HMP’s executives have served as chief restructuring officers of healthcare companies during bankruptcies, crisis situations, and in the early stages of high-profile criminal and civil fraud investigations. In each of these situations, our leadership helped these organizations bolster performance through discipline and carefully planned action.

Some consultants assess problems and provide a recommended course of action, but HMP executives take the helm of failing organizations and assume direct responsibility for transforming them. Time and again, our team has succeeded in revitalizing providers of all kinds, from a rural nursing home chain, to a 1,000-bed teaching hospital, to a 179-bed county-owned community hospital.

There are no quick fixes in turnaround management, but HMP has developed a highly effective, streamlined approach for achieving lasting improvements as soon as possible. We begin by developing a strong knowledge base of your organization. Individuals from every level of the organization are interviewed, including management, medical and nursing staff members, board members, employees, and patients and their families. Their input, combined with our depth of healthcare industry knowledge, allows HMP to:

  • Stabilize the crisis
  • Identify immediate opportunities and challenges
  • Develop a strategic plan, including milestones and deadlines
  • Define expected outcomes
  • Build consensus among stakeholders, including medical and nursing staff, management, unions, vendors, patients, and the local community
  • Change cultures
  • Optimize performance

In all of our turnaround assignments, HMP has successfully designed and executed plans that simultaneously added patient volume and revenue, reduced costs, and improved profitability and cash flow.

From the outset, HMP builds on each organization’s strengths, working side-by-side with management, directors, and other key stakeholders to drive desired results. HMP also focuses on winning the support and active participation of the medical and nursing staff, which is fundamental for delivering quality healthcare services and improving financial results.

During a hard restructuring, either within or outside bankruptcy, HMP partners with management to develop and quickly implement a plan that makes sense given the organization’s resource constraints and market positioning. We are on the ground, leading specific aspects of the turnaround process and helping to manage complex constituency relations and communications. As part of this process, our executives will:

  • Address immediate working capital needs
  • Stabilize core operations
  • Review financial projections and develop actionable business plans
  • Design and implement any necessary operational restructuring
  • Implement ongoing communications processes with key constituencies
  • Develop and immediately implement cost reduction initiatives
  • Design and implement cash conservation guidelines and controls
  • Develop employee incentive plans
  • Identify and dispose of non-core assets
  • Develop pre-bankruptcy plans
  • Assist with bankruptcy case administration, serving as Bankruptcy Trustees and Examiners
  • Manage creditor communication and negotiation processes

We have an extensive list of case studies that describe our approach and results.
Please contact us if you have any questions, or would like to know more about HMP.