The Company
Industry: Behavioral Health
Entity Type: PE-Backed
Operating Region: U.S.
Size: $650M
The PROBLEM
The company faced a sudden leadership gap during a critical phase of its investment partnership, prompted by the unexpected departure of its CFO and the planned exit of its VP of Finance. Leadership needed an interim executive to step into both roles and provide oversight across finance, accounting, legal, and regulatory functions to ensure continuity and control.
The Solution
McDermott + Bull Interim Leaders placed an experienced CFO with over 25 years of experience in healthcare finance, including behavioral health, acute care, and revenue cycle management. The interim executive took ownership of core financial processes, including budgeting, forecasting, and scenario modeling, while also driving improvements across treasury, audit readiness, and internal reporting workflows.
The RESULT
Over the six-month engagement, the interim CFO uncovered significant revenue recognition issues, flagged a potential receivables write-down, and implemented improved forecasting tools. They delivered a comprehensive 2025 budget, revamped the board reporting package, and successfully transitioned responsibilities to the incoming CFO and Controller.
Revenue Accuracy Improved
Restated 2.5 years of revenue and implemented a new recognition model tied to contractual rates and provider day forecasting.
Cash Flow Structure Established
Created a 13-week cash flow model and monthly forecast for 2024–2025.
Reporting Infrastructure Enhanced
Overhauled board reporting with key operating metrics and improved financial transparency.
James Hickey
Senior Managing Director, McDermott + Bull Interim Leaders
hickey@mbexec.com
James Hickey serves as a Senior Managing Director for McDermott + Bull Interim Leaders, helping companies with mission-critical needs for talented executives during key points in their life cycle. He also works closely with Private Equity Groups to help their portfolio companies when there are gaps in leadership or to provide additional support to the team during critical transactions.