Farber Provides Triage to Medical Clinic: Stability & Continuity Through a Period of Volatility Interim CFO Placement, Business Continuity, Improved Operations at a Full-Service Healthcare Clinic
When the CFO/Business Manager of one of Canada’s longest-operating medical clinics resigned with short notice, the executive leadership of the 75-medical professionals realized that they would soon be without their professional manager and finance leader – and the business of medicine does not stop for such setbacks.
Farber was engaged to oversee the strategic, leadership, operational and financial aspects of managing the clinic. Within 24 hours, Farber’s CFO Resources practice embedded a suitably qualified Interim CFO in the position. This maximized the time available with the departing executive to allow for a seamless transition of responsibilities.
To assist the clinic in continuing to move forward with its business initiatives, Farber completed a thorough and structured review of the clinic’s strategic and operational effectiveness. This review commenced with an evaluation of the strategic goals of the clinic, ensuring an alignment with the personal aspirations of the practice’s partnership. A step-by-step plan was developed to increase revenue streams, improve efficiencies, implement cost savings, upgrade Human Resources capabilities and the Information Technology infrastructure, and improve reporting and cash flow management.
To ensure commitment to the process and manage the implications of change, Farber developed and prioritized a focused game plan through collaborative engagement with the employees of the clinic.
Under Farber’s guidance, the Interim CFO became an asset to the business throughout the transition period and business review process, implementing key elements of the plan that enabled the clinic to maintain and enhance operations without disruption. Farber facilitated the retention of a specialist recruiter to hire a permanent CFO. The clinic relied on Farber’s CFO Resources practice for the critical transition from interim to permanent CFO, dramatically reducing the learning curve and leaving the new executive with a detailed playbook to continue driving change and optimizing the profitability of the clinic.