SAK was engaged by the Secured Creditor as Financial Advisor to review statements and make recommendations on the operational analysis of each of the 27 nursing facilities in the portfolio. Several months later SAK was asked to resign from the Creditor side, and was placed as Interim Manger for the debtor at 1,853 licensed beds through corporate restructuring and emergence from bankruptcy.
SAK worked with facility personnel providing "hands on" teaching and training techniques that resulted in improved resident care and strengthened operations, while dramatically improving regulatory compliance and stabilizing human resources. Worker compensation claims declined dramatically through implementation of employee safety practices and employment screening - resolving a near crisis. SAK reduced the Debtor’s exposure and risk by actively and professionally preventing injuries, while challenging claims for worker's compensation claims that previous management would not have opposed.
As part of its role SAK managed through closure non-performing assets and in 14 business days closed down a 97 bed facility - safely transferring 84 residents, 85 employees, inventoried supplies, allocated equipment and assets throughout the portfolio to alternate facilities. They then prepared the physical plant for permanent closure.
SAK implemented priority action initiatives in response to immediate facility needs:
- stabilized interim operations, maximizing interim operating performance
- substantial threatening regulatory and licensing issues
- inservice training for improved patient care
- budgetary compliance
- programs for census development, community relations preserving facility occupancy
- competitive market studies
- stabilizing local market influences and referral resources
- property inspections to identify and rectify capital needs and building deficiencies
SAK performed Skilled Nursing Facility management and oversight relating to health concerns, day to day operations and record keeping, and short-term cash savings. They addressed issues of excessive overtime and agency usage, and negotiated with vendors for continued service agreements. Reorganization initiatives defined the roles of Regional and facility based leadership influences, reducing redundancies and deficiencies.
Contact SAK Management Services, LLC today to harness the professional expertise that has aided so many others, and we'll put our strategies for success in place at your health care facility. We're the health care industry's foremost specialists in facility turnaround and we can help you.