Financial Meltdown: Managing Through The Crisis
Protect your capital structure
The credit markets that have been a drag on Wall Street and the global economy have not spared healthcare. Healthcare organizations that still need to seek capital are finding options are too few and too expensive. In this timely 90-minute, webcast, our experts share their near-term outlook for the credit markets, and some survival strategies to protect your capital structure.
Peter W. Bruton, Managing Director, is a senior investment banker in RBC Capital Markets’ Healthcare Finance Group. He has more than 25 years of experience in healthcare investment banking and additional experience in healthcare financial and strategic consulting. Over the course of his career, Mr. Bruton has been involved in a wide array of taxable and tax-exempt financings for virtually all kinds of healthcare enterprises ranging from multi-hospital systems to academic medical centers to community hospitals to rural health facilities. He has also participated in the execution of complex derivative structures that have added significant value to his clients.
Prior to joining RBC Capital Markets, Mr. Bruton worked at Lehman Brothers, Citicorp, Prudential Securities and most recently with Ziegler Securities. He has spoken at a number of regional and national conferences on health finance related topics and has also published articles in leading healthcare journals.
Arlan Dohrmann, Managing Director, Chicago, joined Stern Brothers & Co. after spending 22 years with both national and regional investment banking firms where he specialized in hospital and health system financing. In addition to healthcare finance, Mr. Dohrmann has completed financings for a wide range of 501(c)3 organizations including cancer research facilities, continuing care retirement communities, and higher education facilities. Prior to his investment banking career, he served eight years in state and local government.
Paul Keckley, Ph.D., is Executive Director for the Deloitte Center for Health Solutions, a part of Deloitte & Touche USA LLP. He brings a distinguished 30-year career in health services research in the private sector and academic medicine. The Deloitte Center for Health Solutions is an independent research organization focused on trend analysis and issues of the US health system. Through proprietary research, it explores practical, innovative solutions to health system problems that cut across traditional barriers and conventional wisdom. The Center’s current research agenda is focused on five areas of US health system reform and six global trends impacting delivery of health services
Prior to joining Deloitte, Dr. Keckley served in senior leadership roles at Vanderbilt University Medical Center, including oversight of domestic and international joint ventures, development of the Vanderbilt Center for Integrative Health, implementation of evidence-based practice guidelines for acute and ambulatory operations, and others. As Executive Director of the Vanderbilt Center for Evidence-based Medicine , he was principal investigator for industry- and government-sponsored studies that focused on applications of evidence-based medicine in pay for performance and consumerism.
- Identify what financing alternatives are available
- Illustrate the near-term expectations for healthcare borrowers
- Recognize what solutions can the financial markets provide in today’s crisis
- Clarify what steps hospitals/systems should take to re-evaluate their capital structure and plans—both short term and long term in light of the new limitations
- Explain how the financial crisis impacts hospitals/systems in their ability to access both internal and external capital
- Why are we still talking about this?
- Credit has frozen because of the collapse of commercial paper markets
- Widening credit spreads have raised interest costs
- Loss of bond insurance means you’re on your own
- Why can't we access capital?
- Lack of bank liquidity: Limited access to letters of credit
- Flight to quality: Two-tiered credit market--the strong and the weak)
- Decline of stock and bond markets means hospital investment portfolios under stress
- Decline of equipment leasing companies
- Loss of bond insurance as a viable product
- What are the solutions for capital access?
- The strong have more options, the weak have few
- Rethinking project design into needs versus wants
- Re-evaluate capital structure to reduce exposure to risks
- Improve liquidity by realigning investments
- Fix rates with put structures or shorter calls
- Unwind complex transactions if refunding makes sense in the overall capital plan
- Q and A session
WHO SHOULD LISTEN
CFOs, CEOs, COOs, controllers, treasurers, board members
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