Path Medical

Summary

Financial Advisor

Fort Lauderdale, FL

Path operates in the South Florida, Central Florida, and Tampa areas, providing an array of medical services, including therapeutic exercise, manual therapy, chiropractic adjustment, traction, electrical muscular stimulation, hot and cold therapy, magnetic resonance imaging (“MRI”), and X‐ray imaging to patients injured in automobile and non‐work-related accidents.

Carl Marks Advisors was retained as financial advisor to assist in managing the day-to-day operations of the business, assist the Company through negotiations with their Senior Secured Lenders (including the need for bridge financing) and provide a detailed assessment of the Company’s clinical operations.

Key Challenges

Litigation

Customer Concentration

Retail

Competitive Market

High Capex Requirements

Engagement Highlights

Management Structure and Process

Overall re-structuring of the operational structure of the organization. Segmenting Operations, Finance and Compliance (new).
Evaluate opening additional North Florida clinics where PIP levels are higher.
Work on improving the reputation within the community after the settlement of difficult litigation.
Clinical and Operational Issues

Develop and implement clinic metric and performance measurement system.

Fix below market salaries to reduce turnover.
Develop detailed training plans to bring base competencies up to standard levels and implement cross training to increase employee efficiency levels.
Automation of highly manual processes through increased use of key software platforms.
Evaluate the potential of alternative revenue sources including resource/system/ process requirements, regulatory issues, and expected revenue estimates (not forecasted). Build capability to accept alternative payment methods

Path Medical

Summary

Financial Advisor

Key Challenges

Engagement Highlights

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