Mr. Korf is a founding partner of ToneyKorf Partners LLC. He currently serves as the Transition Lead for New Bridge Medical Center (formerly known as Bergen Regional Medical Center). Prior to his appointment at New Bridge Medical Center, he had been serving as President and Chief Executive Officer of Interfaith Medical Center in Brooklyn, New York.
Prior to founding TKP, Mr. Korf was a Partner in the Corporate Advisory and Restructuring Services practice of Grant Thornton LLP, a Managing Director in the Corporate Advisory Services practice at Huron Consulting and spent 20 years in private industry in various “C-level” positions.
Steve has represented debtors and creditors of both public and private companies in identifying solutions to various complex operational and financial issues, frequently in crises. Services provided have included serving as Interim Management, evaluating business plans, negotiating capital structures, developing reorganization plans and valuing business enterprises.
Steve has also negotiated numerous acquisitions and divestitures and has consistently proven his ability to enhance profitability in both growth and restructuring environments. Steve also currently serves as the President and Chief Executive Officer of the post-emergence Saint Vincent Catholic Medical Centers and previously served as its Chief Financial Officer during it reorganization in Chapter 11. In that role, Steve and his team:
- Negotiated and secured Debtor-in-Possession (DIP) financing
- Interface with the Secured/DIP Lenders, the Official Committee of Unsecured Creditors and various regulatory authorities and their advisors
- Work with management to identify and implement revenue enhancing and expense reduction initiatives
- Support the Saint Vincent Catholic Medical Centers’ investment bankers in the sale of operating assets
- Oversee all finance, treasury and accounting functions for this $800+ million healthcare enterprise with numerous divisions and several thousand employees
Steve recently served as the financial advisor to a New York based not-for-profit hospital. In that regard, working closely with hospital management, he has among other things:
- Implemented a clinical documentation improvement project to increase CMI and reduce denials
- Significantly reduced the use of premium labor including overtime and nurse agency
- Undertook a review of all clinical departments and identified $30 million of revenue enhancing and/or expense reduction initiatives
- Implemented a Coding Review project to identify lost revenue opportunities
- Undertook a comprehensive review of the hospital’s Medical Enterprise/FPP Plans to identify underperforming physicians
- Implemented a Patient Safety Initiative to reduce future medical malpractice claims
Overall, $30 million of revenue enhancing/expense reduction initiatives were identified and cash from operations improved dramatically resulting in a 20% improvement in operating performance
ToneyKorf is a leading business advisory firm of experience-based professionals who specialize in creating value and restoring performance at every stage of the business life-cycle.
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