Treasury & Capital Markets
We help clients build a comprehensive balance sheet strategy that strengthens resiliency and funds organizational goals.
*including municipal advisory services
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.
The Leading Healthcare Financial Advisory Firm in Treasury and Capital Markets
For the last 21 years, Kaufman Hall has been ranked the #1 financial advisor in the U.S. in new healthcare debt for both long-term municipal public offerings and private placements, with exceptions of second place finishes in 2014, 2018 and 2019 according to Thomson Reuters™ Municipal Market Analysis, 2025.
Article
Leveraging Balance Sheet Strength to Promote Long-Term Sustainability
Your balance sheet is more than numbers—it’s a powerful tool for long-term sustainability. Yet many healthcare organizations overlook its full potential.
Balance Sheet Advisory Solutions
Debt Capital Markets
Capital markets are complex and dynamic. Kaufman Hall works with clients to determine the organization’s specific financing needs and develop the right credit approach to accessing external funding channels. We advocate throughout the process to identify and execute on the best available transaction terms.
Real Estate Capital Markets
Kaufman Hall works with clients to develop a strategic approach to their owned and leased real estate portfolio of assets. Kaufman Hall develops coordinated perspectives about the strategic, financial, and operational aspects of their estate holdings. We work with clients to access external funding channels focused on real estate investment to help clients comprehensively understand their real estate financing options.
Treasury Operations
We partner with clients to strategically improve their treasury operations function. Kaufman Hall leverages the best treasury technologies available in the market to determine the right mix of credit and banking services at the right cost and terms and to optimize existing banking relationships for success.
Investment Strategy
Kaufman Hall Investment Management, a wholly owned subsidiary of Kaufman Hall and an SEC-registered investment advisor, works with clients to establish a clear and well-articulated role for their organization’s investments and validate the approach to deploying invested assets. We create 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.
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 over 20 years of experience in healthcare and finance.
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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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Robert Jaeger is a Managing Director 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.
Gavin McDermott is a Managing Director and Co-Leader in Kaufman Hall’s Financial Planning & 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 is a leader in Kaufman Hall’s Mergers and Acquisitions, and Treasury and Capital Markets practices.
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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 has over twenty years of experience and has deep knowledge on credit and capital management, external financing, treasury operations, treasury platform integration, and strategic resource allocation. He has advised on over 250 transactions for healthcare, higher education, and senior living clients.
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 in Kaufman Hall’s Mergers & Acquisitions and Treasury & Capital Markets practices.
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.
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.
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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Treasury & Capital Market Featured Insights
Article
2025 Credit and Capital Markets Outlook
Despite overall industry improvements for not-for-profit health systems, the divide between stronger and weaker performers continues to increase. Other challenges to the sector include the still-challenged labor market, the continued difficult payer environment and potential policy changes from the new Trump administration.
Article
Leveraging Balance Sheet Strength to Promote Long-Term Sustainability
Blog
The Implications of Losing Access to Tax-Exempt Financing
Blog
Pace of Downgrades Slowed in 2024: Five Key Takeaways
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