Tower Health today announced that its Board of Directors has selected Guidehouse as the consulting firm that will advise Tower Health on its financial recovery. The health system selected the firm in compliance with bond covenants, which require the retention of an outside consultant if certain financial metrics are not achieved. Last month, Tower Health reported that its fiscal year end (June 30, 2020) Long-Term Debt Service Ratio fell below its minimum required level.
Guidehouse is a leading provider of management, technology, and risk consulting services with more than 8,000 professionals in over 50 locations globally. Guidehouse’s Health segment has deep expertise in helping hospitals and health systems transform care delivery and operations, having been recognized as a top consultancy for strategy, revenue cycle optimization, and managing complex engagements that deliver sustainable results for clients. Recently, the firm has supported more than 36 health systems representing approximately 400 hospitals in 25 states in their response to the COVID-19 pandemic.
In a memo to Tower Health leaders, President and CEO Clint Matthews and Board Chairman C. Thomas Work said “We welcome the participation of the team from Guidehouse and look forward to their input on the initiatives we already have in place, as well as their insights on additional opportunities to aid in our financial recovery. Leaders throughout Tower Health will be deeply engaged in this important work. We are committed to taking the necessary actions that will support our mission of Advancing Health. Transforming Lives.”
About Tower Health
Tower Health is a strong, regional, integrated healthcare provider/payer system that offers leading-edge, compassionate healthcare and wellness services to a population of 2.5 million people. With approximately 14,000 team members, Tower Health consists of Reading Hospital in West Reading; Brandywine Hospital in Coatesville; Chestnut Hill Hospital in Philadelphia; Jennersville Hospital in West Grove; Phoenixville Hospital in Phoenixville; Pottstown Hospital in Pottstown; and St. Christopher's Hospital for Children, a partnership of Tower Health and Drexel University in Philadelphia. It also includes Reading Hospital Rehabilitation at Wyomissing; Reading Hospital School of Health Sciences in West Reading; home healthcare services provided by Tower Health at Home; and a network of 25 urgent care facilities across the Tower Health service area. Tower Health offers a connected network of 2,200 physicians, specialists, and providers across more than 230 convenient locations. For more information, visit towerhealth.org.