Confidently restructure businesses going through Chapter 11

Video transcription

My name is Eric Orse, and I've had my own firm for about 25 years. We focus in restructuring businesses either as Chapter 11 trustee or chief restructuring officers.

I was involved in a case with a clinic — a rural clinic in Centralia, Washington — as a financial advisor that was going through Chapter 11. This was also the beginning of COVID.

If you can't figure out how to restructure the clinic, it's possible that it would have closed down, which would have left a lot of people in Centralia, Washington, which is a pretty rural area, without medical support.

It was very complicated because they had about 10 years' worth of billing that needed to be reviewed, and most of the information was in a hard copy format.

The biggest challenge was — how do I get my hands around all this information and be able to synthesize it in a very efficient manner?

This was a big task, and it needed to be done quickly and fairly inexpensively. I called Valid8 because I knew that the software they were using would be perfect for this.

The efficiency of Valid8 allowed us to, within a week to 10 days, pull together an analysis of all the bank statements for the prior 10 years, including multiple bank accounts, and basically reconcile them and then do an analysis of where we thought there might be red flags for billings and other issues discrepancies.

The data that Valid8 provided — after we did the initial upload of all the information — was very valuable to saving the clinic, because it allowed us to see claims that hadn't been billed, or under-billing that was being performed over the years, which was extra cash that the estate was able to bring in, which helped get us over the hump and get the clinic restructured.

Could I imagine working on this case without Valid8? No, I don't think so. I mean, it probably wouldn't have got us the result we wanted, which was to be able to go to the stakeholders with a reorganization plan.

Valid8 definitely is a indispensable partner in the forensic accounting world for what I do. Valid8 will change the future of forensic accounting.

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