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Durable Medical Equipment

Company Overview

Durable Medical Equipment - Our client operated three distinct home healthcare operating units:  selling and renting of durable medical equipment and supplies, providing nursing services to patients in their home, and providing pharmaceutical delivery to the patient's home.

Engagement Overview
•  The Company was experiencing operating losses for several years since completing a large acquisition.  The Company was in a severe liquidity crisis due to the lack of profitability and cash flow resulting from the ongoing operating losses.
•  The Company had just written off approximately $7 million of assets and goodwill relating to their acquisition, resulting in negative shareholder's equity for the business.

•  Fort Dearborn Partners (FDP) worked with management to identify and evaluate its strategic alternatives and to initiate profit improvement actions.


FDP Performed the Following:

•  Reorganized and upgraded the management team relating to Sales, Customer Service and IT
•  Evaluated financing and capital alternatives

•  Assisted with recommendations for addressing the cash liquidity crisis and stabilized vendor relations

•  Made suggestions to increase sales revenue, improve employee productivity and reduce operating expenses and employee headcount

•  Improved customer service, collection efforts and cash realization through instituting a billing compliance review and improving training

•  Established contract profitability templates and inventory management

•  Improved financial reporting and communications with key stakeholders

•  The Company implemented many of Fort Dearborn's recommendations and returned to profitability for a period of time.
•  Based on its return to profitability and a capital infusion from ownership, the Company was able to successfully refinance its senior debt facility with its existing lender.

•  Ownership infused more capital to support the operating needs of the business.

•  Ownership decided to pursue the sale of the Company shortly after improving the operating performance.