Client Situation
A medical clinic operating for over 12 years had reached the brink of insolvency when the company engaged an experienced CEO with deep understanding of the healthcare sector—including sales, marketing, and all aspects of management—to execute a complete turnaround to save the company from imminent bankruptcy.
Solution
The CEO, now a NextLevel team member, made it his first priority to assess the “health condition” of the organization and develop the targeted strategic plans, goals, tactics, and resource allocation required to first return the company to profitability and then maximize the firm’s market potential.
He immediately identified and implemented business stabilization measures in all critical aspects of the business’ operations, recognizing these steps as prerequisites to achieving success. Execution of these measures required working with existing teams and securing buy-in from key personnel to implement a skillful reversing of the negative financial trends, while helping the organization navigate through challenging performance issues, market pressures, and unforeseen industry trends that threatened to disrupt the business. He also initiated a complete reorganization of the company to streamline processes, increase departmental efficiency, and slash operational costs. Additionally, he led the successful deployment of a new ERM (Electronic Medical Records) system for essential improvements in billing speed and accuracy.
Results
- The skillful execution of the strategic changes lifted the company out of the red in only nine months, reaching 14% net profit increase, and subsequently propelled it to a record-breaking level (for that market) of 20% profitability merely a year later, making those two years the most profitable in the firm’s existence
- Gross revenues increased by 35% through improving cash collections, reducing DSO (Days Sales Outstanding) by over 50%, and creating new and effective cross-selling/marketing processes
- Cash reserves increased by 15x in only 21 months to prepare the company for accelerated growth in 2020; this achievement represents 6x the amount of cash reserves previously thought possible by ownership and proved to be an instrumental factor in the organization’s ability to survive the COVID-19 slowdown
- Within 20 months, the medical clinic had become one of the top three clinics in its field in Washington State, a remarkable achievement when compared to the size and resources of the six other key competitors in the region
