Strategic Capital Formation <br>& Debt Management

Strategic Capital Formation
& Debt Management

The HFA Story

There Is No Substitute for Experience

HFA Partners was founded in 2009 to help not for profit healthcare providers lower the cost of debt and minimize balance sheet risk. Over the years, we have become one of the leading sources of expertise on all areas of the hospital debt structure and the municipal capital markets.



Transaction planning, execution and closing support



Structuring, valuation, termination and novation analysis



Bond rating strategy and rating agency communications



Continuing disclosure and investor relations


the hfa value proposition

Why Choose Us?


Senior professionals,
never junior staff

Cost Savings

Reap tangible savings and avoid costly mistakes

24/7 Support

Experience 24/7
fanatical client service

Why Choose Us?

more about us

Frequently Asked Questions

Browse Help Topics

Savings can be highly sensitive to assumptions. As independent financial advisors, we run our own models to validate inputs and outputs. After a thorough analysis, we may recommend a different timeline or alternative strategies.

Yes. We have significant experience advising clients with all types of debt including public bond offerings as well as bank placements, traditional term loans, and lease financing options. We can help with taxable and tax-exempt debt.

No. As an IRMA (independent registered municipal advisor) regulated by the SEC and MSRB, we are 100% independent from banks, lenders, investors, and broker-dealers. Because we owe our fiduciary duty solely to our clients, we are in best position to help select the best source of funds for the hospital's specific needs.

Yes. We are registered with SEC/MSRB, and retaining us as IRMA allows the hospital to qualify broker-dealers under the IRMA exception to the SEC Municipal Advisor rule. This means the hospital can have full communications with bond underwriters.

Unless an underwriter is acting a municipal advisor or qualifies under one of four narrow exceptions to the SEC Municipal Advisor rule, it cannot provide municipal advice. Unlike an underwriter, we owe our fiduciary duty exclusively to the hospital as our client. This gives us the objectivity to recommend solutions irrespective of the fees they generate for lenders or underwriters.

A hospital doesn't need to have public bonds outstanding to benefit from one or more agency ratings, because being rated can mean a lower cost of funds for bank and other non-public debt. A rating can also help align financial and strategic objectives at the management and Board levels.
It depends on the situation. Rating agencies use many different factors which may not be understood or properly addressed. We recommend starting with a review of rating history and communications that took place between management and rating analysts, so we can identify areas of improvement.
In many cases, we find ways to improve the content and format of the annual rating agency presentations. In between annual reviews, we can help improve the quality and frequency of communications with rating agencies.

The answer depends on the swap's current mark-to-market, its sensitivity to rates (DV01), and the hospital's outlook on rates. Our termination analysis may provide the option to "recycle" a swap to hedge variable rate debt until the swap is in the money.

Yes. We ensure that the payment proposed by the swap counterparty is on market. The valuation will be affected by changes in interest rates, so it may be useful for the hospital to develop a termination strategy. In some cases the swap can be restructured or novated to produce a more favorable outcome.

Yes. We use specialized software to calculate an independent estimate of swap termination value, and we can also provide an estimate of the credit value adjustment required under ASC 820 for financial statements.

Yes. While we're based in the Southeast, we work with hospitals throughout the U.S. Much of our work is done by phone, email and webcasts, but we are always available to work and present in person.

Yes. We often present at HFMA conferences and at board retreats on topics ranging from the state of the municipal healthcare markets to more specific areas including debt issuance, swaps, rating agencies and disclosure.

It depends on the type of engagement. For financings and other projects with a clear outcome, our fee is based on size, complexity, and the savings we expect to create. For ongoing support, we also offer a retainer arrangement. Because our overhead is low, our fees are typically less than what our larger competitors charge.

LATEST NEWS Announcement

HFA Partners is pleased to announce that Pierre Bogacz, founder, has joined the Healthcare Practice...   read more