Richard Becker appointed the Deputy Secretary of Health & Human Services for New York State, August 7, 2020.

ToneyKorf Partners is proud that our team member, Richard Becker, M.D., has been asked to join Governor Andrew Cuomo’s team as the Deputy Secretary of Health & Human Services for the State of New York.

“We are excited for Richard because he is being called upon for public service during an important time, and we know that he will ‘Make a Difference,’” said Mark E. Toney, co-founder of ToneyKorf Partners. He continued, “we are also honored that one of our team members has been asked to join the Governor’s outstanding team.”

“While we are very excited for Richard, we will also miss having him at the firm. Richard has been an important part of our team and contributed to our continuing success,” said Steven Korf, co-founder of ToneyKorf Partners.

Congratulations, Richard, and thank you for your service!

Read more here

“Rural And Community Hospitals – Disappearing Before Our Eyes,” by Mark E. Toney, and Richard Becker, M.D., July 31, 2020.

Rural and community hospitals have been disappearing steadily over the last 10 years. But now, under the new stresses posed by the COVID-19 pandemic, the rate of insolvency has accelerated. Senior Managing Directors Mark E. Toney, and Richard Becker, M.D., outline the important steps that need to be taken immediately to protect rural and community hospitals in order to save lives. Read their detailed outline here shared by the National Rural Health Association.

Richard Becker, M.D. featured in the August issue of Hospital Peer Review, August 1, 2020.

According to Richard Becker, M.D., leadership engagement tracks directly with accomplishing outstanding results. Hospital boards and top executives should make the hospital or health system a high reliability organization (HRO). Read more from Relias Media to learn the three major areas HRO performance is built around and how to improve relations with hospital boards and executives.

ToneyKorf is proud to sponsor this moving series telling the stories of selfless healthcare workers from Mount Sinai South Nassau, July 24, 2020.

ToneyKorf Partners, LLC is proud to have sponsored this moving and informative series of never before seen footage, telling the incredible stories of selfless healthcare workers from Mount Sinai South Nassau, who have put themselves in danger to help others. We encourage you to watch the entire series.

Emergency Management Planning for COVID-19 in Healthcare Organizations, July 1, 2020.

This summary for Emergency Management During COVID-19 in Healthcare Organizations was prepared by ToneyKorf Partners, LLC and our Senior Managing Directors, Mark E. Toney and Steven R. Korf, in March 2020 when the northeast (NY, NJ, CT, MA, RI) began facing challenges from the pandemic.

It is now relevant to other regions of the country that are experiencing similar challenges. Hospitals are either in, or need to prepare for, the crisis.

Read on to learn more and feel free to share with your clients and colleagues:

Richard Becker and Jim Porter featured in June 2020 ABI Health Care Committee Newsletter, “Hospital Liquidity in the COVID-19 Pandemic: Early Actions Are Critical to Financial Recovery”

Don’t miss the American Bankruptcy Institute’s June 2020 Health Care Committee Newsletter, which features an article on hospital liquidity co-authored by ToneyKorf Partners, LLC’s Senior Managing Director, Richard Becker, M.D., and Managing Director, Jim Porter.

Christopher Karambelas featured in the ABI Journal, “Health Care Technology – Ransomware Risk and Protection,” May 2020.

We are pleased to provide the following article written by Christopher Karambelas, Director at ToneyKorf Partners, LLC, and published in the May 2020 issue of the American Bankruptcy Institute Journal. The article titled “Health Care Technology: Ransomware Risk and Protection” discusses how advances in information technology have improved and critically accelerated the delivery of healthcare. However, great innovation has also opened new avenues for broad scale criminal activity. What preventative measures can your healthcare organization take to help mitigate risks of cyberattacks? Read the article to find out more.

“More Than 1,300 Community Hospitals Likely Heading Toward Post COVID-19 Financial Crisis,” April 30, 2020.

April 30, 2020, 09:15 AM

As the impact of COVID-19 continues to weigh heavily on hospitals and health systems, ToneyKorf Partners released the results of its analytical forecast on the impact of the COVID-19 pandemic for community and urban safety net hospitals. The forecast indicates that only immediate and aggressive actions, coupled with additional external funding, can prevent a complete financial crisis for many healthcare organizations.

Especially impacted are more than 1,300 safety net and independent hospitals nationwide that now must operate in a severely altered financial landscape. Moreover, any recovery would cost hospitals at least 90 days of cash on hand. The cost of managing COVID-19, the lost revenue from the abrupt healthcare business disruption, and an expected gradual recovery of non-emergent and ambulatory services combine to seriously jeopardize the financial stability of many independent healthcare organizations, including many facing insolvency.

Mark E. Toney, Senior Managing Director of ToneyKorf Partners, stated that “Hospital management teams are being lured into a false sense of comfort by the increased census from COVID-19 patients and current stimulus funding, including Medicare advances.” With the increased costs of temporary staff, overtime and supplemental pay, additional personal protective equipment, and many other related costs payable in the next 30-90 days, the current stimulus funds will not cover the lost income and fixed costs of operations.

As COVID-19 activity diminishes and the U.S. enters a transition period back to a new “normal,” ToneyKorf’s proprietary forecasting tool, Pandemic Impact Mitigation Strategy (PIMS) model, indicates it will be critical for healthcare organizations – especially independent hospitals reliant upon significant external supplemental support – to make structural and operational changes that were previously contemplated, but not enacted. Making these changes quickly and strategically is going to be imperative in order to secure the liquidity of these facilities and move the operations to a more efficient and sustainable platform.

“The lost revenues from elective procedures, non-COVID-19 inpatients, and ambulatory care will not rebound to pre-COVID-19 levels fast enough to offset the hospitals’ fixed costs,” said Dr. Richard Becker, Senior Managing Director at ToneyKorf Partners. Becker added, “The combination of these factors is creating an imminent crisis for the backbone of America’s healthcare system.”

An example of one of the PIMS reports ToneyKorf Partners are using in their liquidity analysis, indicates the stimulus money is only providing a temporary sense of security that ultimately masks the real economic impact of the pandemic.

After the COVID-19 surge subsides, healthcare systems will need to pivot quickly towards meeting a new variable patient demand for clinical services through a combination of alternative delivery, partnerships, and capital structures better suited to a dramatically different healthcare environment. Irrespective of the payer mix and more imminent for the safety net, every healthcare system will require dramatic, specific, and aggressive actions to ensure ongoing viability.

Toney added, “This pandemic will force changes to healthcare delivery – some changes are needed and long overdue, some are painful but revitalizing to organizations, and some that we don’t even know today will be essential for future viability. All of these organizations must quickly ‘up their games,’ or face certain failure.”

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