**** ***** ******* ******, ** Grange, IL. 60525
FINANCE HEALTHCARE EXECUTIVE with strong record of profit improvement, value creation and operations leadership in integrated health system, community and specialty hospitals, and Medical Group.
• MBA with proven leadership in all financial functions including financial reporting, accounting, financial projections, budgets, strategic sourcing and contracts. 12 year direct report and mentor relationship with CFO of integrated health system.
• Creative in identifying new revenue streams and financing solutions while executing initiatives that reduce costs and improve cash flow and operating margins.
• Accomplished in business transformation and restructuring that return non-performing operations to profitability.
• Recognized for management style that builds a culture of trust, information sharing, clinical excellence, customer service, accountability, management visibility and employee engagement to achieve business results.
INDEPENDENT CONSULTANT 2012(Jan) - Present
For 2 clients, provide analysis and review of annual budgets, tax liabilities, and HR benefits. Make recommendations and implement: cost reductions across enterprise, reducing tax liability and health benefits expense.
SINAI HEALTH SYSTEM (SHS), Chicago, IL 1994-2012 (Jan)
A health system including 2 hospitals, outpatient diagnostic and primary care centers, home health agency, physician network and various health-related joint ventures with annual operating revenues in excess of $330 million.
Executive Director - Finance, Contracting and Procurement (2007-2012)
Reported to Executive Vice President and CFO. Responsible for strategic sourcing strategy, procurement, cont racts, supply chain, RFP’s, revenue enhancement, tax increment finance leasing and capital funding for health system. Negotiated and final review for all enterprise contracts.
• Strategic Sourcing Transformation: Charged to create and lead a new “best-in-class” procurement organization to address $35 million annual spend. Managed multiple large spend categories in leasing (real estate & technology), capital acquisition, outpatient clinical services, food service, facilities engineering, environmental services, outsourcing, legal, marketing, printing, staffing and supply spend.
• Cost Improvement: Achieved an average of 10% ($3.5 million) cost reduction each year over the 4 years.
• Supply Chain Best Practices: Implemented best practices in Strategic Sourcing and Supply Chain, including category spend analysis, benchmarking, metrics measurement, supplier consolidation, contract re-negotiation, competitive bidding, contract terms and conditions, GPO management0, and reengineering business processes in logistics and distribution.
- Reengineered logistics and distribution realizing $350,000 cost improvement.
- Reduced leasing rates from 8.7% to 3.8% utilizing tax exempt financing.
- Issued RFP’s in multiple service line areas with a saving of $1.5 million.
- Partnered with Medical Staff and completed MRI negotiations saving $175,000 and CT saving $400,000.
• Finance: Strategic partner to senior management to drive value in the planning and decision support of business opportunities and initiatives aligned with corporate strategy.
- Budgeting and forecasting $355 million annual spend.
- Profitability analysis for service and product line > $1 million to expand, contract, eliminate or begin new offerings.
- Created all CFO and CEO financial presentations to Boards and outside parties.
- Assisted CFO in TIF request of $80 million and team member of $700+ million new ambulatory hospital project.
Vice President - Clinical Services, Mount Sinai and Schwab Rehabilitation Hospital (2003-2007)
Reported to Division President. P&L operating responsibility of $76 million. Provided leadership for the operational, fiscal management, quality of clinical service and marketing in Cancer Services, Cardiovascular Services, Imaging Services (Diagnostic and Women’s Health), Pharmacy, and Neurosciences. Utilized team management approach with 9 direct reports and 278 staff.
• Turnaround: Selected to join new senior leadership team and “turn around” health system that lost $27 million between 2001 and 2003. Effort returned the operation to profitability in 2005 and produced a net income of $11 million in 2006.
• Clinical Excellence: Recruited 5 new clinical administrative directors and upgraded talent. Partnered with Medical Directors and leadership teams to provide best-in-class technology and clinical programs. Grew new revenues by $8 million through increased volume of procedures while also reducing overall operating costs.
- Lead administrator working with Chairman of Radiology - introducing $6 million digital PACS (picture archive communication system) into health system including negotiation, contracting, delivery, operations roll-out, and training.
- Executive sponsor for new MRI/MRA suite, cardiac cath suites, pharmacy automation cabinets, and a renal dialysis unit.
- Executive co-sponsor and liaison with medical staff for installation of new linear accelerator, interventional radiology suite, fluoroscopy rooms, 64 slice with cardiac and 16 slice CTs, digital radiography and computed radiography rooms, nuclear medicine rooms, OB/GYN 3-D ultrasound rooms, general and vascular ultrasound expansion,
- Successfully completed multiple surveys for JCAHO without citation in managed divisions.
• Pharmacy Transformation: Breathed new life into unprofitable pharmacy department. Replaced entire management team, re-established business charter, outsourced entire function, and strengthened people, processes and overall performance.
- Reduced hospital pharmacy costs in Level I Trauma and Acute Rehab Hospital by more than $2.5 million annually by implementing 340b outpatient drug purchasing program and indigent drug replacement program. Actively involved in national lobby effort to allow for 340b inpatient legislation.
- Acted as lead administrator saving $800,000 on a $14.3 million pharmacy division outsource, without service interruption.
• Cost Improvement: Led multiple initiatives in cost improvement for enterprise and Clinical Services group:
- Led enterprise initiative with all VPs that reduced $18 million annual cost through multiple restructurings in supply chain process and people. $3.2 million annual cost was reduced in Clinical Services group.
- Utilized benchmarking tools and process improvement that eliminated $6 million cost year over year, in non FTE spend
- Reduced overtime by as much as 80% by implementing a “productive worked-hours” measurement tool.
- Achieved $1.5 million cost savings each year through program consolidation, FTE reductions and new program start -ups.
- Eliminated over $250,000 in outside agency/staff expense in technical support divisions by implementing college affiliations, training-up programs, Baylor staffing plan, and reward based programs.
- Implemented supply chain automation process aimed at point-of-service care efficiencies using strategic partnership with outside supply vendor that produced $400,000 savings.
Assistant Vice President – Finance and Corporate Services, Sinai Health System (2001 to 2003)
Reported to EVP/CFO in Finance and operations role. Consolidated and led for parent corporation a corporate services group of Integrated segmented programs (Pathology, Materials Management, Biomedical Engineering, FP&A, Security, Parking, and Transportation), to serve all 5 corporations in the health system. Managed 6 direct reports with 116 staff and $9 million budget.
• Finance: Secured $7.2 million tax exempt line of credit during turn-around effort. Financing secured with a “going concern statement” on hospital’s audited financial statements.
• Shared Services: Achieved over $1.2 million in operating and FTE savings through consolidation of Security, Parking, and
Transportation into shared services group that served the health system enterprise.
• Revenue Enhancement: Oversaw multiple billing and coding audits to enhance revenue including a $1.5 million revenue
enhancement project in the hospital’s pharmacy division.
• Cost Improvement: Delivered over $2 million in annual cost savings through supply chain initiatives, contracting, and GPO
purchase expansions for Pathology, Materials Management, and Biomedical Engineering.
• Quality Improvement: Standardized management expectations utilizing Quint Studor’s “Five Pillars” – Service, Quality, People, Finance and Growth. Created goal based results reporting in each division using control charts and quality indicators.
Director - System Financial Services, Sinai Health System (1998 – 2001)
Reported to the EVP/CFO, managed 6 direct reports. Responsible for budgeting, forecasting and cost control initiatives for 5 entities within Sinai Health System.
• Contracting: Quickly acquired contracting expertise, and became responsible for negotiating over $40 million in annual service, capital and operating contracts.
• Budgeting: Supported EVP/CFO in annual $296 million budget preparation and subsequent presentation to System Board of
• Financial Planning & Analysis: Performed valuation analysis, due diligence and acquisition analysis, P&L analysis by division or product line.
• Outsourcing: Became financial lead for all outsource or in-source activities.
• Financial Planning & Analysis: Created boutique service available to operating directors where analysts were trained to analyze contracts, negotiate terms, acquire financing, and create pro-forma analysis for product line expansion or major capital acquisitions. This “niche” service was goal based to reduce more than $1.5 million annually in FTE efficiency reductions, supply chain savings or program consolidations. Achieved 97% or better success each year.
Senior Financial Analyst, Sinai Health System (1996 – 1998)
Lead Financial Analyst for CFO on a $110 million facility expansion managing two direct reports. Performed internal and exter nal contract audits, reporting any inconsistencies to the hospital CEO and CFO and assisted with annual hospital budgeting and planning process.
• Financial Analysis: Supported quality initiatives and cost savings projects lead by Clinical Operating Directors, and supported
Material Management Director with $35 million annual operating, service and capital budget.
• Staff Development: Promoted and mentored summer internships for mentoring MBA fellows.
Financial Analyst, Sinai Health System (1994-1996)
Reported to Hospital Controller and assisted with the formation of Sinai Health System as a parent corporation to Mount Sinai Hospital, Schwab Rehabilitation Hospital, Sinai Medical Group, Sinai Community Institute and Access Community Health Network (43 clinics). Performed monthly GL reviews of each clinical division and assisted with annual budget preparation.
• Financial Presentations: Assisted Controller and CFO with legal formation documents and financial presentations.
• Due Diligence: Assisted CFO in 16 clinic practice acquisition for $3.2 million.
JIM ROSA AND ASSOCIATES, Hanover Park, Illinois (1991 - 1994)
A healthcare consulting company specializing in products designed to optimize revenue cycle management by providing professionally trained personnel for hospital and medical group billing, collection, verification, coding specialties.
Billing, Collection and Receivables Consultant
Reporting to the company President held multiple positions serving four hospitals in the Chicago metro area.
EDUCATION and PROFESSIONAL AFFILIATIONS
Masters of Business Administration, Olivet Nazarene University (3.97/4.0), 2006
Bachelor of Business Administration, California State University @ San Bernardino, 1991; Emphasis: Finance
Premier, Inc. – Regional GPO Contract Team Member, (Pharmacy, Materials, Radiology, Cardiology)
Illinois Hospital Association - Illinois Purchasing Collaborative (IPC) – Senior Contracts Team
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