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8/19/2019 Veritas - Statement of Capabilities - 02-27-16
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Veritas
of
Washington,
LLC
Statement of Capabilities
February 27, 2016
1. Overview
Introduction
Veritas of Washington, LLC (“Veritas”), is District of Columbia‐based healthcare management,advisory, and consulting firm. The firm is comprised of principals that have been leadingproviders of healthcare management, consulting and strategic advisory services to hospitals,health systems, skilled nursing facilities and other healthcare entities. The firm’s leadership teamhas long‐standing experience with District of Columbia health systems and with the Districtgovernment.
The firm’s seasoned healthcare executives have a proven track record of successful hospitalturnarounds and restructurings, along with management and performance improvementconsulting. Veritas is focused exclusively on health care with a special emphasis on hospitals andhealth systems in highly competitive urban markets.
As a minority‐owned local company, the firm’s owner and leading principals live and work inthe District and understand the District’s unique needs and healthcare environment. A keyprincipal of the firm has experience in working with all aspects of District government and has atrack record in working successfully with key government officials.
Here are just a few examples of experiences that reflect the firm’s capabilities:
One of the principals served as Chairman and CEO of Health Risk Management,
comprised of a Medicaid managed care program in three states. One of the principals has experience in mergers and acquisitions and in the creation
of affiliation agreements with hospitals.
Several of the principals have worked on the study for DC General Hospital regarding
organizational structure and operations.
One of the principals consulted on the reorganization of Hospital for Sick Children in
Washington, DC and the Psychiatric Institute of Washington.
Capabilities
The comprehensiveness of the firm’s capabilities is grounded in the qualifications and
extensive experience of its key personnel. In addition to the senior executives, the firm’sconsultants are also seasoned professionals with an average of over 20 years of health care andfinancial experience covering a full spectrum of management, consulting, operations, strategicadvisory, business planning, and restructuring services. Veritas has the breadth of resources andthe depth of knowledge and expertise to assist our clients in a variety of special studies andanalyses.
The firm’s consultants have been very successful with a solutions‐oriented leadership stylethat has transformed, revitalized and restructured troubled organizations with significant
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financial and operational problems. Our consultants’ experience covers a broad range of healthrelated organizations including small and midsized urban hospitals, multi‐hospital systems, ruralfacilities, third‐party administrators and large Medicaid HMOs, long‐term care and other non‐acute facilities, and multi‐specialty physician group practices.
Once the executive team is in place and any initial crises at the organization have been
brought under control, the firm is able to provide an array of additional services. We have adiverse team of management‐level executives with expertise in capital structure, riskmanagement, strategic and operational program alignment, quality of care improvement, humanresources, and much more. The firm assesses financial and operational stress factors andstrategic shortcomings, such as issues with debt structure, cash management, revenuegeneration, and quality of care. The firm’s full capabilities encompass the entire spectrum ofexecutive management and consulting services, including, but not limited to, the following:
Executive leadership and management
Day‐to‐Day Operations Management
Financial Restructuring
Stabilization and Turnaround Planning
Organizational and Financial Analysis Financial Management and Business Operations
o Install accountability‐based command and control environment
o Financial analysis, planning, and reporting
o Service‐line profitability analysis
o Revenue cycle restructuring and review of managed care contracts
o Capital finance, including debt/bond capacity analysis
Expansions, Mergers and Acquisitions
o New facility analysis, planning, and advice
o Join venture analysis, negotiation and planning
o
Mergers and acquisition analysiso Strategic partnerships
Strategic Planning
o Market analysis to characterize and identify service opportunities
o Need and demand analysis
o Strategic business plan development for organizations and for new service lines
Complex Analysis
o Simulation Modeling and Forecasting
o Empirical Research and Data Analysis
o Dashboard/Scorecard Facility Reports
Clinical Operations/Efficiency Supply chain development and management
Quality of Care
Regulatory, Legal & Payor Compliance
Labor/Productivity including Staffing Systems and Productivity Tools
Risk Management
Governmental Relations
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Key Advantages
The firm’s project team is uniquely positioned and qualified to provide day‐to‐day operationsmanagement. Key advantages of Veritas include the following:
Experienced healthcare executives of a quality and expertise that cannot be attracted to
work at United Medical Center (UMC) under the current conditions. We can immediately
apply our skills in leadership, operational effectiveness and efficiency, and revenue cycle
management. We would strengthen the efficiency and effectiveness of the UMC
management systems.
Specialize in managing financially distressed hospitals and crisis management situations
Local firm: founded and based in the District
o Understand the District’s unique environment and needs
o Understand the importance to UMC of governmental relations (e.g., working
cooperatively with District Government) and external constituencies.
o Two of the principals are native Washingtonians.
The engagement leader has experience in working with all aspects of the District
government and has a track record in working with key government officials.
Experienced with expansions (including new construction)
2. Qualifications
Overview
Veritas is focused exclusively on health care, with a special emphasis on hospitals and healthsystems in competitive urban markets. Many of the firm’s principals each have in excess of 20years’ experience in areas including health care operations, executive and financial management,public and private financings, medical staff relations, human resources and strategic planning.Members of the team have worked together providing individualized management andconsulting services to hospitals and health care systems across the United States and in multipleinternational settings. Members of the team have worked together providing individualizedmanagement, restructuring and consulting services to over 25 hospitals and health care systemsin Washington, D.C., Maryland, Virginia, Pennsylvania, New Jersey, West Virginia, Connecticut,New York and Georgia.
The firm’s team of management professionals reflects a broad range of ethnic and culturalbackgrounds and are able to understand the unique needs of organizations in multi‐culturalenvironments. Because of this, the firm understands the community and the importance of thelocal health care delivery system; these have been critical factors in the successes of the firms’principals in these environments.
The Veritas team is familiar with the District of Columbia and understands the issues relatedto the socioeconomic, racial and ethnic diversity in the District and their impact on the healthcaresystem. The location of UMC’s facilities and the types of services provided have attracted adisproportionate share of patients with low reimbursement. Migration of patients tocompetitors and to surrounding jurisdictions is significant. Many physicians have elected topractice in other hospitals where payment for services is more secure and where facilities andequipment are more updated. Veritas principals have successfully addressed similar issues in itsengagements with other health organizations in markets much like that of the District.
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A few of the highlights of the firm’s personnel experience and qualifications include thefollowing:
• The core team has worked together for over 15 years. Member of our executive team have
managed hospitals as small as 25 beds and up to an 800‐bed system. Members of our
team have managed over 40 hospitals over the last 25 years.
•
Our specialty is small to mid‐sized urban, financially distressed hospitals. Three of thefirm’s leading principals jointly authored an article in a leading peer‐reviewed health care
journal about financially distressed hospitals.
• Members of the firm have experience in dealing with CMS violations and compliance
issues.
• A senior member of the team holds a PhD in healthcare finance and co‐authored the
leading textbook on healthcare financial management. His expertise includes detailed
analysis of the revenue cycle and internal control.
• Another senior member also holds a doctorate and has over 30 years of experience in
health care organizations, including evaluating, designing, improving, and measuring
operational and clinical processes and systems in hospitals.
3. Relevant Local Experience
The firm’s principals have extensive experience working with healthcare organizations ofalmost every size, complexity, ownership and structure. The firm specializes, however, in smalland mid‐sized urban hospitals. One characteristic that further separates Veritas from thecompetition is the firm’s principals’ understanding of and experience with Washington, D.C.,healthcare environment. Certain key members of Veritas have been involved in the followinglocal projects:
District of Columbia General Hospital
Washington,
DC
This 420‐bed urban public hospital experienced a financial hemorrhaging of nearly $100million per year consisting of $35 million annual loss from operations and another $59million in subsidies. Several of the firm’s principals provided a comprehensive assessmentand fiscal recovery plan for one of its hospitals. We also conducted an intense operationalassessment covering revenue enhancement opportunities; labor and productivity; non‐labor expenses; business office processes and performance; DRG coding efficiencies; clinicalcase mix and length of stay studies; capital expenditure processes; contract serviceevaluations and program review. We also examined the corporate structure of the Hospital.
Hospital
for
Sick
Children
Washington,
DC
This 130‐bed specialty hospital had an incomplete management team; open Board ofTrustees positions; lack of Board leadership, direction and accountability; high dependencyon Medicaid and very narrow market niche. Several of the firm’s principals were engaged bythe Hospital to conduct a strategic and organizational assessment of its preparedness forthe future. We provided the Hospital with a comprehensive evaluation of the organization’sability to accomplish both its stated mission and to reach its vision outlined in its strategicplan. We focused on the role, responsibilities and accountabilities of the Board of Trustees
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and the Hospital’s management team, as well as the consistency and appropriateness of theHospital’s policies, procedures and practices. We facilitated a Board of Trustees retreatbased on the organizational assessment and the 21‐point Action Plan for the Future.