Brookdale Hospital Hires Grant Thornton Team in Restructuring Effort
The Brookdale University Hospital and Medical Center (BUHMC) Board of Trustees has hired crisis management and restructuring professionals from the nationally recognized firm of Grant Thornton LLP to guide BUHMC through a major restructuring effort and help return the institution to fiscal solvency.
“Brookdale is facing one of the most serious tests in its history and we must adapt to meet the healthcare and financial challenges of the 21st Century,” said BUHMC Chairman Dr. Alvin I. Kahn. “The hospital interviewed several firms and selected Grant Thornton’s team based upon its relevant experience, knowledge of our hospital and market, and its reputation in difficult situations. The Board is looking to the new management team to help steer our institution through what is sure to be a complex and difficult process so we can emerge as a revitalized provider of quality healthcare for our community.”
Mark E. Toney, national managing partner of Grant Thornton’s Corporate Advisory & Restructuring Services practice, will lead the team’s efforts, and has been named President and Chief Executive Officer by the Brookdale University Hospital and Medical Center’s Board to whom he will directly report. In addition, the new leadership team will include Steven R. Korf as chief operating officer and James R. Porter as chief financial officer. All are partners of Grant Thornton.
“Our immediate attention is on stabilizing the organization with our highest priority being patient care,” said Toney. “We also very focused on the financial situation of the institution and the separation of Brookdale from the Medisys Health Network. During this time, we are working to minimize any disruptions to our patients, our employees, and the community.”