White Papers  

  • 9Feb

    Challenges in Public and Private Variable Rate Debt

    Executive Summary Currently, there is a dislocation between SIFMA resets and its theoretical relationship with 1 month LIBOR Pre-2008 financial crisis, SIFMA reset between 60% and 70% of 1mL The current SIFMA / 1 month...
    1Apr

    Mergers & Acquisitions in the Hospital Industry

    Since the beginning of 2010, mergers and acquisitions activity in the acute care sector has increased significantly. The rate at which hospital transactions are being announced has increased by over 50% in less than a...
  • 1Feb

    Are You a Municipal Advisor?

    The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) may have a direct impact on you, your 501(c)3 organization, or your bond issuing authority.  On January 6, 2011, the Securities and Exchange Commission...
    1Feb

    Why Banks Keep Buying Tax-Exempt Debt

    Introduction:  Over the past two calendar years, commercial banks have been a significant source of tax-exempt financing for healthcare organizations. Driven by an expanded definition of “bank-qualified debt” provided in the American Recovery and Reinvestment...
  • 1Jan

    The Layers of the Credit Crunch Onion

    Overview This paper is intended as a follow up to our client update calls and meetings held during November. At that time, we recommended that clients monitor the market until late January, and at that...

Articles  

  • 20Jan

    2016 M&A activity down from last year

    By: Alyssa Rege (Becker’s Hospital Review, January 20, 2017) While hospital merger and acquisition activity fell during 2016 compared to the year prior, announced transaction activity in Q4 increased from the previous quarter, according to...
    29Nov

    Health Care 2020 – Report 3 of 4 Consolidation

    By: HFMA and contributors, including Eb LeMaster (HFMA online) The healthcare industry will continue to see rapid consolidation as key sectors assert the need to seek the economies of scale and efficiencies they claim are required...
  • 12Oct

    2015 Q3 Announced Hospital M&A Activity Report

    Target Beds: Average 296: Median 120 Target Rev. ($’s MM): Average $268; Median $86 Q3 2015 pace of activity—28 announced transactions—was in line with that of the prior two quarters in 2015, and based on...
    29Sep

    Timing Tax Exempt Bond Refundings

    By: Jeffrey B. Sahrbeck (HFMA September 2015) Selecting the optimal time to refund tax-exempt bonds can significantly enhance a healthcare organization’s economics, but is dependent on both market factors and timing. Unlike in the taxable world,...
  • 30May

    ‘Capital Ideas’ for Health Care in 2015

    By: Christopher T. Payne (HFM May 2015) Hospitals and health systems should consider several important factors related to tax-exempt borrowing as they seek vital funding sources for this year. Pressures never have been greater on...
  • 15Jan

    Is Hospital M&A Waning

    By: Eb LeMaster and Jake Aygun (HFMA January 2015) The number of announced hospital mergers and acquisitions (M&As) dropped significantly in 2014 from prior years, and volume for the full calendar year 2014 will likely...
    10Jan

    The Value of Variable Rates in a World of Low Rates

    By: Jeffrey B. Sahrbeck (HFM January 2015) In February of 2008, the municipal industry (and specifically not-for-profit health care) found itself at the epicenter of the credit crisis, with auction bond failures, sizable investment losses,...

Case Studies