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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News
AmeriHealth Caritas Wins International Treasury Award
Kaufman Hall is proud to announce that AmeriHealth Caritas has been recognized by Treasury Today Group’s 2024 Adam Smith Awards. The team received a “Highly Commended” honor for Best Cash Flow Forecasting Solution, which was developed in partnership with Kaufman Hall.
#1 Financial Advisor to Hospitals and Health Systems
The Leading Healthcare Financial Advisory Firm in Treasury and Capital Markets
Kaufman Hall has been ranked the #1 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, 2024
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 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 some of the most attractive terms available in the market.
Debt and Derivative Advisory
Capital markets are complex and dynamic. Our experienced staff will 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 experienced team will help you establish a clear and well-articulated role for your organization's investments and design a best-practices investment platform. Our work helps enhance the efforts of your investment advisory team by validating your organization's approach to deploying invested assets.
Investment Management
Kaufman Hall Investment Management (KHIM) focuses on creating customized investment solutions for each client. Instead of offering a set choice of fixed income investment products, we work with clients to determine their specific goals, objectives, constraints and liquidity preferences. Our core competencies help clients achieve solid strategic and financial principles that set expectations for the performance of 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.
Treasury & Capital Market Featured Insights
Research Report
Building Treasury Operations Excellence for Tomorrow’s Needs
Numerous headwinds in recent years have threatened liquidity, exposed organizations to counterparty risk, and heightened uncertainty about long-term financial sustainability. This report discusses six trends and related action steps to help position your organization for tomorrow’s Treasury Operations needs.
Article
Energy-as-a-Service Opportunities for Health Systems
Blog
Thoughts on Servant Leadership
Article
Preparing for a Timely Basis Swap Execution
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 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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E. Hunter Beebe is the Service Line Leader for Kaufman Hall’s Real Estate practice. He has more than 20 years of experience advising health systems, academic institutions, physician practices, developers, investors, and healthcare and higher education real estate operators.
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Jennifer King Daugherty is a Managing Director for Kaufman Hall’s Treasury and Capital Markets practice.
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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Ryan Freel is a Managing Director and National Business Development & Growth Leader with Kaufman Hall. He brings more than two decades of healthcare finance experience to bear in advising senior healthcare leaders nationwide.
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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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Gavin McDermott is a Managing Director in Kaufman Hall’s Financial Planning and Data Analytics practice. He has a decade of experience as a capital markets, strategic planning, and financial planning advisor.
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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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Terry Shirey is a Managing Director for Kaufman Hall’s Treasury and Capital Markets practice. He advises healthcare leaders nationwide on Treasury and Capital Markets topics, including credit and capital management, external financing, treasury operations, treasury platform merger integration, and strategic resource allocation.
Jeffrey Sahrbeck is a Managing Director for Kaufman Hall’s Treasury and Capital Markets practice. He advises healthcare leaders nationwide on Treasury and Capital Markets topics, including credit and capital management, external financing, treasury operations, treasury platform merger integration, and strategic resource allocation.
Mike Tym is a Managing Director for Kaufman Hall’s Treasury and Capital Markets practice. He advises healthcare leaders nationwide on Treasury and Capital Markets topics, including credit and capital management, external financing, treasury operations, treasury platform merger integration, and strategic resource allocation.
Terri Wareham is a founding partner of Kaufman Hall and the firm’s former CEO. She has been a trusted advisor to healthcare leaders nationwide for more than three decades, and is recognized as a leading authority on healthcare financing.
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John Andersen is a leader in the firm’s Treasury and Capital Markets practice. He advises clients nationwide on the structuring and execution of financial transactions.
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Holly Houston Benedict is a Senior Vice President for Kaufman Hall’s Treasury and Capital Markets practice. She has provided financial advisory services in the capital portfolio areas including bond financings, private bank lending, interest rate swaps, capital structure strategy, and credit positioning.
Bobby Bruning is a Senior Vice President with Kaufman Hall’s Treasury and Capital Markets practice. He provides strategic and analytical support for not-for-profit hospitals, health systems and other not-for-profit organizations nationwide.
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Britt Cesarone, CFA, is a Senior Vice President, Portfolio Management, for Kaufman Hall's affiliate company, Kaufman Hall Investment Management. Britt is responsible for providing fixed income management to clients with an emphasis on those focused on the short and intermediate part of the yield curve.
Peter Delaney is a Senior Vice President for Kaufman Hall’s Treasury and Capital Markets, and Partnerships, Mergers and Acquisitions practices. He advises healthcare and senior living clients nationwide on credit positioning, debt offerings, interest rate swaps, and M&A and affiliation transactions.
David Hiteshew, CFA, is a Senior Vice President, Portfolio Management, for Kaufman Hall's affiliate company, Kaufman Hall Investment Management. David is responsible for providing fixed income management on a separate account basis to clients with an emphasis on those focused on the short and intermediate part of the yield curve.
Robert Jaeger is a Senior Vice President for Kaufman Hall’s Treasury and Capital Markets practice. He 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.
Chuck Kirkpatrick is a Senior Vice President for Kaufman Hall’s Treasury and Capital Markets practice. He 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.
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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Saba Noorali is a Senior Vice President in Kaufman Hall’s Treasury and Capital Markets practice.
Ellen Riley is a Senior Vice President with Kaufman Hall’s Treasury and Capital Markets practice, specializing in integrated strategic financial and capital planning, capital allocation, strategic options assessments, performance improvement, capital and financial advisory support services, and strategic partnership affiliations.
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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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Connect with Our Consulting Team
Independent, Objective Advice for Treasury & Capital Market Needs
Connect with Our Consulting Team
Contact Us