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Todd Patnode is a Director in the Healthcare Turnaround and Restructuring practice of Bridge Associates LLC. Mr. Patnode has over 15 years of experience providing professional services related to valuation, mergers and acquisitions, financial feasibility, operational turnaround, litigation, transaction advisory, crisis management and corporate recovery for a variety of healthcare and other industry clients. In this capacity, Mr. Patnode has represented private and public companies, not-for-profit institutions, lenders, creditor committees, trustees and other parties in interest.
Mr. Patnode has extensive experience in many sectors of healthcare, including hospitals (acute care, long-term care and rehabilitation hospitals), academic medical centers, HMOs/managed care organizations, ambulatory surgical centers, diagnostic imaging, clinical laboratories, skilled nursing care, senior housing, home health, DME, physician practices, independent practice associations and pharmacies.
Representative Matters
Member of the Bridge Team providing interim management services to Physician Specialty Hospital of East El Paso, LP, an acute care hospital servicing El Paso, Texas. Mr. Patnode leads the day-to-day marketing and solicitation process preparatory to an auction and sale of the Debtor’s assets.
Leads the Bridge team providing advisory services to Financial Guaranty Insurance Company in connection with that institution’s healthcare review process.
In addition to his current healthcare matters, Mr. Patnode’s healthcare industry experience includes Stanford University Hospital and Clinics, Georgetown University Medical Center, Children’s Hospital Denver, Forum Health, Bon Secours Health Systems, Tenet Healthcare Corporation, Centennial Healthcare, Alterra Healthcare Corporation, Beverly Enterprises, Senior Living Properties, Heritage Healthcare of America, MQ Associates, Alamo Capital Funding Holding Corporation, and Hoveround Corporation.
Representative Hospital Engagements
$500 Million Hospital System ( Midwest) currently retained by a bond insurance company (secured party) in connection with the system’s restructuring efforts.
200-Bed Hospital System ( Texas) represented a bond insurance company (secured party) concerning valuation of the system’s assets, analysis of short-term liquidity and monitoring the system’s sale efforts.
$250 Million Hospital System ( New Jersey) retained by state court judge to prepare a financial viability / debt capacity analysis of one of the partnership’s two facilities under a dissolution agreement.
Large Academic Medical Center oversight management, facilities assessment and development and execution of turnaround plan for a large academic medical center and health system healthcare system that had not maintained compliance with certain financial and reporting covenants.
Physicians Specialty Hospital ( El Paso) retained as Chief Restructuring Officer, Interim Chief Financial Officer and Restructuring Consultants for the Debtor, a 40-bed physician owned specialty hospital. Managed the §363 auction and sale process and provided general bankruptcy services.
Representative Long-Term Care Engagements
Senior Living Properties LLC, a $170 million operator of 80 skilled nursing facilities retained as Chief Restructuring Officer responsible for the financial and operational restructuring of the company, including overall responsibility for day-to-day operations.
Alterra Healthcare Corporation, 300-facility assisted living provider served as financial advisor to the Official Committee of Unsecured Creditors.
Heritage Healthcare of America, not-for-profit operator of 10 long-term care facilities retained by indenture trustee for $130 million of defaulted municipal bonds.
Centennial Healthcare Corporation retained by secured lenders in connection with the company’s bankruptcy and ultimate sale.
Assisted Living Facility retained by secured lender to provide expert testimony in connection with valuation and POR cram-down terms. Financial feasibility studies services related to 20 separate senior’s housing (SNF, ALF and CCRC) bond offerings.
Omega Healthcare Investors (NYSE: OHI) financial advisory services related to portfolio review, lease analysis, divestiture planning, pricing and negotiation.
Other Healthcare Engagements
Currently retained by large mono-line municipal bond insurance company to evaluate, analyze and monitor its at risk hospital credits as well as advise client on workout strategy.
Development and implementation of thirteen single-specialty group practices for the department of medicine (eighty physicians) of a regional academic medical center.
Development and implementation of a pediatric MSO business plan for national pediatric hospital for the purpose of start-up planning, service pricing and integration of acquired pediatric physician practices.
Creation and implementation of strategic business plan for a thirty-physician multi-specialty group to ensure continuity of care and stabilized revenue streams
Specialty Home Health Finance Company retained as financial advisor by private equity firm in connection with potential acquisition.
Sell-Side and Buy-Side Transaction Service Engagements related ancillary healthcare enterprises including, but limited to: diagnostic imaging centers, LTACHs, home health, pharmacies and behavioral health facilities.
Healthcare Valuation Engagements
Valuation of two merging MSOs with a total of sixty-primary care practices, to determine the fair market value.
Valuation and financial advisory services related to JV merger of fifteen radiologist imaging center with an academic medical center located in Oregon.
Valuation and operational assessment of twenty-physician invasive cardiology practice which intended to expand market share and financial viability through the acquisition of ten primary care physician practices.
Valuation of numerous hospitals affiliated and independent primary and specialty physician practices.
Representative Engagements from Other Industries
A retrospective solvency/valuation engagement related to one of the nation’s largest (revenues of $2B) public retail chains. In this capacity, FTI and Mr. Patnode were asked to render an opinion as to the solvency of the entire company, as well of each of the company’s individual lines of business.
An expert witness report related to a securities litigation concerning a national sub-prime consumer finance company and it subordinated note program.
Professional & Civic Activities
Member, American Bankruptcy Institute
Member, Healthcare Financial Management Association
Member, Turnaround Management Association.
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