Financial First Aid: Driving Turnaround for a High-Growth Health Services Firm

Client Overview

Our client is a healthcare-focused private equity firm with a dual investment strategy spanning both private and public markets. Since its founding in 2003, the firm has partnered with growth-stage healthcare companies to unlock their full potential while contributing to the advancement of global healthcare. With dedicated buyout and hedge fund teams, the firm leverages deep healthcare expertise and cross-sector synergies to create long-term value. Headquartered in Connecticut with an office in London, the firm is backed by a leadership team with over 90 years of collective experience and supported by both a CEO Advisory Board and a Medical Advisory Board composed of industry luminaries.

The Challenge / Mandate

The firm sought an Interim CFO for one of its portfolio companies following the termination of the prior permanent and interim CFOs. The mandate included stabilizing the finance organization, improving reporting, and building a high-functioning team during a period of post-reorganization transition. The candidate would be responsible for finalizing a stalled Sage Intacct implementation, enhancing KPI tracking, and driving improvements in cash flow and AR management. This role held potential to convert into a permanent CFO position for the right individual.

Search Strategy

The search prioritized candidates with:

• Proven CFO experience within PE-backed environments
• Demonstrated success in M&A and exit readiness
• Familiarity with medical staffing, recruiting, or high-velocity professional services
• Expertise in ERP implementation, especially Sage Intacct

The Placement

The chosen Interim CFO is a seasoned financial executive with a proven track record of leading turnarounds and driving rapid, sustainable growth across private equity-backed healthcare companies. He had previously completed two interim CFO assignments for similar PE-owned healthcare portfolio businesses, bringing extensive familiarity with the operational cadence, reporting rigor, and value creation mandates expected in these environments.

His recent engagements included leading the finance function at a high-touch, tech-enabled medication management service, where he successfully completed a Sage Intacct implementation, revamped forecasting and board reporting (including Monthly Operating Reviews), and restructured the finance team to improve performance and accountability. 

Known for his strategic acumen, hands-on leadership style, and operational intensity, he brings deep expertise in financial reporting, revenue cycle optimization, KPI development, and team building. His ability to navigate complex, fast-paced professional services environments made him an ideal fit to stabilize the organization, build financial discipline, and support long-term planning and growth.

The Outcome

The interim CFO immediately stepped into the leadership void and delivered meaningful improvements across financial systems, operations, and strategy:

• Bridged the leadership gap by stabilizing finance operations during a critical transitional period
• Completed the stalled Sage Intacct implementation, reducing the month-end close time by 5 business days
• Overhauled revenue cycle management, reducing DSO by 34%, increasing cash on hand by 53%, and cutting net debt by 48% YoY
• Led the B2B conversion of the surgical division, resulting in a 27% increase in gross margin
• Built an effective on-site finance team, introduced improved KPIs, and revamped internal reporting processes
• Supported executive leadership in executing right-sizing initiatives that improved EBITDA by 18%
• Ensured ongoing covenant compliance despite tightening credit conditions