In March of this year, Downey Regional Medical Center in Los Angeles County successfully emerged from bankruptcy as a healthier and stronger healthcare provider. Key to the success was the assembling of a team of professionals who could see beyond the problems of the past and focus on finding the solutions.
This year’s TMA Mid-Atlantic Regional Symposium — Riding the Next Economic Wave: Looking Ahead in Uncertain Times — will be held at Atlantic City’s Borgata Hotel Casino & Spa on June 13-14. Celebrating its tenth anniversary, this year’s symposium features a streamlined itinerary.
If you have an extraordinary innovation, opportunity or even a unique situation, an interim executive can help launch, grow or turnaround your venture by temporarily filling one or more key management roles in your company. Whether they serve as your interim chief executive officer (CEO), chief restructuring officer (CRO), chief operating officer (COO), chief financial officer (CFO), chief selling officer (CSO), chief manufacturing officer (CMO) or chief whichever officer (CXO), they can stand by your side as an experienced executive with a vested interest in your long-term success.
The year 1999 witnessed a rash of SNF bankruptcies following a major change in Medicare reimbursement when the Healthcare Financing Administration began to transition to a prospective payment system for SNF services. In the decade that followed, SNF operators experienced a period of relative stability, but it may have been the proverbial calm before the storm. Seismic shifts in funding sources, the consequences of a weakened economy from the Great Recession may soon produce another wave that could rock the industry.
Often times the complexity of the transactions in service organizations conceals the understanding of the true cost drivers. As these organizations grow, customer offerings usually expand and the ability to maintain cost controls fall by the wayside. A step-by-step approach to understanding the sales fulfillment process and related transaction costs should be undertaken to direct turnaround efforts to the most critical areas.
Working with distressed companies is challenging because of the constant need to take action amid uncertainty and stress. Emotional intelligence is a key tool to help navigate these situations and to develop flexible leadership styles that have the highest probability of success. Using emotional intelligence in these situations will improve leadership effectiveness and project outcomes, and will leave a long-lasting impression with clients and stakeholders.
Many restaurants operate within the franchisor/franchisee business model, and these relationships have become particularly strained in the current economy. When times are tough, franchisees typically respond by taking steps to improve operations and preserve the bottom line across stores. These changes can range from minor belt-tightening moves to closing one or more unprofitable locations. Unfortunately, many restaurant franchisees do not currently have the flexibility needed to make changes at the local level due to strict and complex franchise agreements.
As much as a troubled borrower and its lender might like to part ways, finding a new lender to take out the existing lender at par may be a difficult objective to accomplish. . . . Finding a way to successfully navigate these long-term workout situations could represent the difference between a costly write-off for the lender and a successful loan restructure with a rehabilitated borrower. Turnaround professionals are able to assist in these long-term workout situations by serving as a bridge between the two parties.
The U.S. economy has an important adjustment to make. Heading into the second half of 2011, it is essentially treading water. Four years after the first rumblings of the credit crisis, middle-market companies and their lenders are facing the fact that the United States will not be escaping this economic malaise any time soon.
The National Retail Federation optimistically forecasted a 4% increase in sales for 2011, which would be the largest gain in five years. Are you willing to bet your company on it this holiday season? CRG Partners’ Gary Lembo doesn’t think that’s a good idea.