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Intensive Resource Group (IRG) Helps Hospitals Address Financial and Operational Crisis
Date:2/5/2009

BRENTWOOD, Tenn., Feb. 5 /PRNewswire/ -- As the strain of the economic crisis bears down on America's healthcare industry, Quorum Health Resources (QHR) has announced the launch of Intensive Resource Group (IRG), LLC, a wholly owned QHR subsidiary that provides hospitals and health systems with short-term, high-intensity engagements to address the challenges they face.

The challenges are great, according to the American Hospital Association's (AHA) January 2009 "Report on the Capital Crisis: Impact on Hospitals." The study reveals that nine out of 10 hospitals are finding it difficult or impossible to access tax-exempt bonds and half of all hospitals have put capital projects on hold. Hospitals nationwide are at risk of defaulting on their bond covenants and/or declaring bankruptcy. Many hospitals do not have the ability to address such situations internally.

"Addressing unfavorable events such as bond covenant default and bankruptcy requires leadership, innovation, and a level of intensity that many hospitals in crisis cannot produce themselves," says IRG President Kenneth Venuto. "We partner with bond professionals, financial and legal advisors, hospital executives, governing bodies and other stakeholders to assess and stabilize crisis situations. We then transfer the necessary knowledge and methodologies to the hospital so that it can achieve sustainable success."

In addition to offering finance-specific services like bond covenant studies and sale/merger transaction assistance, IRG offers interim and turnaround management, sustainable process improvement, new hospital development services and overall management advisory.

The company's suite of services has been developed by its industry-leading executive team, led by Venuto. He has more than 30 years of financial management and operations experience that spans public and private healthcare systems of varying complexities in
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SOURCE Intensive Resource Group (IRG)
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