NuvoAir MedicalI inherited a company on the brink of collapse, with the Board having set a 90-day deadline to show improvement or vote to shut down operations entirely. We were burning through cash with no path to profitability, unable to make payroll, and just one day away from the Board's shutdown decision. Morale was devastated, key customers were nervous about our viability, and our CEO was incapable of making the hard decisions needed to save the company. We had multiple unprofitable lines of business, overly complex operations, and a team that was far too large and expensive for our revenue. We were trying to be everything to everyone—and failing at all of it.
I immediately took decisive action, starting by redefining our value proposition to focus on where we provided unique value and where clients were actually flocking to us. I conducted a line-by-line financial audit to identify exactly where we were hemorrhaging cash, then executed a comprehensive restructuring: cutting 45% of headcount, divesting three entire lines of business and two go-to-market strategies, renegotiating vendor contracts, and personally securing our top client to ensure revenue stability. I presented a complete turnaround plan to the Board, secured their buy-in, and executed with precision. As part of this transformation, I orchestrated leadership changes including the Board firing our CEO and my decision to replace our CFO with a fractional CFO to rebuild our finance and accounting function.
By day 90, we had reduced our monthly burn rate to -$120k, regained control of our bank accounts, achieved zero unwanted employee attrition during the transition, successfully divested all three non-core business lines, and secured the Board's unanimous vote to continue operations. Over the following six months, the results accelerated: we achieved +13.5% year-over-year revenue growth, +14% increase in active members, and +46% growth in care management billing. The Board chair—drawing on his 20-year career—called this the most impressive operational turnaround he had ever witnessed. What had been a company one day from closure became a growing, focused, financially sustainable organization with a clear path forward.
