Re: Advantage Administration, Inc.
Dear Mr. Carroll:
I would like to personally thank you for helping the Florida Eye Institute when our practice was in a state of turmoil. Due to litigation over a partnership dispute, the Board became deadlocked and this resulted in a multitude of financial and operational challenges that threatened our solvency. Although I was not personally named in the lawsuit, my livelihood was threatened and at risk due to “scorched earth” tactics being employed that left me with very few options.
Thankfully, your consultant, D. Wayne Peters, was appointed by the court to act as receiver and interim Chief Executive Officer. Mr. Peters worked tirelessly to quickly assess the situation, analyze and prioritize the problems, and implement a well thought out recovery plan for our practice. This was done despite having many obstacles thrown in his way. He not only had to utilize his years of experience with turnarounds, but employ his managerial and accounting skills, knowledge of the law and a dose of psychology thrown in for good measure. In just 6 months time, Mr. Peters was able to ward off irreparable actions from our major lenders, create our first annual budget and 13 week cash flow forecast, convert our accounting system to an accrual system, significantly reduce operating expenses, and instituted a number of initiatives that drastically improved our overall financial position.
Today, shareholder compensation has been restored and the practice has adequate cash revenues to satisfy lenders.
While Mr. Peters undoubtedly spent the most time with us over the last six months, each of the consultants from Advantage that assisted in our turnaround was talented in their own right.
Altogether, we had a full-service team that knew how to make things happen in a very short period of time.
Again, thank you for all you have done for our practice. Whether you have a potential client that is in financial despair or one that just needs some fine tuning, I recommend both Advantage Administration, Inc. and Mr. Peters without reservation.
Very truly yours,
Roger J. Meyer, M.D.
Macular Degeneration – Diabetic Eye Care
AN OPHTHALMIC OUTPATIENT SURGICAL CENTER