Healthcare and Life Sciences Practice Group
Healthcare providers, from sole practitioners to medical groups, understand that compassion for patients and a healthy bottom line are not incompatible nor mutually exclusive. Their challenge is in maintaining a balance especially as healthcare transformation requires increasing attention on the triple aim of increasing access to care, improving patient outcomes and lowering costs. Reduced reimbursement rates, including managed care fee for service and capitation rates, have put unrelenting pressure on the profit margins of providers. These changes in the healthcare landscape challenge the bottom line for providers and require considerable financial expertise to navigate. At CFOs2GO we provide a full array of healthcare financial consulting and staffing services designed and customized to meet the individual needs of our clients.
Life Science companies cover a broad spectrum of businesses including device developers and manufacturers, biopharmaceuticals and radiopharmaceuticals distributors and biotech startups. What uniquely confronts them — besides traditional business challenges of organization, staffing, growth, finance and competition — are severe regulatory constraints, intellectual property protection and the availability of life science-trained personnel to manage their businesses. CFOs2GO consultants and recruiters first gain an understanding of our clients, their technology, culture, staff and the challenges that are unique to each. We then develop specific solutions designed to translate challenges into opportunities.
Practice Leaders – Joe Markunas, Bob Miller and Jodi Avina
Joe Markunas is a partner at CFOs2GO and his background includes accounting, tax and consulting engagements with both large and small medical and dental provider groups in both private fee for service as well as managed care and Medicaid capitation reimbursement models. Joe’s life science consulting clients include organizations in radiopharmaceutical manufacturing and distribution as well as organizations that license and commercialize technologies from colleges and university researchers in the US and Canada.
Additionally, Joe is cofounder and CEO of a medical device developer which has patented a number of unit dose and other devices. In this role Joe has gained extensive experience in protection of IP, FDA Premarket 510K Submissions and response to reviewer comments, international business development, marketing and distribution, supply chain management, pricing, branding and trademarking.
Joe possesses that rare combination of an inquisitive mind that can easily adapt to diverse engagements to gain an understanding of each client’s technology while at the same time being able to overlay sound accounting, management and finance principles on each organization he serves so as to maximize returns to owners and investors. Joe hails from Chicago, resides in Oregon and his clients extend from coast to coast, border to border and internationally.
Bob Miller is a Partner at CFOs2GO whose background includes roles as CFO and COO for pharmaceutical and medical device companies during the last 20 years. He has been responsible for the full range of CFO activities as well as regulatory, clinical, manufacturing and reimbursement functions. In addition, he works in strategic and tactical planning and the execution of growth of revenue with numerous product launches via a direct sales force and distributors both in the U.S. and international markets.
As CFO and Treasurer, Bob has completed more than$4 billion of funding with many debt and equity fundings, including two IPOs with many different bankers. Bob assists healthcare companies in completing their funding. A CPA, he has been responsible for the controller and accounting function for public and private life science and other companies for 20 years.
He received his BA from Stanford University in economics and industrial engineering and his MBA from Columbia University in finance and accounting. He served in the Marine Corps as Captain with a tour in Vietnam and received a Purple Heart.
Jodi Avina, Industry and Talent Expert
Jodi Avina is the Director of Recruiting Services for CFOs2GO. Her background includes sales and healthcare following a stint in a Big 4 CPA firm. She sits on several Boards for non-profits, including the East Bay Leadership Council and is past Chairman for Opportunity Junction in Antioch. Jodi brings 13 plus years of experience in healthcare and life sciences.
Prior to her recruiting top executive management in finance, accounting and information technology, her experience included patient care in hospital and clinic settings. Her work also included supporting PhD’s and MD’s as the Study Coordinator for several studies related to Macular Degeneration and Glaucoma funded through the National Institute for Health. Jodi left healthcare and into a consultative sales role with a pre-FDA approved medical device company, working with physicians in surgery while introducing a revolutionary new medical device.
Her understanding of the dynamic market conditions of these industry segments and strong relationships translate to unique and significant recruiting advantages.
She received her BA from the University of Portland in French and Business. Her first position after graduation was with Arthur Young. She went on to gain her nursing degree while in Louisiana.
Who We Serve
For healthcare practices to thrive in today’s environment of healthcare transformation, decisions need to be made daily on matters dealing with accounting, human resources, information technology, patient information confidentiality, supply sourcing and acquisition, banking, billing and coding, accounts receivable collection and countless others.
Our CFOs2GO consultants and recruiting professionals provide a one stop shop for best in class talent in healthcare accounting, finance and information technology.
Whether your company develops and protects life science technologies, manufactures pharmaceuticals or devices or is a biotech startup you may be challenged to chart a course to sustainability, face critical decisions whether or not or how to protect your technology license your technology to others or license technology from others, obtain FDA approvals and at what costs and risks. There is a CFOs2GO consultant or recruiter on staff who has faced these very same considerations and can add the wisdom of that experience to your deliberations.
CFOs2GO provides consultants and supporting personnel on a full time or interim basis as requested.
Some of the critical, operational and strategic services provided to our Healthcare clients include:
- Risk management assessments including EHR and EMR security (i.e., HIPAA), Medicare mandated reporting, reimbursement changes in fee-for-service practices, modelling for managed care and capitation, brand and reputation risk, outcomes based management and reporting.
- Capitation/Managed Care and Fee for Service are two widely used systems for billing healthcare; they each have dramatic impacts on the type of practice that will be offered to patients. We provide the financial analysis that will set the strategy for your practice. Continuing legislative uncertainty; e.g., Obamacare, will make frequent re-visits to the financial model likely.
- The healthcare profession is unique in having to bill and collect fees from two payees, patients with co-payments and deductibles and 3rd party payers including Medicare, Medicaid, and Insurance companies. We establish reimbursement maximization procedures, staffing levels and where appropriate outsourced billing agencies. Some healthcare providers refuse to direct bill insurance carriers, leaving it to the patient to seek reimbursement; we can help you analyze these strategic alternatives.
- Merger and acquisition financial assessments, whether it is merging of practitioners, retirements or forming medical groups. Including evaluation of offers from investors seeking a portfolio of healthcare providers.
- Coding and billing accuracy are paramount to a successful healthcare business. Not only must the coding be done but it has to be 100% accurate to deliver the revenue necessary. We not only design the accounting systems but can supply the experienced personnel to implement and execute all coding and billing functions.
- Medical staffing across all professions within healthcare by our in-house medical recruiter insures continuous staffing with trained professionals ready to work on day one.
- Evaluation of material cost and containment. We establish procedures for sourcing supplies at lowest cost and avoiding cost creep with long term suppliers. We keep you competitively supplied at the lowest cost.
- Practice performance benchmarking, incentive compensation planning and staff productivity analysis based on the latest labor productivity, salary and benefits calculations.
- Throughput operational efficiency analysis, the evaluation of the physical layout of the office to move patients efficiently and smoothly through each professional station.
- Facilitating business strategic planning sessions
- Some of the critical, operational and strategic services provided to our Life Sciences clients include:
- Evaluate and develop talent acquisitions strategies including recruiting of technical, operations and financial staff and executives.
- Executable strategic plans designed to monetize drug and device innovations, including worldwide distribution.
- Licensing to/from decisions to commercialize drug and device services, including negotiation support with universities.
- Merger and acquisition financial assessments, IPO planning and overall exit/succession planning.
- Funding strategies including crowdfunding, angel investors, corporate investment, venture capital, and sovereign wealth funds.
- Design and construct annual budgets and reporting packages with key performance indicators customized for Life Science company metrics.
- IP Protection plan and enforcement to create, and protect, barriers to entry.
- Product pricing and competitive assessments, including variants for unique regulatory environments/countries.
- Risk management, including use of captive self-insurance.
Successful Client Engagements
- As part-time CFO, obtained $1.2 million Healthcare Innovation Grant for a pre-revenue radiopharmaceutical startup which allowed the purchase of critical operating assets allowing the company to introduce its first service.
- Part-time CFO for a life sciences client that licenses technology from universities for the purpose of obtaining FDA approval, leading to commercialization. Managed and revised financial model to secure investment banker commitment.
- Prepared analysis of administrative staff wages using industry statistical information for a large emergency room group resulting in significant cost savings while maintaining service and patient care levels. Further, plan was implemented without layoffs avoiding labor contact issues.
- Request made of the Healthcare Practice Group Recruiter to present to the Board Members of a healthcare staffing organization to discuss concerns around their billing, credit and collections and month end closing challenges. Recruited Practice Group Consultant to work with staff in assessing breakdowns within the department. New procedures were put in place resulting in improved accuracy and timeliness of billing and collections processes.
- Recruiter retained to find a full-time Practice Administrator for a growing Dental Practice undergoing a transition from the founder. The challenge was in managing the succession with a large staff, daily meetings and external reporting while keeping the business profitable and growing. The solution was placement of a full time Practice Administrator experienced with medical/surgical operation, HR management, finance and growth management.
- Recruiter retained to lead a search for a CFO to Bio-Pharm Company challenged by an anticipated FDA approval while faced with dwindling cash flow. Recruited a CFO well-established and respected by top tier Venture Capitalists. The placement was additionally successful with a joint venture agreement with a larger bio-tech company. The Joint Venture provided additional capital to keep the company moving through their final phase of FDA investigation.
- Recruiter engaged by a regional healthcare facility to recruit a Controller. The business had recently moved resulting in the loss of continuity in the accounting department. Our solution offered flexibility; a contract-to-hire which could be done quickly and would give everyone time to consider the fit. Within three months, that contractor was converted to a full time employee.
- Developed innovating practice model to provide onsite, mobile dental hygiene services to residents in various independent and assisted living communities as well as memory care facilities. Responsible for developing staffing plan, sourcing all equipment and supplies, creating all clinical and marketing materials, developed proprietary CRM tools to assist marketing manager, credentialed company with over 200 insurance carriers and developed system for billing payers and tracking and proofing reimbursements. Created value add proposition for client properties by demonstrating increased resident retention rates due to improved health of residents from regular dental hygiene services.
- Commercialized conceptual medical device, obtained patents and filed FDA 510K Premarket Submission. Analyzed and identified likely early adopters in U.S. and internationally. Retained international marketing/distribution partner and jointly developed pilot projects for Ministries of Public Health in Ecuador, Ghana, Bolivia and Guatemala. Developed collaborations with NGO’s, public and private partners. Created strategy to identify funds availability in international budgets for company’s device. Responsible for creation of supply chain consisting of suppliers, manufacturers and assembler in U.S. and internationally. Created barriers to entry including branding and trademarking of company and products as well as strategy to position service aspect of business model thereby avoiding commoditization of the product line.
“We are in the home stretch of our Due Diligence now. It has been such a pleasure working with you, it was the best decision we made bringing you on to support us. The organizational skills you brought to the table created a smooth and efficient due diligence process. Your knowledge, guidance, experience and recommendations were indispensable in this undertaking.”
Sandra Gallagher, Vice President, RKI Instruments, Inc.
“We all are very thankful to you for your Due Diligence expertise. You turned what initially appeared to be a formidable task into a methodical and manageable process. We couldn’t have done this without your help. We will certainly call on you again.”