corporation in Milford, CT, that included an acute care hospital, home care agency, captive insurance company, and medical office buildings. Like many community hospitals and systems, Milford was financially and operationally struggling despite cost-cutting measures and reductions in clinical […]
Situation New Bridge Medical Center (formerly known as Bergen Regional Medical Center) is a County owned 1,000+ bed safety net hospital in Paramus, NJ providing acute, behavioral health and long term care to the uninsured and underinsured in New Jersey In late 2016 the County was in need of a healthcare advisory firm to assist […]
Situation Brookdale Hospital and Medical Center (“Brookdale”) is a not-for-profit medical services provider that is a critical part of Brooklyn’s healthcare delivery system. Brookdale is a full-service teaching hospital including inpatient care, ambulatory care, long-term care, senior living, and emergency medicine Brookdale is located in one of New York City’s most underserved communities and approximately […]
Situation After years of financial difficulty, including the inheritance of substantial legacy debt, on December 2, 2012, Interfaith Medical Center (“IMC”) filed a voluntary petition in the United States Bankruptcy Court for the Eastern District of New York commencing a Chapter 11 bankruptcy case. IMC’s financial difficulties continued during the Chapter 11 case and in […]
Situation Engaged to guide the historic Saint Vincent Catholic Medical Centers of New York through restructuring and subsequent Chapter 11 bankruptcy The health system’s financial management did not adapt to the institution’s growth. The medical system first went into bankruptcy in 2005, only to emerge in 2007 saddled with debt that would ultimately force the […]
Situation Engaged by a 350-bed not-for-profit hospital in financial crisis Hospital out of cash and fighting to keep its doors open Lender pressuring hospital to restructure or close Execution and Results Mark Toney and his team developed a 13-week cash flow forecast, provided management oversight of cash, and built a cash cushion to provide capital […]
Situation Advised an international chemicals manufacturer to address critical liquidity issues A spike in the price of materials had significantly increased short-term working capital needs Decreases in overall revenues resulting from the economic slowdown had hampered the Company’s ability to fully absorb manufacturing costs Execution and Results Worked with management to develop and implement a […]
Situation Advised a private equity firm on operational performance improvement recommendations for a major national health club chain with over $1 billion in annual revenue The client had recently purchase the Company in a section 363 bankruptcy asset sale process The Company had experienced significant changes in management and leadership positions The CEO role remained […]
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