Case study · Healthcare
$680k collected from old claims, and a P&L for every clinic.
Six physical therapy clinics and one P&L. We split it by clinic, cut claim denials from 17% to 9% and collected $680k from claims over 90 days old.
Results
$680k
collected from claims over 90 days old
Source: receivables ageing, Jan vs Jun 2026
9%
of claims denied first time, down from 17%
Source: billing reports, Q2 2026
Day 6
clinic P&Ls ready each month, was day 25
Source: close calendar, Jun 2026
I knew we were busy. I didn’t know which clinics paid for the others. Now I get the answer on the sixth working day of every month.
Marisol Ferrante
Founder and clinical director, Penhallow Physical Therapy
Client
Penhallow Physical Therapy
Industry
Healthcare
Stage
Profitable, founder-owned
Team size
112
Engagement
Fractional CFO · 6 days/month · 12-month term
The challenge
Penhallow runs six physical therapy clinics in Brooklyn, Queens and Westchester, with 112 people and $14.2m in revenue. Marisol wanted to open a seventh.
The books had one P&L for the whole group, so nobody could say which clinics made money. Insurers denied 17% of claims the first time, and $1.3m sat in receivables more than 90 days old.
What we did
I split the P&L by clinic, with rent, staff and a fair share of central costs. Each week I sat with the billing team and tracked denials by payer and reason. Three reasons caused most of them: missing authorizations, coding errors and eligibility. Front-desk checklists fixed all three.
We worked the over-90-day list payer by payer. I also built a 13-week cash forecast and a new-clinic model that shows the month each site breaks even.
Outcome
In five months Penhallow collected $680,000 of the old claims. First-time denials fell from 17% to 9%, and clinic P&Ls now arrive on working day 6 instead of day 25.
One clinic was losing $14,000 a month. It moved to a smaller space in June. The seventh clinic is planned for early 2027, on a model the bank has already seen.
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