In every crisis, there are many unsung heroes. As we’ve watched the pandemic affect so many lives, our admiration, thanks, and gratitude to our healthcare, medical, and scientific professionals are tremendous. As our medical system shifted to focus on fighting this pandemic, it showed us both the best of people and the systemic problems with our healthcare system.
After all, the healthcare system is a collection of businesses. Our hospitals, clinics, and medical infrastructure need the same things as other businesses—paying customers, positive cash flows, available credit, and skilled workers. While our health system has been fighting the pandemic as the emergency that it is, routine preventive care and elective procedures that typically help balance out cash flows have been severely reduced. This has led many healthcare-related businesses to the edge of insolvency.
On top of that, now that the pandemic is entering into a new phase, many people are rushing back out to obtain non-emergency care. Appointments that used to be scheduled a couple of weeks ahead of time are now being scheduled months in advance due to a lack of capacity. There appears to be a perfect storm of people trying to make up for all the office visits they postponed during the pandemic at the same time healthcare businesses are struggling to find qualified workers and the working capital to ramp back up after months of losses. As all know, businesses often fail as they try to grow off their cyclical lows, especially after experiencing significant losses and increased borrowing.
This is where TMA heroes put on our capes. While I would never equate the saving of a life to the saving of a business, our methodology has some similarities to that of medical professionals—we evaluate the situation, triage, make the good parts better, and, if necessary, remove the malignant parts. TMA members are helping healthcare businesses deal with unprecedented challenges and making a real difference in the lives of patients, employees, managers, and shareholders of these companies.
I hope you enjoy this TMA JCR issue focused on healthcare. In it, you will learn firsthand from our members on the front lines of restructuring healthcare businesses. Their insights show the great expertise of our members and will provide you with helpful information that you can use in your practice as healthcare companies themselves become the patients.
Thanks, stay safe, and be #TMAProud. Looking forward to seeing you in Nashville in October at The 2021 TMA Annual.
Matthew English, CTP
TMA Global President