Somerset, New Jersey (September 19, 2018) — Loughlin Management + Company, a New York-based firm, focused on operational and financial turnarounds, announced the successful refinancing of its client, ProCure Proton Therapy Center (“ProCure”), located in Somerset, New Jersey.
The LM+Co team implemented operational and financial strategies to grow patient volume, increase reimbursement per treatment, improve collections and mend relationships with the local physician group. These strategies have helped the Center increase revenue and profitability. With the successful operational turnaound, LM+Co advised the Center on completing a $150 million tax-exempt bond and subordinated bond transaction. Proceeds of the financing were used to refinance debt and to buyout the Centers’ former ownership group by the Pubic Finance Authority. With access to longer term financing, the Center is well positioned for future growth.
About ProCure Proton Therapy Center in Somerset, New Jersey
ProCure Proton Therapy Center, was the first proton treatment center in the NY/NJ/CT tri-state area and the 10th facility in the United States. ProCure has treated over 3,000 patients since opening its doors in 2012, providing access to cancer patients from New Jersey and across the world, with this life-changing treatment. Today, ProCure remains the only multi-room proton center in the tri-state area and is the only center with the precise pencil beam scanning capabilities.
Proton therapy is an advanced form of radiation that destroys cancer cells by preventing them from dividing and growing. Unlike standard X-ray radiation, it uses protons – positively charged sub-atomic particles – which precisely target tumors. Proton therapy reduces the risk of damage to healthy tissue and organs near the tumor, and potentially allows patients to receive higher, more effective doses of radiation, but with fewer side effects.
About Loughlin Management Partners + Co
In Private Equity Value Creation, Turnaround + Restructuring and Corporate Finance, LM+Co has distinguished itself by focusing on identifying and implementing actionable solutions and delivering results that maximize enterprise value. LM+Co has a dedicated healthcare team that can assist companies to improve operations through revenue enhancement, cost reduction and working capital improvements. The firm provides interim management solutions, with an emphasis on revenue cycle, performance improvement, and regulatory/ compliance projects. For further information, please see www.lmcopartners.com