Not unlike the rise of digital health, the market for healthcare services is growing rapidly in line with consumer expectations for greater access, lower costs, and an improved overall patient experience. Recognizing a unique opportunity, the founders of Groups—Recover Together seized on the trend to transform the conventional model for treating opioid addiction, pairing medication with weekly therapy sessions in an affordable package. Now operating in over 60 locations across 10 states, Groups initially engaged Danforth Advisors in the company’s early stages to bring structure and clarity to its finance function and, ultimately, establish the foundation for its aggressive growth plans.
Led by visionary founders and a strong clinical team, Groups had not yet fully built out its leadership team on the finance side. “There was a long-term plan to hire a CFO, but in the early stages it made sense to ‘get the house in order’ to support the business in a capital-efficient way, and Danforth was able to expertly fill this role,” said Steve Kraus, a member of the company’s board of directors and investor with Bessemer Ventures.
Danforth’s Daniel Geffken was brought on board as interim CFO to help the company secure a $5M venture debt line. The initial phase of this project included development of projections and establishing financial reporting processes to satisfy the lenders. Additionally, while the company did have a controller and director of revenue cycle in place, Danforth was able to provide technical accounting and financial reporting resources to support the existing team as well as the management team.