The stated goal of all healthcare organizations is to improve the financial performance of the entity and simultaneously increase the quality of patient care. After all, the patient is the primary reason that healthcare exists. Increasing the quality of patient care cannot be achieved without the organization first achieving financial success.

Unfortunately in these challenging times, improving the financial performance of the entity sometimes becomes a dream and not the reality. Pressure from Federal/State governments, reduced reimbursements from third party payors, pressure from the medical staff, an aging physical plant, reduced patient census, and an obsolete Information System, only to name a few, can all be factors which lead to the poor financial performance of the entity. Poor financial performance yields low quality patient care and ultimately a distressed healthcare entity

Spectrum Health Partners (SHP) is differentiated as an organization through not only the quality of its collective experience and fundamental knowledge of the healthcare industry, but through the proven capabilities of its professionals to successfully execute intense change management.  SHP Partners and Consultants are true restructuring professionals accustomed to providing direction and asserting control in the midst of radically adverse managerial circumstances.  Whether SHP professionals are helping a troubled organization strategically assess its potential capacity to formally reorganize or driving an operating turnaround through a management team in charge of daily operations, SHP’s main focus remains the building of value for your organization stakeholders.

SHP’s financial restructuring and turnaround services focus on restoring financially distressed hospitals to a position of financial strength. Our process is designed to quickly stabilize your entity in the short–term while repositioning it for long-term success. If designed correctly, restructuring and turnaround services are uncomplicated and very effective. The three (3) steps which we follow are:

Phase I – Stabilization, Assessment, Development, and Presentation.

• Stabilization. Normally this will include the installation of a team of C – Level Professionals. The goal is to improve cash flow, increase revenue, reduce expenses, and strengthen internal/management controls.
• Assessment Plan. Prepare an assessment of your organization to determine where it currently resides, which is necessary to determine where it is going.
• Development of a Restructuring/Turnaround Plan. The combination of the previous two steps will yield the Restructuring/Turnaround Plan.
• Presentation of the Restructuring/Turnaround Plan to the Board for Review, Comment, and Approval.

Phase II – Restructuring/Turnaround Plan Implementation.

• Implementation. Once the restructuring/turnaround plan is developed and approved, our C – level team ensures the timely and efficient implementation of the plan. Plan components are prioritized and executed according to a well-defined timeline. The return to profitability will increase the level of patient care for your organization.

Phase III – Recruitment of C – Level Executives and Ongoing Monitoring.

• Recruitment of C – Level Professionals. The goal of SHP is to assist your entity in the successful recruitment of C – Level executives to replace the SHP team and ensure the long – term success of the organization. With its vast network of C – level executives, SHP is capable of recruiting all C - level executives for an entity.
• Monitoring.  The restructuring/turnaround plan is a work in progress that must be carefully monitored. Failure to monitor progress can result in an organization falling back into its old habits, which could ultimately lead to another distressed situation. SHP’s monitoring of the engagement ensures that progress made is not lost once the engagement is completed.

The outcome of this process will restore your entity to financial and operational strength. In addition, the results of the restructuring/turnaround will position it for success far into the future. Please refer to our Case Studies and Testimonials for further information about how SHP can restructure or turn you organization into a profitable entity.