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Title: |
Chief Financial Officer
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Location: |
US-Maryland-Montgomery County
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Work History: |
Sentient Medical Systems, Cockeysville, Maryland 2007 to present
SVP & Chief Financial Officer
CFO of Sentient Medical Systems (Sentient) a privately held provider of intraoperative monitoring services (IOM) to 200 hospitals throughout the United States. Sentient is one of the three largest providers of IOM services, with net revenues of approximately $30 million and 15% annual growth rate in procedures monitored. Responsibilities include accounting and treasury operations, human resources, information technology, billing and reimbursement, contract management, and risk management. Achievements to date include the entire restructuring of the employee benefit and savings plan, successfully completing the first full audit in the company’s thirteen year history, developing and implementing new pricing structures, renegotiating the company’s general liability and medical malpractice insurance (reduction of approximately $350,000 in costs), establishing improved billing and collection procedures (implemented the first price increase in over five years) resulting in historically high cash collections, and assisting with business development activities, with direct responsibility for winning back a previously lost client ($400,000 to $500,000 of additional revenue). Led effort to implement a new billing system (Carevoyant) during 2008. Personally created Sentient’s first full annual budget, including restructuring the financial presentation and metrics reporting. Responsible for maintaining banking relationships and implementing new cash management routines, accelerating cash conversion cycle. Worked closely with private equity firm to complete the acquisition of Neurometrics, Inc., a regional IOM provider. Assisted with debt financing efforts, including presentations to numerous banks and financing institutions. Subsequently responsible for integration activities, including conversion to a single treasury and accounting system and standardizing risk management and contracting procedures.
Amisys Synertech Inc., Rockville, Maryland
SVP & Chief Financial Officer 2003 to 2006
CFO of Amisys Synertech Inc. (ASI) a privately held leading provider (revenue of $100 million) of advanced software products, consumer directed health plan solutions and business process outsourcing services to the healthcare payer industry, with operations in the United States and India. Responsibilities include leading the financial operations, human resources, contract administration, and facility management functions. Performed detailed financial analysis and business evaluation within first two months that was a key component of a comprehensive business restructuring that resulted in savings of $12 million. As part of the restructuring, reorganized the financial and human resources areas, delayering the organization and reducing annual costs by $1.4 million. Established the treasury and cash management function resulting in doubling of interest income and reducing related banking costs as well as reducing insurance costs ($500,000 annual impact). Supported operation improvements through establishment of margin reporting, customer profitability analysis, pricing and costing models and improved timeliness of financial reports (5-10 day improvement). Implemented self funded health plan and restructured benefit plans, reducing costs by $1.4 million. Successfully completed the first SAS70 full scope review for the company. Worked closely with the CEO in completing the June 2005 acquisition of ISpace, an India based software development and business process outsourcing company. Key responsibilities included establishing foreign and US tax structures, leading all due diligence efforts, and coordinating legal, tax, and accounting advisors. Subsequently responsible for acquisition integration activities. ASI was purchased during 2006.
Marriott International Inc., Bethesda, Maryland
SVP and CFO - Marriott Senior Living Services 2000 - 2003
Led the financial function of Marriott Senior Living Services, a leading manager (revenue of $949 million) of 129 senior living communities providing independent and assisted living, special care and healthcare services. Performed critical financial role for management team that dramatically improved financial performance from a 1999 operating loss of $18 million to 2002 operating profit of $26.6 million. Responsible for general accounting, financial and operations analysis, owner reporting and accounting, Medicare billing and compliance, budgeting and forecasting, and cash management. During 2002-2003, was a key member of the team that evaluated multiple strategic alternatives for Marriott’s senior living business, leading to the recently completed sale to Sunrise Assisted Living, Inc. for $150 million in cash and assumed liabilities. Key accomplishments included the following:
• Performed detailed financial and business evaluations related to the potential spin of the senior living services business as a separate company. Evaluations included a detailed five year forecast, identification of new revenue growth opportunities, long term capital planning, separate company business structure, and cost reduction opportunities.
• Restructured finance operation through centralizing and consolidating accounting functions, reducing costs from $5.6 million (0.7% of revenues) to $4.9 million (0.5%). Built a strong financial team, actively developing and promoting internal talent, while attracting experienced individuals from the industry.
• Key member of the team responsible for the successful disposition of 25 Village Oaks assisted living facilities, completed during January 2003 ($62 million transaction).
• Significantly improved cash management by reducing receivable balances through developing and implementing standardized and regular reporting, collection procedures, and receivable targets. Days sales outstanding (DSO) were reduced from 22 to 12, effectively reducing balances by $25 million.
• Completed centralizing Medicare billing ($60 million annual revenue) from over 50 sites. Improved overall timeliness and accuracy of billing and significantly reduced compliance risk.
• Developed and implemented effective financial controls, resulting in audit rating improving from poor to effective.
• Accelerated financial close by five days, ensuring more timely data to operations management.
• Improved financial reporting, developing and implementing consistent and reliable forecasts. Implemented standardized reports focusing on key operating metrics, allowing management to quickly focus on problem areas.
Sun Healthcare Group, Inc., Albuquerque, New Mexico
Vice President–Finance and Principal Accounting Officer 1997 - 2000
VP and Controller, Rehabilitation Services
As Vice President - Finance, led over 300 employees responsible for the financial operations of Sun Healthcare, a leading provider ($3 billion in annual revenues) of long term and related specialty healthcare services, including inpatient services, rehabilitation and other therapy services, pharmaceutical and medical supply distribution, and international operations. Principal responsibilities included financial operations for all domestic businesses, financial and operations analysis, corporate and general accounting functions, financial and SEC reporting, tax management and compliance, payroll and disbursements, financial systems, and specialized reimbursement operations. Led financial team in conducting acquisition reviews.
• Established credit and collections functions and associated procedures, including centralizing billing operations for selected businesses. Receivables reduced from 75 days of revenue to 54 days.
• Led initiative to identify and implement new financial software. Successfully implemented new accounting software during Company restructuring.
• Restructured financial operations to reduce annual costs by $3 million.
• Led numerous acquisitions due diligence teams. Performed all related financial analysis as well as integration planning and execution.
• Successfully integrated and consolidated financial operations for two major acquisitions with a combined revenue exceeding $500 million and numerous smaller acquisitions.
• Improved financial analysis by developing and refining key performance metrics, focusing on cash flow and realistic appraisals of business operating margins.
• Integrated financial operations into overall business planning.
• Led numerous cash flow improvement and cost reduction initiatives in conjunction with the financial restructuring of Sun Healthcare subsequent to changes in Medicare reimbursement policies.
As Vice President and Controller, Rehabilitation Services was responsible for the financial operations for Sun’s most profitable businesses, with annual revenue of $500 million. Businesses included contract and respiratory therapy, a temporary staffing agency, home health care, and other ancillary businesses.
Harte-Hanks Response Management, Austin, Texas
Chief Financial Officer 1996 - 1997
Directed financial operations for fastest growing division, with 80% growth rate, of Harte-Hanks Communications, Inc., a $625 million revenue NYSE diversified communications and marketing company. Managed multi-site financial operations, including operations analysis, budgeting and forecasting, general accounting, billing and collections, and capital planning. Successfully consolidated accounting functions for two 1996 acquisitions.
Vista Healthcare Group, Inc., Albuquerque, New Mexico
Executive Vice President and Chief Financial Officer 1995 - 1996
Held responsibility for financial operations of start-up diversified healthcare company. Performed financial studies and due diligence reviews on potential acquisitions.
Diagnostek, Inc., Albuquerque, New Mexico
Executive Vice President and Chief Financial Officer 1994 - 1995
Managed financial and human resources functions (67 employees) for $660 million sales pharmacy services company with annualized net income of $18 million. Responsibilities included treasury and cash management operations, general accounting, billing, credit and collections, pharmaceutical rebate billing and collection, taxes, employee benefits and payroll, and financial planning and analysis. Managed investor relations, including communications with stockholders and analysts. Led financial due diligence team during $500 million merger of Diagnostek and Value Health, Inc. and co-led finance transition team.
General Electric Company 1979 - 1993
Martin Marietta 1993 - 1994
Manager-Finance, Sourcing Department, GE Aerospace (Valley Forge, Pennsylvania; 1991-1994)
Established and led financial organization for GE Aerospace sourcing operations ($1.9 billion annual purchases) with responsibility for compliance with Federal government purchasing regulations, sourcing systems, material cost reduction analysis, productivity initiatives and consolidation of sourcing operations. Material reduction efforts focused on achieving $140 million in savings through consolidated procurement. Provided financial support for consolidation of 13 sourcing operations into two Material Acquisition Centers, eliminating costs of $15 million. Established standard metrics package and led team to increase productivity through electronic purchasing.
During 1993, GE Aerospace was sold to Martin Marietta. Key member of transition team to integrate the sourcing operations of the two companies, focusing on identifying best practices and implementing them throughout the combined organizations. Led the combined sourcing financial operations.
Manager - Finance Operation, GE Navy and Small Steam Turbine Department, Fitchburg, Massachusetts 1989 - 1991
Managed financial operation for $300 million (revenues) multi-site government and commercial manufacturing operation, with responsibilities focused on the Navy propulsion and turbine/generator segment. Organization of 35 employees was responsible for contract negotiations and administration, program and rate analysis, cost estimating, accounting and financial and manufacturing analysis. Restructured finance operation to maximize focus on Navy profitability issues to drive segment from three-year loss position to profitability. Revised spare parts pricing routines, improved contract cost control and associated routines and implemented a new cost accounting system.
Consultant-Government Compliance Programs, Fairfield, Connecticut 1988 - 1989
Performed ombudsman function for government compliance effort. Reported on key compliance cases and trends to the Government Corporate Compliance Review Board composed of four GE Senior Vice Presidents. Initiated and conducted compliance presentations to over 2000 employees. Actively assisted GE components in improving compliance infrastructure and education routines.
Manager-Finance Analysis, Power Generation Services, GE Power Systems, Atlanta, Georgia 1986 - 1988
Led Southern Region financial operation for $110 million (revenues) engineering services business. Staff of 25 employees located at multiple field locations provided operational cost analysis, forecasts and budgets and general accounting functions. Instituted various asset management programs and developed orders profitability analysis.
ADDITIONAL EXPERIENCE
General Electric Corporate Audit Staff (Schenectady, New York), 1982 to 1986
General Electric Financial Management Program (Schenectady, New York), 1979 to 1982
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Skills: |
15 years CFO experience for both public and private firms
Credit and collection experience, principally in healthcare
Financial analysis
Led numerous administrative functions including contracts, risk management, human resources and legal
Mergers and acquisition experience with a focus on integrating acquisitions
Outstanding communication skills
Restructuring operations to reduce cost
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Education: |
B.A , cum laude from Williams College
Financial Management Program graduate of General Electric
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