Treasury & Capital Markets
We help leaders to fund their organizations’ most critical needs and opportunities
*including municipal advisory services
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Independent, Objective Advice for Treasury & Capital Market Needs
We work with clients across the country to provide balance sheet advisory solutions. Our goal is to help clients achieve best-practice integration between balance sheet resources and their strategy, operations, finance, and capital funding needs.
We recognize that there are fundamental trade-offs between cost, flexibility, and risk, whether it be liquidity needs, the cost of debt instruments, expectations for investment returns, or optionality associated with real estate structures. Our team employs analytical resources to help you make sound decisions about capital formation, knitting together expertise about capital management; debt and derivative advisory; real estate capital markets; strategic resource allocation; treasury operations; and invested asset strategy.
Once these key decisions have been made, Kaufman Hall can also provide industry-leading execution.
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A Leading Financial Advisor to Hospitals and Health Systems
A Leading Healthcare Financial Advisory Firm in Treasury and Capital Markets
Kaufman Hall has been the ranked the leading financial advisor in the U.S. in new healthcare debt each year for the last 20 years for both long-term municipal public offerings and private placements when combined with Ponder’s historical experience according to Thomson Reuters™ Municipal Market Analysis, 2023
Note to Clients
Avoiding Default Doesn’t Mean Avoiding Limitations
Some covenants may provide a two-year window before default occurs, but significant limitations can apply if a ratio or other threshold is not met in year one.
Balance Sheet Performance Advisory Solutions
Credit & Capital Management
We provide expert assistance in evaluating potential sources of capital, assessing your organization’s debt and credit capacity, and making the right capital structure decisions for long-term success. We also work with clients to manage covenant challenges or restructure existing obligations. Our strategies and tactics position our clients to maintain access to external capital funding channels at the most attractive terms available in the market.
Debt and Derivative Advisory
Capital markets are complex and dynamic. Our experts work with you to determine your organization’s specific financing needs and develop the right approach to accessing external funding channels. We serve as your advocate throughout the execution process to identify and execute on the best available transaction terms.
Invested Asset Strategy
Our experts help you establish a clear and well-articulated role for your organization's investments and design a best-practices investment platform. Our work enhances the efforts of your investment advisory team by validating your organization's approach to deploying invested assets.
Real Estate Capital Markets
Our real estate capital markets team can help you comprehensively understand your real estate financing options and enhance the performance of your real assets. We develop coordinated perspectives about the strategic, financial, and operational aspects of a real estate portfolio. We can catalog owned and leased real estate assets to determine whether the real estate portfolio is performing well. We work with clients to access external funding channels focused on real estate investment.
Strategic Resource Allocation
Our team leads you through a process of establishing and maintaining a decision support framework called Strategic Resource Allocation which dynamically connects the deployment of financial resources with claims on those resources that exist across the organization’s operations, strategy, capital and liabilities. The risk-balanced approach is designed to position resources appropriately to both protect and advance the organization’s mission.
Treasury Operations
We partner to help improve treasury operations structure and take a more strategic approach to managing the treasury operations function. Identify ways to automate manual processes, determine the right mix of credit and banking services at the right cost and terms, optimize existing banking relationships for success, and leverage the best treasury technologies available in the market.
We Are Trusted Advisors and Thought Partners
We’ve collaborated with more than 1,000 healthcare organizations of all sizes and types, helping leaders understand the financial impact of every strategic and tactical decision they make. Contact us for expert guidance that positions your organization for success.
Robert Turner leads Kaufman Hall’s Treasury & Capital Markets practice, with more than 20 years of experience spanning healthcare and finance.
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Hunter Beebe leads the firm's Real Estate Service Line. With over 20 years of experience advising health systems, academic institutions, physician practices, developers, investors, and healthcare and higher education real estate operators. He has worked on more than $10 billion in real estate related assignments over his career.
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Sarah Dawkins advises healthcare executives across the country on issues related to credit strategy, capital structure risk management, and the analysis and implementation of debt transactions.
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Eric Jordahl directs Kaufman Hall’s Treasury and Capital Markets practice and focuses on helping healthcare organizations nationwide by providing Treasury-related transactional, strategic, and management support across all financial assets and liabilities.
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Ryan Freel advises healthcare leaders nationwide. His areas of expertise span capital markets transactions, mergers and acquisitions, strategic and financial planning engagements, and enterprise risk management.
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Matt Robbins provides partnership and financial advisory services for a broad range of healthcare clients engaged in various types of transactions, such as borrowings, debt restructurings, derivatives, mergers, acquisitions, and joint ventures.
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Lisa Goldstein is a nationally recognized analyst, speaker, writer, and expert on not-for-profit healthcare. At Kaufman Hall, she is a member of the Treasury and Capital Markets practice and Thought Leadership team.
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Marek Kowalewski works with healthcare organizations nationwide, providing financial advisory services in the areas of fixed and variable bond financings, private bank negotiations, interest rate swaps, capital structure strategy, and credit positioning.
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David Ratliff focuses on advancing client’s enterprise risk and resource allocation strategies, and orchestrating suitable investment platforms, including advisor selection.
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Geoff Stenger is a Senior Vice President with Kaufman Hall’s Treasury and Capital Markets practice, specializing in bond issuance, private placements, and treasury management. His expertise includes bank credit financing solutions and treasury operations consulting.
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With more than 20 years of finance experience, Steve Sohn advises healthcare clients nationwide on credit positioning, financial risk management, debt offerings, interest rate swaps, private/public financial transactions, and capital structure performance.
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Strategy Service
ESG’s Growing Influence in the Capital Markets
ESG integrates the dual aims of environmental stewardship and a just social mission, with governance over both.
Treasury & Capital Market Featured Insights
Podcast
Hospital and Health System Finances: Interview with Healthcare Expert Lisa Goldstein
Article
How the Balance Sheet Can Contribute to Performance Improvement
Blog
What Is the Primary Role for Health System Financial Reserves?
Research Report