Interim management and strategic planning to stabilize finances and save jobs at a non-profit home care agency​

Picture this...

You’re Home Care Plus, Inc. (HCP), a 501(c)(3) non-profit, community-based visiting nurse home care agency in Connecticut that is Medicare/Medicaid certified, state-licensed, and nationally accredited by the Joint Commission. You employ approximately 100 staff, including nurses, a range of therapists, social workers, home health aides, and administration. Your payor mix is 89% for combined Medicare and Medicare Advantage plans. For the past five years, you have been in financial distress and operating at a loss, requiring funding from your parent company. Outdated policies, procedures and practices have contributed to the poor financial condition, and the situation is made worse after converting electronic medical records and billings to a new provider, resulting in delays and issues with cash flow and report generation. There is high turnover at all levels of the company, and when your parent company enters into acquisition negotiations, HCP is excluded from the deal. After all of this, the CEO abruptly resigns. ​

You turn to Accordion.

We step in as Chief Restructuring Officer, President, and CEO to evaluate and assess strategic options. Specifically, we:​

• Look into pursuing a sale of HCP to an interested party or closing the business to stop the cash burn on the parent company. We hold various negotiations and lead due diligence to persuade a buyer to include HCP in the Asset Purchase Agreement, resulting in an amendment to the APA to include the stock sale of HCP.​
• Dedicate resources for HR and operations to slow the cash burn and assist with improving cash management, operational oversight, and reducing employee turnover. Additionally, we develop a 13-week cash flow forecast and daily reporting.​
• Hold daily meetings with the billing team to review open accounts, manage nurses in real time to complete required documentation, and follow up with payors regarding denied and pending claims.​
• Collaborate with leadership to address employee turnover and retain essential employees, while navigating regulatory concerns. ​
• Prepare the organization for a merger and integration into a new health system by implementing improved policies and procedures, conducting IT systems training, and educating employees on the transition process. ​
• Work with existing vendors on arrears to re-establish terms and ensure medical supply delivery is uninterrupted.

Your value is enhanced.

You stabilize your business and workforce while demonstrating value that ultimately prevents closure and related costs. This saves the jobs of approximately 100 staff and provides continuing care for patients.