ToneyKorf Partners, LLC Facilitates the Integration of Milford Hospital in to Yale New Haven Health System and Completes Separate Sale of the Off-Shore Captive Insurance Company

ToneyKorf Partners, LLC was hired to lead Milford Health and Medical, Inc. (“Milford”), a not-for-profit corporation in Milford, CT, that included an acute care hospital, home care agency, captive insurance company, and medical office buildings. Like many community hospitals and systems, Milford was financially and operationally struggling despite cost-cutting measures and reductions in clinical service offerings (such as obstetrics and gynecology). With significant financial liabilities stemming from combined operating losses of more than $41 million over the past five years, inadequate patient revenue, a very low average daily patient census and limited investments in the infrastructure and IT systems, Milford had reached the point of facing potential bankruptcy and closure. In July 2018, the Board retained ToneyKorf as Chief Restructuring Officer/Chief Executive Officer and various management positions to assist the Company in implementing organizational improvements, leading the day-to-day operations, and preparing the organization for a merger and integration into a new system.

In June 2019, Milford Health and Medical sold substantially all assets, except certain physician practices and the off-shore captive insurance company, to Bridgeport Hospital of the Yale New Haven Health System. The new entity, called The Milford Campus of Bridgeport Hospital, will continue to serve and provide improved and new services to the community.

In October 2019, Milford Health and Medical, led by ToneyKorf Partners, completed the stock sale transaction of Seaside Indemnity Alliance Company, the Cayman Island based captive insurance company, to the Fairfax Companies (US). This transaction completes the sale of all assets of Milford Health and Medical.       

Contacts

Mark E. Toney
Senior Managing Director
855-857-1212 ext 102
mtoney@toneykorf.com

Steven R. Korf
Senior Managing Director
855-857-1212 ext 113
skorf@toneykorf.com

Richard Becker, MD
Senior Managing Director
855-857-1212 ext 120
rbecker@toneykorf.com