Strategies For Strengthening Financial Sustainability — The Little Friends Approach
March 16, 2023
A change in leadership often provides the opportunity to refocus a health and human service provider organization and strengthen its financial sustainability. There are a number of tactics involved in creating sustainability that is built on growth and profitability—analyzing the service portfolio, understanding unit rates, identifying services that consumers and payers want, and maximizing revenue by diversifying the payer mix. This roundtable is part of The OPEN MINDS CFO Consortium developed to provide executives with the tools and abilities to strategically assess and position their organizations for long-term sustainability and growth. The consortium is open to all Elite members, to learn more and sign up, visit https://openminds.com/store/cfo-consortium/.
Join Mikel Briggs as he reviews steps that he took to create a financial sustainability plan when he stepped into the role of President and CEO of Little Friends, Inc.
Executive attendees of this session will learn about:
- Financial Sustainability in terms of growth and profitability for an organization
- Service portfolios, unit rates, and identifying new service lines
- Maximizing revenue while diversifying payer mix
Mikel S. Briggs, President & Chief Executive Officer, Little Friends, Inc.
Mikel Briggs began his business career with IBM in the Data Processing Division of computer sales. Mr. Briggs began running manufacturing companies at age 28 and has served as President/COO of three separate companies over the past 30 years. All of these companies were $85-110MM in revenue size. Mr. Briggs has served on multiple boards including Chairman of the Board of Millikin University. He retired in December 2015 and joined Little Friends Board of Directors. Mr. Briggs came out of retirement and was named President and Chief Executive Officer of Little Friends in March 2017. At present, Mr. Briggs currently serves on both for profit and nonprofit entities, with 9 organizations in total. Mikel Briggs is a 1979 graduate of Millikin University with a B.S. in Marketing and a 2000 graduate of Northwestern University Kellogg Management Institute. He has been married for 44 years and has two children and 7 grandchildren.
Ken Carr, OPEN MINDS Senior Associate
Ken Carr brings more than 20 years of finance, technology, data analysis, and reporting experience in the health and human services field to OPEN MINDS. In his role of Senior Associate with the OPEN MINDS consulting practice, he has served as a subject matter expert leading numerous engagements in strategic planning, merger and acquisition prospecting, business process improvement, financial analysis of services lines, and technology selection. Prior to joining OPEN MINDS, Carr was chief financial officer of The Centers, a community mental health center in Ocala, Florida, and led a realignment of the organization’s financial management function.
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