Baylor hires firm to assist in meeting operational, financial goals

HOUSTON -- (March 4, 2010) -- Baylor College of Medicine has hired FTI Consulting Inc. to assist in improving the college's operations and in developing a capital restructuring plan to address outstanding debt.

FTI focuses on strategic, operational, financial and capital needs of businesses and academic institutions. Scott Davido, managing director of FTI Corporate Finance, will serve as the college's chief implementation officer. He will report to a committee of the BCM Board of Trustees, chaired by trustee Fred Lummis.

The college has conducted a comprehensive financial analysis over the past year. Davido comes on board to help in identifying and implementing operational efficiencies as well as working with BCM's lenders.

"Over the past 15 months, the college has been successful in making the improvements that gave us the ability to remain an independent organization," said Dr. William T. Butler, interim president and CEO. "Our next steps are to focus on operational improvements and changes in our capital structure that will support the college in future years."

This focus on operations likely will include decisions to invest in some areas and reduce support in others. It is expected that every area of the college will be impacted.

"Baylor College of Medicine has long been a leader in academic medicine," said Butler. "The changes in operations we make in the coming months, along with the investments in programs that we identify, will ensure that the college continues to hold and improve on this leadership position in future years."

Davido also will be working with lenders to restructure the college's outstanding debt.

He holds a law degree from Case Western Reserve University, where he also completed his undergraduate work in accounting. He is a certified public accountant.