FOR IMMEDIATE RELEASE
Media Contact: Sarah Wilson .(JavaScript must be enabled to view this email address) 212.461.4242
HMP’s Expansion Brings Organization’s Expertise to Wall Street
PHILADELPHIA—(April 1, 2010)— To better align itself with the country’s center of financial activity, Healthcare Management Partners, LLC (HMP) opened its newest office in New York City. HMP specializes in advising its healthcare clients through the process of financing and managing distressed healthcare assets, and a strategic office opening in Manhattan allows it to more easily connect its clients with the necessary organizations.
In addition to establishing a physical presence in Manhattan, HMP needed a strong leader with thorough Wall Street experience to fully capitalize on its expansion. Dipak Patel joined HMP as the managing director of the New York office, bringing with him more than ten years of advisory, investment management and operational experience. Prior to joining HMP, he served as an executive director at Morgan Stanley and as a member of the Investment Banking Group at Citigroup. Additionally, he has garnered experience in acquisitions, operations and turnaround management through work with several lodging investments. Through the addition of both Patel and the New York office, HMP will be able to nurture and benefit from increased opportunities for professional relationships.
“By being on Wall Street, we have the potential to drastically impact our clients and their stakeholders for the better,” said Patel. “Before the economic crisis, organizations had roughly three main options for responding to market changes: improve operations through added assets, sell assets to increase capital or maintain assets to hopefully live another day.”
Patel continues, “Now, however, market factors require an advisor to navigate a potential bankruptcy and to manage a resulting turnaround effort successfully, and Healthcare Management Partners is aware of this pivotal point in an organization’s survival. With the resources readily available in the area, the opening of a New York office was a clear strategic maneuver on behalf of our clients.”
The opening of a New York office positions HMP to be in closer proximity to prominent lenders, investors and capital sources. While the resources have been present, there has been a lack of qualified organizations to provide valuable insight and analysis so stakeholders may take advantage of them. With this new office, HMP can seamlessly bridge the gap, thereby creating mutually beneficial relationships for all parties and stakeholders involved.
Although the New York office will continue to oversee a number of current HMP clients previously managed by the HMP headquarters in Philadelphia and satellite offices in Dallas and Birmingham, Ala., the emphasis is on bringing in and developing a new client base with nationwide reach. HMP’s turnaround blueprint will be implemented with these new clients in a streamlined approach for achieving lasting improvements, including added patient volume and revenues, reduced costs and improved profitability and cash flow. For both new and existing clients, the New York office of HMP works to stabilize crises, identify opportunities and challenges, define expected outcomes, build consensus with all constituents (management, unions, vendors, patients and local communities), change cultures and optimize performance.
Since the opening of the New York office, Dipak and his team of qualified advisors have worked closely with National Senior Campuses (18 not-for-profit community boards dedicated to providing housing, healthcare and other related services to 23,000 middle-income senior residents) during bankruptcy proceedings for Erickson Retirement Communities. Additionally, the HMP New York office has managed negotiations with potential bidders and restructured and managed workouts for communities.
“With a proven track record in assisting organizations during important crossroads, all of our team members at Healthcare Management Partners can leverage our capabilities through the Manhattan office,” said Scott Phillips, Managing Director and founder of HMP. “The Manhattan office allows us to better serve our clients, and Dipak’s capabilities in the investment banking industry will be fully utilized in this new location based on his experience in this environment.”
About Healthcare Management Partners, LLC
Healthcare Management Partners, LLC is a team of proven industry leaders that solves strategic, financial, operational and litigation issues to produce exceptional results for healthcare organizations and their stakeholders. With its extensive C-level experience, proprietary analytical tools and action-based model, HMP provides hands-on turnaround management, strategic and financial expertise, and litigation support.