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BACKGROUND

When we started HFA Partners a few years ago, we set out to be different. Services would be delivered by senior professionals, clients would receive practical, hands-on advice, we would explain what we do every step of the way, and we would build long-term relationships one project at a time. Today, these principles have become the core of our value proposition.

The HFA team includes investment bankers, hospital chief financial officers, and healthcare financial analysts with years of hands-on experience in the healthcare debt markets. 
Muni Yields Plunge on Investor Flight to Safety

Muni Yields Plunge on Investor Flight to Safety

Municipal and Treasury rates declined significantly in the last few weeks, with the 30-year MMD closing at 2.75% on Oct. 15, almost half a percentage point lower than a month…
Bond Ratings Still Hit-or-Miss on EMMA

Bond Ratings Still Hit-or-Miss on EMMA

The MSRB's EMMA website now provides credit ratings from Kroll Bond Rating Agency in addition to S&P's and Fitch. But for healthcare investors, relying on EMMA for rating information is…
California Scrutinizes Not-For-Profit Hospital Disclosure

California Scrutinizes Not-For-Profit Hospital Disclosure

Following the SEC's lead, a California state commission is reviewing how not-for-profit hospitals are disclosing information to bondholders in continuing disclosure filings and bond offering documents. We expect other states…
Alternatives When Advance Refundings Don’t Work

Alternatives When Advance Refundings Don’t Work

Hospitals looking to advance refund bonds prior to their first call date may be facing significant negative arbitrage, or tax law may not permit an advance refunding. While waiting for…
Hospital Bond Issuance Slowest Since 1986

Hospital Bond Issuance Slowest Since 1986

The new barista at the local Starbucks may well be your former bond underwriter. As of the end of July, healthcare bond issuance is down 31% from the same period…

WHAT WE DO


HFA Partners helps not-for-profit healthcare borrowers lower the cost of debt and minimize balance sheet risk. As Independent Registered Municipal Advisor, we help plan and execute tax-exempt and taxable debt financings and assist with all areas of the debt structure including bonded and bank debt, swaps, ratings, and bondholder relations.

FINANCINGS

OF INTEREST

Read how the new SEC Municipal Advisor rule affects hospitals.

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Pierre Bogacz, MBA

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Office: (813) 347-9150 ext 220


A managing director and co-founder of HFA Partners, Pierre has over twenty years of experience in healthcare corporate and municipal finance. He has worked with providers throughout the US in structuring tax-exempt and taxable fixed and variable rate bonds, credit enhancement, interest rate swaps, and alternative financings including private equity. Pierre has advised tax-exempt hospitals, health systems, and large physician group practices in strategic planning and in M&A transactions including affiliations, joint ventures, asset sales and full mergers. He has significant experience in the valuation of hospitals and physician groups.

Before HFA Partners, Pierre was a director with Ziegler Capital Markets, a national healthcare investment banking firm where he covered the southeastern United States for its hospital finance group. He was previously with Deloitte & Touche in their national healthcare finance consulting group. In addition, Pierre spent several years in the healthcare divisions of investment banks  Alex. Brown & Sons in Houston and CS First Boston in New York. He started his healthcare finance career with Citibank in Dallas.

Pierre has an MBA in Finance from The University of Texas and a dual BA in Economics and Political Science from Southern Methodist University in Dallas. He is a frequent guest speaker at Healthcare Financial Management Association and MGMA conferences and has been published in HFMA Magazine, HFMA Strategic Financial Planning newsletter, Modern Healthcare, The Bond Buyer, and other leading healthcare finance publications.

Chris Rea, CFA, MBA

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Office: (813) 347-9150 ext 221


A managing director and co-founder of HFA Partners, Chris has more than fifteen years of securities valuation and financial management experience, most recently as analyst for a regional asset management firm, where he handled over one hundred private and institutional client relationships. 

Chris´ prior experience includes Deloitte & Touche´s valuation consulting group and a regional consulting firm where he handled public and private securities valuation analysis for merger & acquisition, estate planning, ESOP, and other purposes.

Chris spent several years with an investment banking firm where he developed financial analysis models for mergers and acquisitions, recapitalizations and leveraged buyouts.

Chris is a Chartered Financial Analyst charterholder, a member of the CFA Institute, and is on the Board of the CFA Society of Jacksonville. He holds an MBA from the University of Warwick, and a Master in Business and Management research from University of Redding where he is currently pursuing a Doctorate in Business Adminstration.

Mike Rolph, CPA, MBA

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Office: (813) 347-9150 ext 222


A managing director, Michael has over thirty years of experience in healthcare strategic financial management, asset management, and corporate finance. He has worked with several high-profile integrated healthcare systems and has significant expertise in strategic financial planning, mergers, acquisitions and divestitures, and a wide range of taxable and tax-exempt debt structures and related financial products.

Michael was previously senior vice president, CFO of Sarasota Memorial Healthcare System, FirstHealth of the Carolinas, Bon Secours Healthcare System, Southeast Region, Venice Regional Healthcare System, Emerald Health, and held finance positions with Summa Care and Akron General Medical Center. Michael’s consulting clients include Trinity Health System, Catholic Health East, and Baptist South Florida. He began his accounting and finance career with Arthur Andersen.

Michael has an MBA in Finance from The University of Akron, a Bachelor of Science in Accounting from the University of Akron where he was President of Beta Gamma Sigma, and has completed the course requirements for a DBA in Accounting and Finance at Kent State University. He has written cases and articles in healthcare strategic financial planning for Health Professions Press, International Journal of Case Studies and Research, North American Case Research Association, and American Journal of Case Research. Michael is a Certified Public Accountant and a Series 66 licensee.

Bruce Deskin

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Office: (813) 347-9150 ext 223


A managing director, Bruce has more than 25 years of experience working with non-profit hospitals and healthcare systems on capital finance and project development, and on the sales, acquisitions and joint ventures of hospitals. His clients have ranged from "AA" rated tertiary medical centers to non-rated sole community providers, and have included both non-profit and governmental providers.

Before HFA Partners, Bruce worked for several leading investment banks, including First Boston, Cain Brothers and UBS Securities, and was the head of the Non-profit Healthcare Finance Group at Raymond James. He has extensive experience in all facets of tax-exempt debt, restructurings, forbearance agreements, continuing disclosure, investor relations and credit rating issues.

Bruce has a Master of Business and Public Management degree from Rice University and Bachelor of Science in Chemical Engineering degree from Rice University.

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