- Akumin Inc., an outpatient diagnostic imaging services company, terminated its CFO William Larkin, effective Aug. 12 as part of a two-pronged business transformation program, the company announced Friday.
- David Kretschmer is a globally known transformation specialist and will serve as an interim CFO to the company, effective Aug. 12. The finance executive has been a key player in other business transformations within the health care industry and serves on the board of directors at SHACU, a special purpose acquisition company focused on health care, according to his LinkedIn account
- The company, based in Plantation, Florida, is selling certain accounts receivables from its subsidaries to a third-party buyer for approximately $30 million.
Larkin was terminated just shy of his one year anniversary at the oncology and radiology solutions provider. Prior to Akumin, Larkin had the top finance seat at a number of organizations, including Alliance Healthcare Services — which Akumin acquired in September — Southwest Dealer Services, Wildcat Discovery Technologies and Westport, according to his LinkedIn profile.
Akumin reported a net loss of $26.1 million Aug. 9 compared to a net loss of $6.9 million the same period last year, according to an SEC filing. Attributing the bump to its acquisition of Alliance, the company also reported a 175.6% increase in revenue from the same period last year.
The acquisition allowed Akumin to operate in 46 states, with more than 1,000 hospital and health system customers, 154 independent outpatient radiology centers and 34 radiation therapy centers.
Prior to taking on the interim role of CFO, Kretschmer led transformations for other businesses in the health care industry. In addition to his new role, Kretschmer is a portfolio manager at Finite. He also was the executive vice president of strategy and transformations of Surgery Partners Inc., and the chief investment officer and senior vice president of treasury and corporate strategy at Anthem Inc. for 26 years.
"The sale of certain accounts receivables has significantly improved the liquidity of our company by an immediate cash infusion of approximately $30 million and a reduction in our days sales outstanding of our accounts receivables,” CEO Riadh Zine said in the Aug 12 press release.
The initiatives in the program are focused around operations, growth and capital, according to the release. The company’s objectives for the program are patient access and experience, customer and partner engagement, financial stability and employee well-being, according to the press release.