Dimension Recovery Centers
Team
Roles
Financial Advisor, Chief Restructuring Officer
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William Snyder
Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
David Tiffany
Partner, Partners
David Tiffany is a corporate finance and accounting professional offering over 20 years of leadership experience.
- Improved cash flow, receivables
The client was an operator of residential substance abuse facilities. New ownership led to undercapitalization of the company, which combined with market challenges and changes in payor mix, led the company to seek guidance on stabilizing operations. CR3 Partners was engaged as the Chief Restructuring Advisor and subsequently assisted with the development of a comprehensive marketing plan, improved cash collections, and assisted in the sale of the company.
The Situation
- Owner and operator of residential substance abuse facilities located across the West Coast - company specialized in drug and alcohol dependency treatments and served patients both in and out of network insurance policies
- Company suffered from being undercapitalized upon purchase by the owner, a changing landscape in marketing and patient acquisition strategies, and changes in payor mix.
- Weak management led to declining EBITDA and insufficient cash flow to properly build a marketing team and strategy
The Work
- Managed daily cash flow; implemented turnaround plan to stabilize operations; improved lender communications; managed sale process; hired investment bank
- Assisted with the development of a comprehensive marketing plan including: new marketing initiatives designed to improve revenue per bed; implement branded marketing strategy while building additional patient acquisition platforms
- Reduced cost structure; implemented new information technology tools to help improve utilization reviews and cash collections
The Results
- Improved cash flow as census increased from newly implemented successful marketing programs
- Through new IT tools, improved process of managing receivables and cash collections; new metrics and KPIs led to improved operations reporting
- CR3 fully supported the process of marketing and selling the company
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