Radiology provider Akumin’s CFO resigns amid bankruptcy process
Akumin Inc. recently announced the resignation of its chief financial officer as the Plantation, Florida-based radiology provider works its way through the bankruptcy process.
David Kretschmer, MBA, officially vacated the post effective Dec. 29. He had served as CFO since August 2022, joining Akumin from Surgery Partners Inc. where he was executive VP of strategy and transformation, according to LinkedIn.
Ronald J. Bienias, MBA, of consulting firm AlixPartners—who is already Akumin’s chief restructuring officer—will serve as interim CFO, effective immediately.
“Ronald has more than 20 years of experience serving in interim leadership roles or as an advisor at both large and middle-market companies,” Akumin said in a Dec. 29 announcement. “Leveraging his financial and operational expertise, Ronald guides companies in making data-driven decisions that support restructuring strategies, financial forecasts, and cost reduction programs.”
The company first filed for Chapter 11 bankruptcy protection in October, seeking to wipe out $470 million in debt. Akumin has been beset with problems in recent months including delays in equipment delivery, declining revenues, the closure of a key imaging center due to Hurricane Ian, and a crippling ransomware attack. A bankruptcy judge in November approved Akumin’s plan to transition to a privately held, rather than publicly traded, company owned by lender Stonepeak. Akumin was officially delisted from the Nasdaq on Nov. 30.
Kretschmer will remain available to provide consultation and transition-related services, according to a Tuesday filing with the U.S. Securities and Exchange Commission. He also can continue to participate in employee health and benefit plans during the transition. Meanwhile, interim CFO Bienias will not receive compensation directly from Akumin. Instead, the company has agreed to pay AlixPartners fees for its consulting services, including a $250,000 retainer during the restructuring process.
Akumin also reported its third quarter earnings results on Dec. 12. For the three months ending Sept. 30, the company recorded sales of $180.6 million, down 3.2% from the $186.6 million collected the same period in 2022. It reported a net loss of nearly $82.4 million in Q3, up nearly 53% from the $53.9 million net loss tallied during the same span in 2022.
Akumin previously billed itself as the nation’s No. 2 overall provider of radiology services. It operates a network of outpatient imaging centers along with providing outsourced radiology and oncology services to 1,000 hospitals across 48 states.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.