Knowledge to Succeed!
Healthcare practices have unique business needs that are technical and complex. Resolute has experience in a wide variety of healthcare applications to meet these challenges.
The Spectrum of our Healthcare Engagements:
Financial Advisory
Resolute Specialization
We help Manage and Maintain Challenging Healthcare Environments
We understand the financial complexities of running a healthcare business, including contracts, insurance, the revenue cycle, payments, and more.
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Interim Management/CRO
We defuse contentious situations through restructuring of assets, operations, funding, and more
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Financial Review & Oversight
Careful analyzation and assessment of past, current, and projected business finances
Putting Our Expertise to Action:
Interim CEO for $80MM Multi State Radiology Physician Practice
Appointed through Bankruptcy Court to be Interim CEO for MDIG (Medical Diagnostic Imaging Group, Ltd). Operated company through bankruptcy; coordinated sale of specific assets to third party and architected orderly wind down of 9 sibling entities to include transitioning tele-radiology platform, straightening out in house revenue cycle management, and energizing collections. Facilitated final cash collections of over $10MM to the estate.
Financial Advisor for Multi-unit Imaging and Radiology Clinic
Engaged to assist $80MM enterprise with locations throughout Arizona. Assisted company by refining accounting/collections processes and building new marketing initiatives. Saw company through Chapter 11 process with a confirmed plan of reorganization in under 9 months.
Resolute Specialization
Controlling and Examining Ailing Assets
From physical operational challenges like bio-hazardous materials, controlled substances, and expensive equipment; to intricate organizational needs involving compliance, accounting, and medical records, healthcare is a complex field. Choose a partner with experience that you can trust to get the job done.
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Receivership
Stabilization, rehabilitation, or wind-down of existing operations.
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Forensic Accounting
Detailed investigations and analyses to locate fraud and implement effective internal controls.
Engaged to be receiver for parent company of two hospitals with total revenue of $70MM. Managed operations and devised a closure plan to safely transfer all patients and strategically decommission all services in just eight days. Wind down process included the closure of two functioning pharmacies and decommissioning of nuclear medicine and diagnostic medical equipment.
Resolute successfully collected outstanding AR totaling more than $5MM and orchestrated the sale of all furniture fixtures and equipment for the benefit of the creditors. Successfully negotiated plan with PE Firm and EMR provider to secure 250,000 + patient records for limited window, one-time patient transfer before destruction.
Engaged to be receiver for durable medical equipment enterprise with 13 locations in 7 states. Resolute operated the company, dealing unique healthcare challenges like Medicare compliance and continuity of patient care, accounts receivable verification and collection, inventory and landlord issues, and patient notifications and medical record retention/destruction. Oversaw the orderly liquidated all fixed assets, real estate and receivables.
Through forensic investigation into operations and accounting, Resolute identified substantial Medicare fraud and referred the case to FBI who won fraud convictions against the company’s principals.
Engaged to be receiver for 13-unit regional urgent care enterprise. Interim management arose from a dispute between shareholders about how to manage the failing business. Resolute stabilized operations by instilling financial controls and discipline to turnaround under-performing business. Resolute helped facilitate the sale to private equity backed roll up.
Receiver for two elderly assisted living facilities. Resolute efforts included creating and monitoring a petty cash account to allow for the uninterrupted care of the residents; establishing proper accounting practices; and overseeing several critical repairs and upkeep the property required. We negotiated an all-cash, quick close for both transactions and handled the escrows simultaneously. We were able to close both transactions within 21 days and provided a full payoff for Lender.