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When we started our firm back in 2009, we set out to be different. Services would be delivered by senior professionals. No academic discussions or endless powerpoints. Clients would receive practical, hands-on advice. We would explain what we do every step of the way. We would build long-term relationships --one project at a time. Today, these principles have become a reality and the very core of our value proposition. We invite you to read our articles, find out how we've assisted clients, and let us show you how we can help your organization thrive.


HFA Partners is an Independent Registered Municipal Advisor (IRMA) dedicated to serving the financial needs of the not-for-profit healthcare provider sector. HFA helps evaluate, plan and execute tax-exempt and taxable financings and manage the debt structure, including bank placements and public bond offerings.


HFA professionals assist with all aspects of the debt structure:

  • Bonds and bank debt
  • Interest rate swaps
  • Capital planning
  • Rating agencies
  • Continuing disclosure
  • Bondholder relations



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.


Read how the new SEC Municipal Advisor rule will affect hospitals starting July 1.


The latest hospital bond market and capital finance developments and trends. read articles


Tax-exempt bond market statistics featuring our exclusive TruSpread credit spread formula. read more


HFA Partners will be sponsoring the Florida Institute of CPA's Annual Healthcare Conference in Orlando on April 24-25, 2014.



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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 is currently pursuing a DBA with Reading University.

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.

Wendi LeBrocq, MBA

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Office: (813) 347-9150 ext 225

A senior vice president, Wendi has over ten years of credit risk and healthcare financial analysis experience, including running complex financing models, budgets and forecasts. She is in charge of the firm´s pricing repository and associated market analytics.

Before HFA Partners, Wendi was a senior financial analyst with a large Florida integrated healthcare system and with Dynegy, where she handled a variety of advanced analytical projects. She has significant experience with Hyperion, Business Objects, and Oracle applications.

Wendi received her MBA from the University of Houston and B.S. from Texas Tech University.

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