The client is a nonprofit, long-term care health facility near Buffalo, NY that specializes in housing for the aging population. Entities within the organization consist of 715 beds in various nursing homes: 366 independent living homes and 219 assisted living homes.
The client’s CFO was set to retire, and they needed a new CFO that could take over. The client had been experiencing cash flow issues and needed someone that had strong leadership capabilities with expert knowledge in non-profit and skilled nursing facilities. Due to COVID-19 and the increased regulations from the state, this had become a challenging role. As a result, the client engaged ProNexus exclusively to perform a Retained Search Project for a CFO.
ProNexus was engaged by the client to partner with the current CFO to assess the skill sets needed for the future CFO to be successful.
As part of our due diligence review, ProNexus recommended the client needed someone with a strong background in non-profit, and skilled nursing facilities at a high financial level, so they can continue to implement process change and work with the Director of Revenue Cycle to increase their receivables. This was a turnaround situation that needed someone that has shown success in turning around this type of business. To start the Search Project, ProNexus performed additional due diligence which resulted in the development of the Client, Department, and Position Profiles.
With these profiles, ProNexus captured the company’s culture, differentiators, organizational structure, management and communication style, challenges, systems, and reporting requirements. In addition, we captured position background, priorities, time allocation, challenges, and compensation & benefits.
As a result of the unique ProNexus process, we were able to provide 4 locally based candidates within 4 weeks of kicking off the Search Project. The candidate hired was a previous CFO in non-profit, skilled nursing facilities with similar revenue as the client. The candidate’s strengths included the ability to manage and maximize complex reimbursement methodologies. The candidate had strong experience with many funding and regulatory agencies such as HRSA, DOH, DSS, OMH, OASAS, SED, OPWDD, OCFS, DASNY and HUD and was an expert in financial analysis, budgeting, planning, financial and statistical reporting, mandated cost reporting, and cash management. The candidate was able to start two months prior to the current CFO’s retirement which enabled a complete knowledge transfer to the new CFO to be successful.