In this episode, James Kennedy sits down with fractional CFO Corey Friedman to unpack two meaty finance arenas: (1) buying and turning around distressed hospitals, and (2) making nonprofit dollars go further with strong grant governance. Corey shares how to read the real story in financials, what diligence looks like when acquiring a hospital, and the practical ways nonprofits can satisfy funders while staying mission-first.
About Corey Friedman
Corey is a fractional CFO and consultant with 25+ years in finance, including leadership roles at large enterprises and an MBA from the University of Chicago. Over the last decade he’s advised healthcare operators on hospital acquisitions and served nonprofits on budgeting, fund accounting, and grant reporting. His broader portfolio spans social enterprises, education, tech startups, and international organizations.
What You’ll Learn
- Hospital Acquisition 101: How distressed short-term acute hospitals are evaluated, typical EBITDA multiples (often ~4-8x), and why capital needs (plant + equipment) can make or break the deal.
- Due Diligence, Practically: What to ask current management; how to translate balance sheet + P&L trends into an operator’s to-do list; where staffing and geography constrain success.
- Operate to the Mission (and Margin): Why clinician experience, recruiting feasibility, and capex timing matter just as much as the spreadsheet.
- Nonprofit Funding Realities: How to manage multi-source grants, build simple measurement frameworks, and keep funders confident with clear, periodic reporting.
- Grant Compliance Without the Drama: The documents and controls that show money was used as intended – and how to tell the impact story behind the numbers.
- From Corporate to Fractional CFO: Mindset, scope, and systems when you become the HR, billing, and analytics department all at once.
Episode Highlights
- “Financial results are the downstream output of all the actions in the company – your job is to read the story and decide what to do next.”
- “In distressed hospital deals, capex and staffing realities can matter more than headline multiples.”
- “For nonprofits, clarity beats complexity – show how funds were used and what changed because of it.”
More About Corey’s Role
Corey provides part-time CFO leadership across:
- Healthcare: Financial modeling for hospital acquisitions, diligence on EBITDA quality, capex roadmaps, and post-close operating KPIs.
- Nonprofits & Social Impact: Grant budgeting, fund accounting structure, audit-ready documentation trails, and stakeholder reporting that blends outcomes with numbers.
- Early-Stage & SMB: Monthly reporting packs, cash forecasting, board materials, and pricing/initiative analysis that turns data into decisions.
