Patrick Clune
Managing Director, Restructuring and Dispute Resolution Practice
New York, NY
Patrick Clune has more than 36 years of healthcare financial and operations management experience, serving in a variety of CFO roles since 1994. His expertise includes service line profitability analysis, multi-site operations management, financial modeling, and leading organizational transformations.
- Interim CFO for $130M multi-hospital market. Implemented EBITDA recovery plan targeting +$5M in operating expense reductions. Corrected behavioral coding errors which will generate an additional $2.5M in reimbursement on an annualized basis. Successfully negotiated nursing union agreement that mitigated potential increase in wages and benefits by $15M annually.
- Interim CFO for a 200-bed skilled nursing facility during COVID-19 pandemic. Material improvements in cash collections +$3M (+30%) and operating expense reduction +$1M ensured facility remained solvent, which allowed client to meet New York attorney general’s petition of sale requirements.
- CFO for a rehabilitation company, produced +$1.2M in labor savings via implementation of workforce reduction plan and labor productivity system. Closed unprofitable, free-standing PT clinics that saved company $3.5M in annual operational expenses.
- National revenue cycle director for multi-hospital health system. Improved revenue cycle metrics by reducing unbilled days -3, -5.5 AR days, +50M cash collections and -$10M denials reduction.
- Acting CFO in a multi-hospital market. Achieved year-over-year $58M EBITDA improvement. Redesigned case management, enhanced CDI program, improved coding accuracy and implemented clinical resource management. Improved labor productivity that reduced premium pay by +4M annually. Reduced high-cost drugs and implant spend by $1.5 annually.
- Interim CFO for a hospital in Chapter 11 bankruptcy. Resolved $1.5M in AP arrearage via redesign of revenue cycle operations, which resulted in $4.5M increase in cash collections. Gained $1.2M (new capital) from Medicare cost report. Achieved $2.4M bad debt recoveries from Medicare and Medicare Advantage payors.
- CFO for a revenue cycle management company, recorded 26% reduction in total operating expenses, $479M in revenue recoveries and 37% improvement in productivity over eight-year tenure.
- Division CFO for a multi-hospital company, exceeded FY 2003 EBITDA budget by $10M, cash collections by $18M and surpassed revenue targets by $19M.
Awards & Recognition
- Chief Financial Officer of the Year
- Chairman’s Challenge Award – Top Performer
Professional Affiliations
- Healthcare Financial Management Association
Education
- BS, Accounting and Finance –University of Colorado at Colorado Springs
Prior Business Experience
- Interim Market CFO, Tenet Healthcare
- Interim CFO, New York Congregational Care Center
- CFO, Parallon Business Performance Group (wholly owned subsidiary of Hospital Corporation of America (HCA)
- Regional CFO, Community Health Systems
- CFO, Health Management Associates