Jordan has 32 years of experience in healthcare finance in a variety of positions, including, chronologically, a healthcare commercial lender, a healthcare rating agency analyst and manager, a senior financial executive at a large healthcare provider, a healthcare investment banker, a healthcare financial advisor, and a healthcare consultant. His clients have included hospitals and health systems, senior living facilities, physician practices, and other healthcare-related entities. His career has primarily focused on treasury activities (cash management, investments, and debt), financial planning & analysis, financial and cash flow projections and modeling (on a weekly, monthly, quarterly, and annual basis), financial reporting and dashboards, financial strategy, and rating agency preparation and benchmarking. Additionally, he has also focused on mergers and acquisitions, budgeting, revenue cycle management, and other healthcare activities.
Sub-Specialties:
- 32 years Healthcare Finance experience
- System Treasurer roles
- Cash flow forecasting – daily, weekly, monthly, quarterly, annually, and multi-year
- Cash management techniques – use of lines of credit, management of accounts payable, and others
- Investment activities – works with Board, Investment Committee, and Investment Advisors regarding asset allocations, asset purchases and liquidations through established parameters, and consideration of other factors
- Experience with the negotiation and execution of all types of debt – lines, leases, letters of credit, and bonds
- Experience with all “investor relations” – type activities, including rating agencies, bondholders, trustees, bond lawyers, and investment and commercial bankers
Professional Experience:
Jordan has extensive experience with and knowledge of all types of healthcare systems and senior living facilities, including large healthcare systems, community hospitals and small healthcare systems, critical access hospitals, governmental hospitals, children’s hospitals, specialty hospitals, religious-affiliated hospitals and health systems, academic medical centers, continuing care retirement centers, and nursing homes, all across the entire range of credit quality from speculative grade to ‘AA’-rated entities.
At Warbird, Jordan has served in a variety of billable roles. These have included Interim Treasurer, Registered Financial Advisor (as he is President of Warbird Municipal Advisors) for the issuance of tax-exempt debt, and consultant on numerous types of projects – mainly related to financial planning and analysis, forecasting, and financial reporting. Prior to Warbird, Jordan worked for Cain Brothers, where, as Managing Director, he worked on a variety of healthcare investment banking projects including bond issues, direct bank placements, mergers and acquisitions, and real estate development. Previously, he was a healthcare investment banker with Raymond James & Associates, Morgan Keegan & Co., and Piper Jaffray & Co., Director, Finance with UPMC Health System, the Manager of the healthcare ratings group at Fitch, and a healthcare commercial lender with Comerica.
Professional Accomplishments:
Interim Treasurer – In this capacity, he has managed all aspects of the treasury operation – cash management, investments, and debt. Within the cash management function, he has worked with health systems in challenging situations where the organization was recording negative cash flow. This necessitated daily, weekly, monthly, quarterly, and annual cash flow projections and estimates of upcoming liquidations of long-term investments. Within the investments function, he worked with the Investment Advisor, Board, and other members of Executive Management to analyze and monitor investment performance within the long-term investment fund, pension fund, and other funds. With the debt function, he has been involved with the issuance of debt, rating agency and investor relations, and analysis of bond and loan documents related to covenants and other matters.
Financial Planning & Analysis – Projects have primarily included modeling the income statement and balance sheet impact of numerous types of activities, including acquisitions, revenue increases and decreases associated with payor changes, various expense changes, issuance of new debt, etc.; deep analysis of historical performance and variances; and the upgrading and improvement of financial reporting and dashboards. Deliverables have typically included both quantitative and written elements.
Two specific examples of his work include Penn Highlands Healthcare and Community First – In the case of Penn Highlands, he created and analyzed numerous models showing the financial impact of the acquisition of Mon-Vale Health Resources, as well as other acquired entities. In the case of Community First, he did similar work for several entities considered for acquisition.
Financial Strategy – Projects have included working with Boards and executive management to develop and write business plans for internal projects, as well as helping them develop and then execute various affiliation strategies.
Rating Agency Preparation – Projects have primarily included working with executive management to prepare the rating agency update presentation, including the development of strategic, financial, and industry information. Additionally, these projects have included working with management to plan the delivery of the presentation with the desired outcome of maximizing the rating and outlook.
As part of his work on the bond issues for North Oaks Health System, Penn Highlands Healthcare, and Methodist Hospital of Southern California, he spent a considerable portion of his time on the rating agency presentations, and, in all three cases, the health system received a favorable outcome.
Debt Financial Advisory – Projects have included the preparation and execution of debt issuances from a financial advisor perspective. The preparation aspect has included preparing debt capacity analyses, developing initial plans of finance, and selecting transaction participants. The execution aspect has included working with the entire transaction team to prepare credit materials, draft loan or bond documents, manage the entire process, and close the transaction. Financing products have included fixed rate bond issues, variable rate bond issues, bank direct placements, lines of credit and conventional bank loans, and various types of derivatives.
Three examples of health systems where he served as Financial Advisor include Methodist Hospital of Southern California, Penn Highlands Healthcare, and North Oaks Health System. In all cases, these health systems benefited from his work.
Industry Contacts – Has a well-developed network of all industry participants including healthcare executive management teams, institutional investors, investment bankers, commercial bankers, rating agency analysts, accountants, and bond attorneys.