Winter Harbor LLC

PIH Health

Intercommunity Hospital Merges with Regional Healthcare System

 

PIH Health is a leading provider of comprehensive health services in southern California. They are a nonprofit, regional healthcare network with two hospitals, numerous outpatient medical offices, a multi-specialty medical (physician) group, home healthcare services and hospice care, as well as heart, cancer and emergency services. PIH Health has a staff of over 5,000 qualified employees. PIH Health serves more than two million residents in Los Angeles and Orange Counties and throughout the San Gabriel Valley, and has annual revenues of $425 million.

Our Role

Our professionals served as Financial Advisor to PIH Health by:

  • Administering a Vendor Settlement Program in advance of the hospital’s merger with Downey Regional Health System.

  • Negotiating settlements for outstanding invoices with vendors.

  • Working with management to determine and negotiate new terms for key vendors in order to sustain the business.

  • Assisting management with the reconciliation of its payable system.

  • Creating a databases to store vendor contact information for use by the Company.

Engagement Outcome

Winter Harbor was able to reduce account payables by $1.2 million and negotiated more favorable terms with vendors prior to the merger with Downey Regional Health System.